FG Cheat Sheet 111121
Bitcoin falls -5% overnight
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Hal and Wasabi discuss Bitcoin’s short term outlook, the top 10 cryptos, and more.
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
Why bitcoin will fail (written 2011-05-08)
Sweden asks European Union to ban cryptocurrency mining in Europe
Ethereum Roadmap Update | End of 2021
Ethereum inflows flips Bitcoin for two consecutive quarters
Emergency DAO kills USDM gauge after discovering some suspicious hybrid + liquidity activity.
Bitcoin Outlook
Bitcoin has formed a cup and handle pattern on shorter time frames. If you’ve been following along this is not the same larger pattern we were showing over multi-months. The target of a breakout from this pattern would put the price in the low $70k range. Consolidation could continue over the next few days.
If the price breaks down from this white channel except more downside to follow.
Possible Course of Action
Stay long if long.
Buy a breakout to the upside of this white channel.
Shorting a breakdown of this pattern with a price target of $60k
The Bulls’ Defense:
Massive Cup and Handle formation on year scale, break out confirmed
Shorter Time frame Cup and Handle forming, needs confirmation with a breakout of downward channel (handle).
The Bears’ Prosecution:
Price weakness could lead to a break down from the handle of the cup.
ETH OUTLOOK
ETH is going up and to the right…
The story has not changed since the end of September. The price action is literally at 45 degrees upward with high daily and weekly volatility. If you have to stomach for it still an “easy” trade.
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 $3,985,034,340 (845,665 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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