Bitcoin grinds sideways as the market "awaits" ETF news
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
Lido contributor requests $1.5 million funding to grow Solana liquid staking (The Block)
South Korea looks to track, freeze crypto used by North Korea in new bill: report (The Block)
MetaMask scammers take over government websites to target crypto investors (CoinTelegraph)
Bybit debuts AI-powered ‘TradeGPT’ for market analysis and data-driven Q&A (CoinTelegraph)
Bitcoin Bulls Face Setback as Monthly Stochastic Indicator Turns Lower: Analyst (CoinDesk)
Larry David’s Superbowl Ad Casts Doubt on FTX.US Separation, DOJ Says (CoinDesk)
StanChart crypto CEO is bullish on non-USD stablecoin market (Blockworks)
Senate committee opposing crypto bill poses legislative roadblock in Australia (Blockworks)
Future Ethereum Upgrades Could Allow Full Nodes to Run on Mobile Phones: Vitalik Buterin (Decrypt)
Bankman-Fried slapped with new charges of using stolen funds for politics (Aljazeera)
Two law firms made over $200M from FTX, Celsius, and other crypto busts (Protos)
Aerodrome surges on Base as MakerDAO co-founder eyes Solana code (DLNews)
After spending the first 8 months of the year trading above the 200 day moving average BTC is now trading bellow it and last week rejected it. This means for now the 200 day MA has flipped from support to resistance. Because of Bitcoin’s short history the 200 day MA has seen very few crosses and in fact the only other time in BTC’s history where the 200 day MA was rejected so quickly was in March 2020. After BTC spent only 2 days above the 200 day MA it feel -50% in the following week.
From the sentiment side, the market is in a lulled state. Everyone is “awaiting” the next catalyst, be it the Halvening, an ETF approval, the fed to cut rates. There’s nothing in the market right now driving price upward, and this could be taken as exhaustion. The only thing missing is positive price action. The narrative does appear to be saturated with everyone being incredibly bearish, and all news being bearish. A sign to look out for would be the price finally rising on bearish news. Until then the momentum does appear to be to the downside, and the 200 day MA is an important level to watch for a change in direction.
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Possible Course of Action
If short stay short while price remains below 200 day MA
The Bulls’ Defense:
ETF decision could still happen in 2023
The Bears’ Prosecution:
price trading below 200 day MA
price rejected 200 day MA (flipped to resistance)
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