The Big Squeeze

Bitcoin continues to trade in a tightening range

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Cheat Sheet -

Current support and resistance ranges plus our bias on top cryptos, oil, and stocks.

07/11/23 7:46 AM ET

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What We Are Watching

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

07/11/23 7:46 AM ET

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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)

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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

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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.