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FG Cheat Sheet 122321
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FG Cheat Sheet 122321

Bitcoin falls -1% overnight

Dec 23, 2021
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Don’t miss last weeks public podcast!

Listen Now

JVL, writer for the the Bulwark, joins Hal and Boomer to discuss the use case and future for crypto.


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

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.

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

Don’t miss out! This Ponzi wont stay on sale long. Available at any local decentralized exchanges near you.

Crypto News

  • Uniswap goes live on Polygon

  • Microsoft Director Says Ethereum Will Become the “Decentralized App Store” in 2023

  • SHAQ.eth now at the top of the ENS leaderboard.

  • Jack Dorsey Goes on Unfollowing Frenzy After Web 3 Beef

  • El Salvador Buys 21 Bitcoins on 21st Day of Last Month of 21st Year of 21st Century

  • Hundreds of Salvadorans claim money is vanishing from bitcoin accounts

  • Michael Saylor Reveals His Personal Bitcoin Holdings To Be Worth Over $800 Million

  • Bitcoin Is An Enduring Bull Market, Says Bloomberg Strategist


Twitter avatar for @litcapitallitquidity @litcapital
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December 21st 2021

12 Retweets186 Likes

Bitcoin Outlook

On this weeks episode BTC continues to crawl sideways leaving the entire market dripping in boredom. If BTC can get out of this rectangle expect to see some more volatile price action again.

A more interesting note is that when BTC hangs out and goes sideways like this altcoins tend to rally. See (LUNA,SUSHI, SPELL on the cheat sheet)

Possible Course of Action

  • Pick up some altcoins to bet on continued BTC sideways price 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

  • Buying a breakout of this rectangle could be a good trade

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.

Earn Interest on your Bitcoin

ETH OUTLOOK

ETH is competing with BTC for the most boring price action award. After whip sawing for months with +/-15% daily or weekly swings ETH is now grinding sideways as altcoins rally. The great news is ETH gas fees have come down considerably as well. Expect more sideways grinding if the price cannot get above $4250 or goes below $3500.

Apologies, we can’t make boring price action more exciting.

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

  • Could also buy a breakout if $4200 holds as support

The Bulls’ Defense:

  • EIP-1559 has burned $4,915,594,709 (1,249,836 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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