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CHEAT SHEET
What We Are Watching
We further breakdown our case for these cryptos here : What We Are Watching
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
Budweiser announces purchase of “beer.eth” ENS address and release of NFT collection.
Wyoming is on a mission to house 5% of the U.S. Bitcoin mining hashrate by the next halvening in May 2024.
Pokemon Go Creator Niantic Launches Bitcoin-Hunting AR Game
What’s the lesson? Invest less money into Bitcoin than this guy and he will prop up your trade!
Bitcoin Outlook
Bitcoin is experiencing the most boring TA ever! We aren’t even going to elaborate. If you are new here just see last weeks Cheat Sheet for the TA breakdown.
Possible Course of Action
If not long this could be a good entry
You could try a short if the price is threatening to break the bottom of this handle
Get long on a breakout from this handle
The Bulls’ Defense:
Multi-month cup & handle pattern
The Bears’ Prosecution:
Price weakness could see $50k be retested within the handle
ETH OUTLOOK
ETH is looking stronger than BTC here. There is a good chance we head back into a regime where ETH outperforms BTC in the short term. It looks like after ETH failed to breakout from a potential double bottom it crashed again making a new local low but then found support at a higher low. This show of support lead to ETH rising back to the price cluster above $4500k. Resistance is now the ATH.
There’s not strong target here, but we want to reiterate that it looks like ETH may out perform BTC in the near/short term.
Possible Course of Action
Long here expecting a retest of ATH
Could try opening a short near ATH for a potential correction
The Bulls’ Defense:
EIP-1559 has burned $4,932,597,677 (1,063,797 ETH) so far. Supply constraints should continue to have a positive impact on price.
Inverse Head and Shoulders
The Bears’ Prosecution:
Failure to break ATH could result in multi-week (or month) consolidation
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