That's A Wrap
Bitcoin volatility dwindles; Risks of wrapped assets
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Cheat Sheet -
Support and resistance levels and our daily, weekly and monthly bias on BTC, GOLD, OIL, ES, and NQ as well as our favorite altcoins
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What We Are Watching
We further breakdown our case for these cryptos here : What We Are Watching
Binance’s bailout fund is a welcome backstop for crypto — but questions remain (The Block)
Aptos Labs partners with MoonPay for Petra wallet integration (The Block)
MakerDAO is voting on increasing yield for the dai stablecoin (The Block)
India to Test Digital Rupee in 4 Cities With 4 Banks (CoinDesk)
Ukraine Considering CBDC That Can Facilitate Crypto Trading (CoinDesk)
Bankrupt BlockFi Wants Bankman-Fried’s $520M Robinhood Stake (Blockworks)
Crypto Bank Silvergate Says BlockFi Exposure Limited to $20M (Blockworks)
Binance, Kraken, Accused of Violating US Sanctions, Back Anti-Fraud Startup (Blockworks)
Terra’s DAO Platform Is Open for Business (Blockworks)
Crypto Remains Largest Investment Sector in 2022, Outpacing Fintech And Biotech (Decrypt)
FTX Resumes Post-Bankruptcy Payments to Employees (Decrypt)
Gary Vee-Backed NFT Startup Candy Digital Cuts Staff in Mass Layoffs (Decrypt)
The FTX drama has dominated the news for the past few weeks. Well the price hasn’t moved much on a relative to the first two days the news broken. In fact as of this morning the price is only 6.7% below the June 18 low. BTC has had three weeks now to make lower lows and test the various levels of support near $12k.
The critical levels are now the June 18 low and now the November 21 low. These are at $17.5k and $15.5k respectively. I am sure a lot of people are suggesting that this is just another DCA level and if you have some more of standard buying schedule then don’t let us discourage you. However, this feels very similar to ES at $3600 where Cletus was suggesting to just get long above $3600 and don’t participate or short below that level. There’s no reason to pick the bottom here when waiting for $17.5k would give much more confidence that the price is going up and not continuing to go down.
The more conservative targets are the 50 day and 20 week moving averages. These are at $18.5k and $20k. A move back to these levels would be the signal for a more conservative person to consider a macro bottom is in place and consider buying back into the market.
Join us in discord where we will continue to monitor if BTC can in fact create a higher low and stay above $15.5k.
Possible Course of Action
Long on a breakout above $17.5k
Short on a breakdown below $15.5k
Swing trade the range (support $15.5k, resistance 17.5k)
The Bulls’ Defense:
Reduced volatility with new macro low
Short term higher low
The Bears’ Prosecution:
FTX debacle has scared investors
Price below 50day MA
A Closer Look
This section will be focused on taking a closer look on what Hal thinks is important to watch in the coming week.
This morning Hal reviews wrapped assets and the risks that come with them.
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