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