Feels Like Summer
Crypto starts the summer in a slump
Cheat Sheet -
Current support and resistance ranges plus our bias on top cryptos, oil, and stocks.
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What We Are Watching
We further breakdown our case for these cryptos here : What We Are Watching
Crypto News
Tokenization Could Be a $5T Opportunity Led by Stablecoins and CBDCs: Bernstein (CoinDesk)
Bitcoin Holds Steady as China Rate Cut Fails to Encourage Risk Taking (CoinDesk)
Deutsche Bank applies for digital asset license with German regulator: Bloomberg (The Block)
Hong Kong can draw on Japan, Singapore’s lead for its crypto efforts, says government study (The Block)
Binance’s BNB Chain introduces layer-2 testnet powered by Optimism (CoinTelegraph)
31% of young Aussies hold crypto despite being ‘risk averse’ — ASX survey (CoinTelegraph)
Crypto sleuth ZachXBT raises $1.1 million and counting for legal defense (Blockworks)
IMF advisor sees power in global ledger that works with CBDCs (Blockworks)
Binance Set to Integrate Bitcoin Lightning Network for Deposits and Withdrawals (Decrypt)
The 'Napoleon Dynamite' Cast Is Finally Back Together. You Can Thank NFTs (Decrypt)
Crypto-pimps are turning refugees into crypto-trading escorts (Protos)
Sui blockchain dodged shutdown after CertiK discovered ‘Hamster Wheel Attack’ (DLNews)
BTC Outlook
Bitcoin has been in a slow and steady sell off since reaching a local high in early April. Since then, bad news has continued to plague the crypto markets with the SEC suing several major exchanges. There was positive news for Bitcoin last week as Blackrock announced a filing for an ETF. This would be the first spot Bitcoin ETF that has ever been approved.
From a technical perspective Bitcoin has been steadily selling off whenever it reaches the 50 day moving average. Surprisingly, the price has yet to retest the 200 day moving average in a similar way to mid-March. The plan has not changed. A reclaim of the 50 day moving average is needed if the bulls are going to push the price back up to the 2023 high. Until then the trend is likely to continue with Bitcoin trading in between these two major moving averages over the early summer.
Join us in discord where we will actively be following Bitcoin’s price action.
Possible Course of Action
Do nothing and wait price to rise above 50 day MA or hold 200 day MA as support
Short expecting 50 day MA to act as resistance
The Bulls’ Defense:
Price above the 200 day MA
The Bears’ Prosecution:
Price Below 50 day MA
Potential Head And Shoulders top
A Closer Look
This section will be focused on taking a closer look on what Hal thinks is important to watch in the coming week.
This morning Hal reviews altcoin performance against BTC after the SEC suits.
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