FG Cheat Sheet 110921
Bitcoin makes a new ATH overnight
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CHEAT SHEET
What We Are Watching
We further breakdown our case for these cryptos here : What We Are Watching
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Crypto News
Bitcoin Marketcap now higher than Silver.
Total Crypto Marketcap passes 3trillion.
Bitcoin Lightning Network Crosses 80,000 Active Channels
Zimbabwe may be the next country to embrace Bitcoin as legal tender
New York Mayor Wants Bitcoin To Be Taught In Schools
Foot Guns News receives ENS token airdrop. The community has voted to hold the tokens until 2022 and decide the next steps. We’d like to distribute the value in the future back to FGNEWS token holders.
Reddit Will Convert “karma Points” Into ERC-20 tokens
Discord CEO Teases Integration With Ethereum Wallet MetaMask
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.”
That’s what we said 7 days ago. Looks like the consolidating is done and we are lifting off. The technical target is around $97k. Expect consolidation around BIG round numbers, $70k, $80k, $90k.
Possible Course of Action
Stay long if long.
Break out was confirmed so get long.
Could try some short term shorts near large round numbers, $70k, $80k etc.
The Bulls’ Defense:
Massive Cup and Handle formation on year scale, break out confirmed
The Bears’ Prosecution:
Price discovery mode, no one knows what the top will be so could be now!
ETH OUTLOOK
ETH continues to move up and to the right if you ignore the daily and weekly volatile swings. The RSI continues to stay under 70, any move above 70 should come with upward price expansion. We’d stay long until the price falls significantly from this upward trend line, or the daily RSI falls below 50.
Possible Course of Action
Stay long if long and you 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 $3,928,968,392 (817,446 ETH) so far. Supply constraints should continue to have a positive impact on price.
Clear mid term uptrend
The Bears’ Prosecution:
Daily and weekly price volatility can cause large short term sell offs
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