FG Cheat Sheet 121621
Don’t miss list weeks public podcast!
JVL, writer for the the Bulwark, joins Hal and Boomer to discuss the use case and future for crypto.
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.
The Decentralized Reserve Currency
Crypto News
Gaming Giant Nexon Added BTC, ETH, LTC, BCH, And Doge As Payment Method
CoinEx Smart Chain Hackathon Comes To An End: What To Expect At The End
Kraken CEO: The Dollar Is Going To Zero Against Bitcoin
The BadgerDAO Hack: What really happened and why it matters -Zengo
Fed’s Powell says he doesn’t see cryptocurrencies as ‘financial stability concern’
The Largest Credit Union In Idaho Now Offers Bitcoin Buying And Selling
Bitcoin re-tests 50k as Fed announce no change to interest rates
Some Politicians Think CBDCs Will Make Bitcoin Obsolete — They Won’t, Bitcoin Is Unique.
Bitcoin Outlook
If you haven’t yet, please read 12/14/21 Foot Guns “Bitcoin Outlook”.
Bitcoin is making one more test at $50k. Many are pointing to the fed’s statement that there will be no rate hike. As usual we don’t trade the news here at Foot Guns. If you read the 12/14 foot guns Hal suggested this price action simply from the Rule of Big Round Numbers. As mentioned though, the “Santa Clause” rally has to push the price above $50k and any down turns have to hold $50k as support. If the price falters here we expect a retest of $40k and more whip sawing.
Possible Course of Action
If you took the trade back to $50k consider scaling out
Pick up a short near $50k if it doesn’t hold looking for a retest of $40k
The Bulls’ Defense:
Reclaiming $50k and holding as support would be a show of strength and an indication that buyers have returned to the market
Santa Clause rally
The Bears’ Prosecution:
Multi-week downtrend could continue. $50k has been rejected multiple times. $40k would be next major support. Based on recent price action it’s possible $30k is wicked to again on some exchanges.
ETH OUTLOOK
A breakout from this rectangle would be something like ETH goes to $4200 maybe up to $4400 and then falls back to $4200 and holds it as support. We’d still be careful trying to trade this. The price could easily just chop around inside of these lines ($3500 - $4200).
Possible Course of Action
Do nothing
If you want to short we’d recommend waiting for a failed retest of $4200
Could look to open a long near $3450
The Bulls’ Defense:
EIP-1559 has burned $4,884,187,448 (1,201,978 ETH) so far. Supply constraints should continue to have a positive impact on price.
The Bears’ Prosecution:
Potential macro double top that could result in multi-week (or month) consolidation
Please don’t forget to like (heart button at bottom) and share this post!