Foot Guns

Foot Guns

Share this post

Foot Guns
Foot Guns
A Show Of Strength
Copy link
Facebook
Email
Notes
More

A Show Of Strength

Will Bitcoin find a higher low? What's going on with ETH before the merge.

Aug 30, 2022
∙ Paid
3

Share this post

Foot Guns
Foot Guns
A Show Of Strength
Copy link
Facebook
Email
Notes
More
Share

Want more from Foot Guns? Subscribe to become a premium member and get more podcasts, more updates and access to our private channels in discord were we actively discuss trade ideas.

Upgrade To Premium


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

08/30/22 9:47 AM ET

New here? Learn how to read the cheat sheet.

What We Are Watching

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

08/30/22 9:47 AM ET

Crypto News

  • 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)


Across is the fastest, cheapest and most secure bridge between L1 and L2s. Try it now.

BTC Outlook

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.

Please join us in our discord where we discuss active and potential trades.

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

Earn Interest on your Bitcoin

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.

Keep reading with a 7-day free trial

Subscribe to Foot Guns to keep reading this post and get 7 days of free access to the full post archives.

Already a paid subscriber? Sign in
© 2025 Foot Guns
Privacy ∙ Terms ∙ Collection notice
Start writingGet the app
Substack is the home for great culture

Share

Copy link
Facebook
Email
Notes
More