FG Cheat Sheet 010221
Bitcoin rises 3.5% 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
SUSHI may be rising in anticipation of new Shoyu metaverse launch.
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
President Bukele: El Salvador to use Bitcoin profits to build twenty schools.
Mastercard will allow banks to offer cryptocurrency services
Binance Temporarily Disables All Crypto Withdrawals, Cites Backlog
Banks Tried to Kill Crypto and Failed. Now They’re Embracing It (Slowly).
Ethereum Is Now the Primary Collateral for Decentralized Stablecoin DAI
Houston Rockets now accept crypto for merchandise.
Burger King Offers US Customers Bitcoin, Ethereum, and Dogecoin Giveaway
Ethereum Name Service announces governance token plan
Ethereum NFT Metaverse Game The Sandbox Raises $93 Million
Bitcoin Outlook
Bitcoin looks to be forming a massive cup and handle over the year. A confirmed breakout from this handle would have a price target around $95k. However, the price could keep consolidating in this handle before finally going up.
Nothing is guaranteed but this looks bullish.
Possible Course of Action
Stay long if long.
Add to a long on a breakout to the upside of this handle (it looks like the price is breaking out right now).
If the price begins showing weakness a short if we break the bottom of this handle could work.
The Bulls’ Defense:
Massive Cup and Handle formation on year scale
The Bears’ Prosecution:
Price could fail to break ATH and form a macro double top
ETH OUTLOOK
ETH is still going up but you wouldn’t believe it. The daily price swings and weekly price swings has made it feel like ETH is barely rising. There is some bearish divergence because the RSI is declining with a rising price. However, this morning the RSI started rising with the price again. For this rally to continue we’d like to see the RSI go above 70, that is when you’d expect some very fast upward price expansion.
Possible Course of Action
Stay long if long and are comfortable with high daily/weekly 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 RSI can be useful to watch, but the cheat sheet should catch the same effect.
The Bulls’ Defense:
EIP-1559 has burned $3,247,336,822 (730,644 ETH) so far. Supply constraints should continue to have a positive impact on price.
Clear mid term uptrend
The Bears’ Prosecution:
Potential bearish divergence in RSI
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