FG Cheat Sheet 092321

Bitcoin flat over night.

Format Update

The Cheat Sheet will be available 7 days a week for paid subscribers. Look for a link at the top of Daily Newsletters.

Monday, Wednesday, Friday will have Cheat Sheet and light TA.

Tuesday and Thursday we will report Crypto News, Cheat Sheet and the full TA format. The cheat sheet will be published once or twice a week for free subscribers.

Saturday and Sunday will only be the Cheat Sheet.

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CHEAT SHEET

Red = Bearish, Green = Bullish, Brown = 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.

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What We Are Watching

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

Red = Bearish, Green = Bullish, Brown = 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.

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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.

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Crypto News

• About 25% of El Salvador’s population is now using Bitcoin.

• Coinbase joins $8.5m raise to bring DeFi to Bitcoin.

• Dubai Free Zone Becomes First UAE Government Entity to Accept Bitcoin

• Bitcoin emission will continue to 0.9% of global emission by 2030.

• Snoop Dogg Reveals Himself as Ethereum NFT Whale With $17M Collection

• Crypto Equated to Toxic Pre-Crisis Swaps by Banking Watchdog

• DEX Aggregator 1inch Adds Support for Ethereum Scaling Solution Arbitrum

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Looking Back

This is from our cheat sheet 2 days ago.

The Fibonacci golden pockets tend to work in the reverse direction as well. Since Bitcoin fell from $48k to $40, there is a high probability the price returns to $44-$46k before it continues on in either a downtrend or a retest of $50k.

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BITCOIN OUTLOOK

Today’s chart

Bitcoin is in an indecisive moment. The price has returned to the neckline of the pattern it broke out of yesterday (a sort of sloppy double bottom). The price ran up and met resistance at the $44k level like we suggested in our cheat sheet to paid subscribers two days ago. If the price breaks down below this neckline at $43,500 expect it to retest $41-$42k levels. This could be a good place for buy orders.

Possible Course of Action

• Stopping losses at this level could be prudent.

• Buy orders at $41-42k

• Do nothing and wait for Bitcoin to rise back above $45k

The Bulls’ Defense:

• Volume came in to take the price back up

• Evergrande concerns have been quelled for now

• $50k Big Round Number now acting as an attractor

The Bears’ Prosecution:

• Price is in short term declining trend

• Possible head and shoulders top forming

• Possible death cross forming

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ETH OUTLOOK

ETH bounced off the 0.618 Fibonacci extension level and looks likely to retest $3300. This would be the level that matches the decline that started in September. If the ETH bull run is to continue the price must eventually rise above this declining trendline.

In case you missed it Hal explains Fibonacci golden pockets in detail on this podcast appearance.

Possible Course of Action

• Buy now with a price target of $3300.

• Do nothing and wait for a breakout to the upside of the downtrend line.

• Buy orders between $2500 - $2750 could still easily get hit.

The Bulls’ Defense:

• EIP-1559 has burned $1,087,367,039 (351,890) so far. Supply constraints should continue to have a positive impact on price.

• Bounce off 50 day MA.

• Low volume on recent price dip.

The Bears’ Prosecution:

• Stall out at $4000 due to Big Round Number could have formed a macro double top.

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