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FG Cheat Sheet 092821
www.cryptofootguns.com

FG Cheat Sheet 092821

Bitcoin flat over night.

Sep 28, 2021
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FG Cheat Sheet 092821
www.cryptofootguns.com

Only 2 days left to claim your FGNEWS Tokens and receive a chance to win this NFT!

Our subscription is $8.5/month. That’s one latte and a pastry. Send a public ETH address after subscribing to receive 40 FGNEWS ($11) tokens.

CHEAT SHEET

Red = Bearish, Green = Bullish, Brown = Neutral since the date given in “Bias Since”. Support levels are where the price could bounce when falling and Resistance levels are where the price could stop if rising. The black outlined boxes show the price at the time of cheat sheet creation. You can find more details on how to read the cheat sheet here.


The support and resistances are tightening on the daily time frames. This typically results in a large move in one direction. Expect that move to either be towards the weekly resistance or the weekly support. The daily time frame for ETH and BTC held the bullish bias even after yesterdays decline.


What We Are Watching

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

Red = Bearish, Green = Bullish, Brown = Neutral since the date given in “Bias Since”. Support levels are where the price could bounce when falling and Resistance levels are where the price could stop if rising. The black outlined boxes show the price at the time of cheat sheet creation. You can find more details on how to read the cheat sheet here.


LUNA continues to out perform. However, notice that the support and resistance levels are growing wider. This means you should expect increased volatility resulting in large short term price swings.


Are you buying these tokens? Did you read our guide on how to buy them on Sushiswap and Uniswap? Got questions? Leave them in the comments.


Polymarket is an information market where people can bet on the outcomes of events, built on the Polygon network. Sign up with referral code "footguns" to get up to $100 reimbursed on your first day of trading! Click here to get started: polymarket.co/footguns

Crypto News

  • Morgan Stanley doubles Bitcoin exposure.

  • Coinbase will soon allow for direct deposit from employers of employees checks.

  • US Senators Launch Bill to Keep Tabs on Overseas Crypto Mining.

  • Ethereum miner returns 7626 ETH that was mistakenly paid as a fee.

  • Here is the transaction showing $22 million in ETH fees paid for a $100,000 transfer.

  • Coingecko safety score is now available.

  • Bitcoin holding now 3rd largest position in Cathie Wood’s Ark invest.


BITCOIN OUTLOOK

Bitcoin’s price is forming a falling wedge pattern in the Daily timeframe. This pattern has a bullish bias but that does not mean the price cannot go lower first. Based on the ranges of this pattern, Bitcoin could trade as low as $36,000 before catching a bid. The price action could continue in this down trend until mid-October ranging between $30k and $40k. A breakout to the upside would likely take us back to retest $50k.

Possible Course of Action

  • Stay long if you are comfortable with the volatility of this trading range.

  • Buy orders at $36k-$38k

  • Open a long on a break out to the upside.

The Bulls’ Defense:

  • Falling wedge has a bullish bias

  • $40k Big Round Number now acting as support

The Bears’ Prosecution:

  • Price is in short term declining trend

  • Global economic uncertainty

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ETH OUTLOOK

ETH has become even more correlated in the second half on 2021. This is almost the exact same setup as Bitcoin since June. The only difference is ETH has increased volatility most likely due to its smaller marketcap. So, go read the Bitcoin section.

Possible Course of Action

  • Stay long if you are comfortable with the volatility of this trading range.

  • Buy orders at $2100-$2300

  • Open a long on a break out to the upside.

The Bulls’ Defense:

  • EIP-1559 has burned $1,283,112,843.49 (383,996.76 ETH) so far. Supply constraints should continue to have a positive impact on price.

  • Low volume on current declining trend.

The Bears’ Prosecution:

  • Stall out at $4000 due to Big Round Number could have formed a macro double top.


Please don’t forget to like (heart button at bottom) and share this post!


NFTs have been going wild and it’s a lot to keep up with. If you’d like to follow along more closely with the NFT ecosystem we recommend you check out Morning Drop, “Your weekly dose of what’s minting, popping, and brewing”.
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www.cryptofootguns.com
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