The Big Squeeze
Bitcoin continues to trade in a tightening range
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
Dubai crypto regulator suspends BitOasis crypto exchange license (CoinDesk)
Brazil’s CBDC pilot contains code that can freeze or reduce funds, dev claims (CoinDesk)
Aave set to vote on launching GHO stablecoin on Ethereum mainnet (The Block)
Stablecoins may be a better path than CBDC for China, Circle’s Allaire says: SCMP (The Block)
Crypto Can’t Be Used as Money Due to ‘Inherent Flaws,’ BIS Tells G20 (CoinTelegraph)
Bitcoin NFTs Back in Spotlight as Ordinals Cross 350K Daily Inscriptions (CoinTelegraph)
Paradigm says SEC ‘wrongfully’ charged Bittrex (Blockworks)
Celsius liquidations could exert sell-side pressure, warns Kaiko (Blockworks)
You Can Now Store Your Bitcoin Private Key as Colors (Decrypt)
MATIC Soars 9% Ahead of Polygon 2.0 Rollout, Rebounding Network Growth (Decrypt)
Here’s how Etherscan says token transfers can be spoofed (Protos)
EU won’t let Meta or other Big Tech players dominate the €800bn metaverse (DLNews)
BTC Outlook
BTC continues to consolidate just above $30,000 and is consistently finding resistance near the April 2023 local high, just below $32k.
With the price grinding sideways, really, nothing has changed since last Thursday’s newsletter.
Join us in discord where we will actively be following Bitcoin’s price action.
Possible Course of Action
If long stay long while price is above 50 day MA
Short if price closes below $30k
Do nothing waiting for price to rise above $32000 or retest 50 day MA to get long
The Bulls’ Defense:
Price above 50 day MA, 200 day , $30k
Blackrock ETF filing
The Bears’ Prosecution:
Resistance near 2023 local top ($32000)
Regulator uncertainty
Possible future fed hikes
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 where MATIC could be heading next.
