Don’t miss last weeks private podcast!
Boomer and Hal are tired from a long year of trading. Listen to learn what a Bass Pro Shop is and how we are now DAO maxis.
Bass Pro Shops 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.
Crypto News
Don’t worry the one Bitcoin market participant is still participating : “MicroStrategy has purchased an additional 1,914 bitcoins for ~$94.2 million in cash at an average price of ~$49,229 per #bitcoin. As of 12/29/21 we #hodl ~124,391 bitcoins acquired for ~$3.75 billion at an average price of ~$30,159 per bitcoin. $MSTR”
Old man yells at Bitcoin: (epic burn if we may opine)
Christine Parlour Discusses How Investors in Crypto Can Stay Safe
Gas Fees on Ethereum Got You Down? There's a New Airdrop for That
How To Use SushiSwap With Ledger Device (SushiSwap With Hardware Wallet)
Introduction to EIP-2535 Diamonds
What BTC price slump? Bitcoin outperforms stocks and gold for 3rd year in a row
The Bass Pro Shops Bitcoin Outlook
If you’ve been following Bitcoin this month you are probably bored and disappointed. There’s only 1 day left in 2021 and Bitcoin is likely not going to hit $100k. Most likely it will just trade inside of this rectangle for a bit longer until everyone gets back to their trading desks in Q1 2022. MicroStrategy bought more so at least they aren’t selling! The price could take one more tap at the bottom of this box before retesting $50k for the 4th time.
Advice below is from Tuesday and still stands:
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
ETH has been holding this upward trend since July and is now losing steam. It looks like you could be patient here and wait for some more price consolidation. Of course if you can’t handle not owning ETH longing betting on a rise back to $4k could work. If you look at what happened when the price broke down in June, you could have shorted this but it would have been a bumpy ride with lots of fake out rallies.
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 (← this appears to be happening)
The Bulls’ Defense:
EIP-1559 has burned $4,857,321,191 (1,305,047 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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The Bass Pro Shops Word of The Week
Fishing - “the activity of catching fish, either for food or as a sport.”
