FG Cheat Sheet 112521

Bitcoin rises 3% overnight.

Nov 25, 2021

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CHEAT SHEET

Pink = Bearish, Blue = Bullish, Orange = Neutral since the date given in “Bias Since”. Support levels are where the price could bounce when falling and Resistance levels are where the price could stop if rising. The black outlined boxes show the price at the time of cheat sheet creation. You can find more details on how to read the cheat sheet here.

What We Are Watching

We further breakdown our case for these cryptos here : What We Are Watching

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Crypto News

Turkish Citizens look to Adoption of Bitcoin in Response to Violent Decline of National Currency
Bitcoin has processed more dollar volume than PayPal so far this year.
Bitcoin Will Reach $500K In Five Years As A Result Of Institutional Purchases, Says Cathie Wood
Pokemon Go Developers Niantic Partners With Fold to Launch 'Real World Metaverse' With Bitcoin Rewards

Bitcoin Outlook

If you are just joining us we’ve been tracking this Bitcoin cup and handle pattern since late October. As of today it appears it could be attempting another breakout from the handle. The technical target is at $97k which is in confluence with other targets such as PlanB’s onchain model.

Possible Course of Action

If not long this could be a good entry
If already long stay long

The Bulls’ Defense:

Potential breakout from cup & handle

The Bears’ Prosecution:

Price weakness could see $50k be retested

ETH OUTLOOK

ETH appears to have consolidated and formed a short term (W) double bottom. We are fans of these W’s here at Foot Guns because we’ve noticed they have a high probability of playing out in crypto markets. The technical target of the move would send ETH back to retest its ATH.

Possible Course of Action

Get long if already flat target of $5k
Stay long if long

The Bulls’ Defense:

EIP-1559 has burned $4,518,189,103 (1,012,452 ETH) so far. Supply constraints should continue to have a positive impact on price.

The Bears’ Prosecution:

Price has lost momentum, could consolidate further even after retesting ATH

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