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Cheat Sheet -

Support and resistance levels and our daily, weekly and monthly bias on BTC, GOLD, 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

Crypto News

• Reddit's Community Points are migrating to Arbitrum Nova (The Block)

• Crypto analytics platform Messari plots raise at $300M valuation (The Block)

• Former Terra-Affiliated Project Kujira to Issue Stablecoin (CoinDesk)

• Bitcoin Miner CleanSpark Buys 36MW Facility and 3,400 Machines in Georgia for $25.1M (CoinDesk)

• Axie Infinity looking to ‘double-down’ on Korean market (CoinTelegraph)

• Trippin’ Ape Tribe breaks records and helps Solana overtake Ethereum (CoinTelegraph)

• BRBA to Explore CBDC Use Cases in Australia via Research Pilot (Blockworks)

• Treasury’s Tornado Cash Sanctions Have Companies Stepping Back From Users (Blockworks)

• Binance Curtails Ties to WazirX Following Regulatory Probe (Blockworks)

• Celsius Creditor Committee Takes Aim at CEO Mashinsky, Other Insiders (Blockworks)

• 'It Doesn’t Change Anything' Says Tornado Cash After Code Disappears From GitHub (Decrypt)

• Bad Bitcoin Bettor Dave Portnoy Rages Over SafeMoon Lawsuit (Decrypt)

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BTC Outlook

Happy Tuesday! BTC continues to crawl sideways just above $23k. While it looked like BTC was trying to break out yesterday it was unable to make a new local high. This is important to pay attention to as it can be a sign of weakness.

Another point of interest is the 50 day moving average is now aligned with the bottom of this bear flag Bitcoin is currently forming. The 50 day MA, at $21640, will be important to watch in the coming week to see if it acts as support. Notice that in the previous bear flag (May -June) the Bitcoin price was unable to even test the 50 MA as resistance. During the massive bear flag in the beginning of the year the 50 MA held as support (even tested over and over again) until it was finally lost and became resistance. These moments when the 50 MA stops acting as support and becomes resistance are followed shortly by a breakdown from the local bear flag.

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Possible Course of Action

• Long while price holds 50 day moving average as support

• Do nothing and wait for the 50 day moving average to hold as support

• Short or stop losses if the 50 day moving average fails to hold as support and instead acts as resistance

The Bulls’ Defense:

• Down trend is over extended

• Price continues to trade above 50 day MA

• Golden cross of 20 day MA and 50 day MA

The Bears’ Prosecution:

• Bear flag

• Global macro uncertainty

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.

Today we’ll look at Bitcoin’s performance over 2021 and 2022 compared to US Treasury yields and crude oil.