A Show Of Strength
Will Bitcoin find a higher low? What's going on with ETH before the merge.
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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
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What We Are Watching
We further breakdown our case for these cryptos here : What We Are Watching
Top execs from Genesis and Galaxy are raising a $500 million fund (The Block)
Fireblocks launches support for Solana NFTs, games and DeFi (The Block)
The End of the Texas Bitcoin Mining Gold Rush(CoinDesk)
Iranian businesses get the green light to use crypto for imports (CoinTelegraph)
Binance Pay partnership allows UAE entrepreneurs to repay loans using crypto(CoinTelegraph)
Meta To Expand NFT Feature to Select Facebook, Instagram Users This Week(Blockworks)
State Street Sees ‘Significant Opportunity’ in Tokenization (Blockworks)
FBI Issues Warning Over Vulnerable DeFi Platforms (Decrypt)
Lido Finance Leads DeFi Rally as Ethereum Mounts Recovery (Decrypt)
Founder of Turkish Crypto Exchange Thodex Arrested in Albania (Decrypt)
Bored Ape, Doodles, and Other NFTs Star in ‘Real World’ Metaverse Parody Show (Decrypt)
This week BTC will test our hypothesis that buyers will show up near $20,500. Last night the price attempted to move back into this buy zone but has been rejected so far this morning. If this current bounce is going to represent a show of strength the price will need to rise above $20500 this week. If it is unable to do this then expect more down side (maybe even a new yearly low). If the price falls below $19500 that would be the signal to get short. Watch the $19,500 and $20,500 levels closely this week.
Caution should be taken in the coming week. If the price closes above $21,500 you’ll have plenty of time to buy and be happy you didn’t take the ride down to $12,000 if it goes that way.
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Possible Course of Action
Do nothing and wait for price to move above $20.5k (get long)
Do nothing and wait for price to move below $19.5k (get short)
The Bulls’ Defense:
Potential Higher Low (Show of Strength)
The Bears’ Prosecution:
Fed statements from Jackson Hole was bearish
Failure to hold $20.5k now acting as resistance
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 follow up on last Thursday’s ETH commentary. Because the merge is on the top of everyone’s minds we will be following the price action closely as September 15th draws near.
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