FG Cheat Sheet 101921
Bitcoin rises 2.5% over night.
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CHEAT SHEET
What We Are Watching
We further breakdown our case for these cryptos here : What We Are Watching
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.
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Crypto News
Grayscale will convert Bitcoin fund into a spot ETF, confirms CEO
Bitcoin mining could be heating homes in North Vancouver next year
“Bitcoin mining should be as easy as plugging a rig into a power source." - Twitter CEO
Bitcoin mining: China now has 0% hashrate
Bitcoin Outlook
Consolidation of BTC near the ATH continues. A breakout to the upside of this bull flag would push BTC to $66,000. Last night the price wicked up making a new local higher high. This is a hint that the price will break out to the upside.
If the price does fall from this level expect it to fall to $56,000 quickly.
Possible Course of Action
Stay long if long.
Add to a long on a breakout to the upside of this bull flag.
If the price begins showing weakness a short if we break the bottom of this flag could work.
The Bulls’ Defense:
Short term price rally has strong momentum
Bull flag forming
The Bears’ Prosecution:
Price could fail to break ATH and form a macro double top
ETH OUTLOOK
What a wild asset ETH is. In the last few weeks there have been single days with 15% swings up and down. Notice that the candles have very small bodies with massive wicks. So, even if ETH breaks up and goes to $10,000 like everyone is calling for are you prepared to sit through 15% daily swings?
The last wick up made a higher local high than the run up in September. This should indicate that ETH will continue higher from here. However, the market is turning its attention to BTC with the release of the new ProShares ETF and many altcoins including Ethereum have been going down relative to Bitcoin even if there USD price is rising.
Be sure to read our article about Bitcoin Dominance if you missed it : The Dominator
Possible Course of Action
Stay long if long and are comfortable with high daily volatility
Manage risk carefully here. Don’t get chopped but don’t stay long if signs of weakness. A hard thing to do with this much volatility. Keep your eyes on the cheat sheet.
The Bulls’ Defense:
EIP-1559 has burned $2,174,695,938 (573,815 ETH) so far. Supply constraints should continue to have a positive impact on price.
Break out from falling wedge.
The Bears’ Prosecution:
A stall out here could form a macro double top.
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