It's CPI Day
Today market's look to digest the latest CPI print
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.
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
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
Ethereum is grappling with the risk of censorship after The Merge (The Block)
NFT marketplace Rarible partners with Immutable to broaden its gaming NFT offerings (The Block)
BitGo confirms $100 million lawsuit against Galaxy Digital following merger breakdown (The Block)
KKR Puts Portion of Private Equity Fund on Avalanche Blockchain (CoinDesk)
Crypto Exchange FTX Freezes Under Strain of CPI Volatility (CoinDesk)
Google gets in on Ethereum Merge excitement with nifty easter egg (CoinTelegraph)
Ex-Coinbase Manager’s Brother Takes a Plea Bargain in Insider Trading Case (Blockworks)
Fidelity Mulls Bitcoin Trading on All Brokerage Accounts: Report (Blockworks)
Crypto Lender SALT in Buyout Talks, 2 Years After SEC Settlement (Blockworks)
Reddit's Ohanian, FTX Ventures Join $54M Raise in NFT Project Doodles (Decrypt)
Opera Crypto Browser Integrates MetaMask Ahead of Ethereum Merge (Decrypt)
You can barely see the cup and handle pattern we pointed out last Thursday. Bitcoin broken out and has not stopped going up. Our first target for a consolidation area is near where the price currently is. This is the Fibonacci retracement of the sell off from $25k down to just under $19k. It’s possible this is people positioning into today’s CPI print that has not come out yet at the time of this writing.
Even if there is some consolidation in this range $25k will be the key level for Bitcoin to beat. A rise above $25k would signal the beginning of an up trend or at least a signal that the down trend started in late 2021 has been exhausted.
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 $25k (get long)
Hold if already long
The Bulls’ Defense:
Higher Low, Show of Strength
The Bears’ Prosecution:
$25k now 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 continue to follow the merge narrative. 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