FG Cheat Sheet 122821
Bitcoin falls -4% overnight
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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.
The Decentralized Reserve Currency
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Bitcoin Outlook
Everyone is home for the holidays and away from the trading desk. This could be the reason why Bitcoin’s price flirted with a breakout but then randomly crapped out. The price is now back at $49k and I have to say it seems like it is just wandering aimlessly. A retest of $45k is certainly not out of the picture. I would think that if we got some sort of higher low here above $47k that would be a show of strength and BTC will likely go to $55k.
Possible Course of Action
If you shorted at $51k looks to sell between now and $45k
Pick up a long on a show of strength between $47-49k
Buying a breakout of this rectangle could be a good trade
The Bulls’ Defense:
The price holding above $46-$48k as support would be a show of strength and an indication that buyers have returned to the market
The Bears’ Prosecution:
Price was unable to breakout of rectangle. Could be a bull trap.
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
Everyone is at home for the holidays not trading and ETH and BTC have no real story to pull apart their correlation. They have essentially been trading in sideways in lock step for the past week while coins from out watchlist are all catching a bid.
So, the story is the same at BTC. ETH would need to put in a higher low here as a show of strength probably between $3700 and $3900 if a rally is going to continue. However, the price could easily retest $3500 still.
Possible Course of Action
Do nothing
(From last week “If you want to short we’d recommend waiting for a failed retest of $4200” - if you took this short you should be looking to close it between now and $3500-$3700
Could look to open a long near $3450
Could also buy in if there is a show of strength above $3700
The Bulls’ Defense:
EIP-1559 has burned $5,022,545,072 (1,282,859 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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