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CHEAT SHEET
What We Are Watching
We further breakdown our case for these cryptos here : What We Are Watching
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Crypto News
US becomes world's largest bitcoin miner after China crackdown
Vladimir Putin Says Crypto Could Possibly Serve Role as Settlement Unit
Bitcoin could trigger financial meltdown, warns Bank of England deputy
Mark Cuban says Ethereum has the ‘most upside’ as a crypto investment
Bitcoin Outlook
It looks like BTC wants to go and retest the ATH high. We suggested on Tuesday a short down to $53-$54k could work and that seems to have played out. The price could retest the top of this rising channel one last time before heading to retest the ATH.
Possible Course of Action
Stay long if long.
The weekly bias and monthly bias are bullish so dips could be a good time to accumulate
The Bulls’ Defense:
Short term price rally has strong momentum
Break out from bull flag
The Bears’ Prosecution:
Price could fail to break ATH and form a macro double top
ETH OUTLOOK
ETH has joined BTC for this breakout. Though, ETH is now picking up the pace and trying to catch up to BTC’s percentage gains. Expect some consolidation at $4000 before making a push to retest the ATH. It is also possible ETH cannot push past $4000 and forms another macro higher low. This would results in a return to $2500 for another retest of support.
Possible Course of Action
Stay long if long.
Once Tuesday we said, “Get long on a break out to the upside”, so yeah that’s probably what you should be doing.
The Bulls’ Defense:
EIP-1559 has burned $1,775,352,694 (528,673 ETH) so far. Supply constraints should continue to have a positive impact on price.
Break out from symmetric triangle.
The Bears’ Prosecution:
Stall out at $4000 due to Big Round Number could form another local top.
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