The Bear Market Crawl

Bitcoin attempts to hold onto the summer lows

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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

09/20/22 9:15 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

09/20/22 9:15 AM ET

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Crypto News

• China expands trial of its e-CNY CBDC to four new provinces (The Block)

• Solana-based Hxro launches bitcoin derivatives marketplace (The Block)

• CoinShares launches algorithmic trading tool for retail investors (The Block)

• Crypto Market Maker Wintermute Hacked for $160M, OTC Services Unaffected (CoinDesk)

• Nasdaq Starts Crypto Custody Services For Institutional Clients (CoinDesk)

• Alameda Research ‘happy to return’ $200M loan to Voyager Digital (CoinTelegraph)

• Galaxy ‘Concocted’ Story to Walk From $1.2B Merger, BitGo Says (Blockworks)

• Startup Focused On No-fraud Crypto Payments Raises $50M (Blockworks)

• Where in the World is Do Kwon? Terra CEO Says ‘I’m Not On The Run’ (Blockworks)

• SEC Claims All of Ethereum Falls Under US Jurisdiction (Decrypt)

• SEC Charges Crypto Influencer Ian Balina Over Unregistered ICO in 2018 (Decrypt)

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BTC Outlook

There is finally enough structure in the Bitcoin price action at these levels to start gaining some confidence in whether or not the low price for the year was seen in June. After wicking off the low in June, Bitcoin preceded to put in a string of relative higher highs and higher lows. However, after the price stalled out around $25k a series of lower highs and lower lows started to be produced.

Yesterday a wick down broke past all the higher lows put in during the early summer. It’s never good to put too much weight on a single daily candle, but yesterday’s daily candle created a hammer candlestick pattern. This is generally a bullish indicator signalling that sellers came in near the bottom and were exhausted by buyers coming in. The confirmation required for this to truly be a bullish sign is for today’s daily candle to close in the green, which is not looking good this morning pre-us-equities opening. A failure to rally with this technical setup (today’s candle closes red with a large body) would increase the odds of Bitcoin making a new yearly low.

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Possible Course of Action

• Do nothing and wait for price to move above $20k (get long)

• Hold if already long (potential stop loss at $18600 [cheat sheet support])

• Short if today’s candle closes red (signs of reversal rejection)

The Bulls’ Defense:

• Hammer Candlestick

The Bears’ Prosecution:

• Series of lower highs and lower lows forming

Earn Interest on your Bitcoin

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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 the aftermath of the merge on the ETH price. The merge was a buy the rumour sell the news event, but where does ETH go now?