Dovish Enough
Markets rally on hints of fed dovishness.
Cheat Sheet -
Support and resistance levels and our daily, weekly and monthly bias on BTC, ETH, OIL, ES, and NQ as well as our favorite altcoins.
Crypto News
Sam Bankman-Fried's bizarre apology tour goes prime time (The Block)
Timex to create limited edition BAYC watches for 500 holders (The Block)
Coinbase shuffles APAC leadership, appoints new regional policy lead (The Block)
FCA-Regulated Crypto Custodian Digivault Is Up for Sale Following Eqonex Liquidation (CoinDesk)
Polygon APIs to Soon Deploy on Web 3 Indexing Service The Graph (CoinDesk)
TradFi Giant TP ICAP Gains UK Crypto License (CoinDesk)
Crypto Bankruptcies Have No Winners — Except Their Lawyers (Blockworks)
Animoca’s New $2B Investment Fund Focuses on the Metaverse (Blockworks)
Kraken Lays Off Over 1,000 People as Crypto Winter Wears On (Blockworks)
BlackRock CEO Says ‘Next Generation for Markets’ Is Tokenization (Decrypt)
CFTC Commissioner Wants Two-Tier Crypto Rules for Retail Investors and Millionaires (Decrypt)
SBF Roasted for Tone-Deaf NYT Interview (Decrypt)
BTC Outlook
The dude (Jerome Powell) went on television yesterday and said a lot of somewhat neutral statements. Some talk about how inflation is still higher than they’d like, job market is still showing strength and how the target fed funds rate may need to be higher than initially expected. The market somehow digested this as bullish and rallied. Now, we sit and wait to see if the rally has any legs.
Now that BTC has broken out of this downside consolidation the next target for resistance is still the June 18th low around $17600. The price is currently only -3.3% under this key resistance level. We will be watching closely to see how the price responds to this level. The S&P500 is also sitting at critical resistance. With the correlation with S&P and BTC still so high it would be unlikely for BTC to break through resistance if S&P stalls out here.
This means the best thing to do here is probably a sit and watch approach until these resistance levels play out.
Join us in discord where we will continue to monitor if BTC can find support at $17600.
Possible Course of Action
Do nothing and wait for $17600 to act as resistance or hold as new support
The Bulls’ Defense:
Price rallied after JPowell speech
Higher Low
The Bears’ Prosecution:
Price still below June low
Macro uncertainty
A Closer Look
This section will be focused on taking a closer look on what Hal thinks is important to watch in the coming week.
This morning Hal reviews two altcoins that are showing strong performance in Q4.
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