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
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
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
Looking Back
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.
BITCOIN OUTLOOK
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
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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