CHEAT SHEET

Support and resistance levels and our daily, weekly and monthly bias on BTC, ETH, OIL, ES, and NQ as well as our favorite altcoins.

What We Are Watching

We further breakdown our case for these cryptos here : What We Are Watching

Are you buying these tokens? Did you read our guide on how to buy them on Sushiswap and Uniswap? Got questions? Leave them in the comments.

Crypto News

• CI Global, Galaxy Digital Expand ETF Suite With Blockchain and Metaverse Offerings (CoinDesk)

• Algorand Scores FIFA Partnership; ALGO Prices Surge (CoinDesk)

• EU Commission report suggests rethink of regulatory approach to DeFi (CoinTelegraph)

• ApeCoin integrates with Polygon amid NFT mint backlash and speculation (CoinTelegraph)

• SEC doubles down on crypto regulation by expanding unit (CoinTelegraph)

• Dfinity Foundation files lawsuit against Meta over infinity logo (CoinTelegraph)

• Gemini Launches Web3 Design Studio Superlunar (Decrypt)

• Total Investment in Syndicate DAO Tops $28 million After Latest Funding Round (Decrypt)

• Tesla ‘Believes in the Potential of Digital Assets,’ SEC Filing Reveals (Blockworks)

• Global Asset Manager Vaneck Launches Community NFT Project — 1,000 NFTs to Be Airdropped This Week (Bitcoin.com)

• Warren Buffett Won't Pay $25 for All Bitcoin in the World — Charlie Munger Calls BTC 'Stupid and Evil' (Bitcoin.com)

• Jamie Diamon is going Bankless (justkidding.com)

BTC Outlook

The arrows on the chart are pointing out double insides on BTC. This is where the current daily candle closes within the open and close of the previous day. It is actually fairly rare in BTC’s history to form double insides, but recently they’ve been happening frequently. This can be seen as an indicator of a volatility squeeze. Once a double inside has formed you expect the price to move away from that point with an outsized move. In this particular case the squeeze is very tight with yesterday’s price opening and closing at nearly the same level and absent of much intraday volatility. Overnight BTC barely moved the price trading within an even tighter range.

Expect a big move out of this current price range. There is a high chance that move will be to the downside to retest $33k because the recent sell of to this rising support level has not been bought quickly. However, any bullish indication coming out of the Fed’s decisions this week that could cause a rally in the stock market should also result in BTC catching a bid and rising back into this teal rectangle.

Possible Course of Action

• Long here expecting a retest of the top side of this rectangle

• Short expecting a break down and retest of the yearly low

• Do nothing and wait for further consolidation

The Bulls’ Defense:

• Higher lowers are a sign of price support

The Bears’ Prosecution:

• Global macro uncertainty

ETH Outlook

We can’t make the prices move. ETH continues to trade in this unusually high period of NASDAQ correlation. Although many are now saying crypto is correlated to the NASDAQ if you look closer at the correlation coefficient for the past year the correlation appears variable. ETH goes through periods of positive, anticorrelation and even moments when it has near 0 correlation. You can see that the correlation has risen rapidly in the start of 2022 and aside from a brief moment in February has stayed high. This has resulted in ETH trading in lock step with the NASDAQ.

This should make ETH maxi’s bullish as now the NASDAQ can be traded on decentralized exchanges with 100% self-custody.

Possible Course of Action

• Caution here as ETH is highly correlated with the tech stock sell off

• Wait for further consolidation and confirmation of a higher low

The Bulls’ Defense:

• EIP-1559 has burned $6,400,743,770 (2,264,658 ETH) so far. Supply constraints should continue to have a positive impact on price.

The Bears’ Prosecution:

• Global macro uncertainty

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