The Garden Of Eden Part 2

Bitcoin continues to hold onto a higher low forming a potential bottoming pattern

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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

10/04/22 9:26 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

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10/04/22 9:26 AM ET

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Crypto News

• Criminals have laundered $4 billion through DEXs, bridges and coin swaps (The Block)

• EU policymakers vote to modernize tax with blockchain technology (The Block)

• Brevan Howard and Morgan Creek lead web3 gaming startup's $40 million Series A (The Block)

• Blockchain Game Developer Horizon Raises $40M Series A (CoinDesk)

• Shares in Grayscale's Bitcoin Trust Trade at 36% Discount to Fund's NAV (CoinDesk)

• McDonald’s starts to accept Bitcoin and Tether in Swiss town (CoinTelegraph)

• Telegram Wallet Now Lets Users Exchange Crypto With Each Other (Blockworks)

• Valkyrie Adds Crypto SMAs as Institutions Eye Digital Assets (Blockworks)

• VeeFriends Toys Coming to Macy’s, Toys'R'Us as Ethereum NFT Brand Expands (Decrypt)

• Long Line of Bidders 'Expected' for Crypto Lender Celsius' Assets (Decrypt)

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BTC Outlook

If you’ve been a long time reader we pointed out an adam and eve pattern over a shorter time framed that formed between mid-June and mid-July. This pattern had a large fake out and then did end up rallying to $25k. However, now over a longer time frame the same pattern is forming at a different scale. This time over half a year, and of course it’s not complete yet there is still more work to do. In order for this pattern to confirm Bitcoin price will need to continuing slowly drifting back up to $25k over the course of October and maybe even part of November.

There’s a few ways to play this. Of course, one is to simply get long here on spot and forget about it for a while. If you want to play the more short term game then the two potential trades are getting long here betting on a move back to $25k or wait for the price to go back to $25k and then hold it as support. If this truly forms an adam and eve by the end of october one would expect November and December to be bullish with a potential move back up into the mid $30ks.

You should remain vigilant for signs of weakness. A stop loss in place for it Bitcoin’s price falls below this curve (dashed line) would be prudent. A breakdown here could have the potential for a short if the price moves back to retest the 2022 lows.

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

Possible Course of Action

• Long here expecting a retest of $25k

• Hold if already long (potential stop loss under cheat sheet support)

• Short if break falls below dashed line

The Bulls’ Defense:

• Higher Low (Show of Strength)

• Potential Adam and Eve forming

The Bears’ Prosecution:

• Price still not holding $20k as support (big round number)

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 ETH’s price action and Hal’s trading plan for this week.