FG Cheat Sheet 122121
Bitcoin rises 4% overnight
Don’t miss last weeks public podcast!
JVL, writer for the the Bulwark, joins Hal and Boomer to discuss the use case and future for crypto.
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.
The Decentralized Reserve Currency
Crypto News
New Jersey community bank to let clients to buy, sell and hold Bitcoin
Blockstream and Square Partner on Solar-Powered Bitcoin Mine
BoE Warns Bitcoin Could Become “Worthless” — It’s True, and That’s Why Bitcoin Is So Valuable (Note From Hal : “lol what?”)
McDonald is embracing Bitcoin in El Salvador.
Manasquan Bank Selects Bakkt to Offer Retail Clients Access to Cryptocurrency
Fractal Scaling: From L2 to L3
Ethereum Launches First-Ever Public Testnet for Full Upgrade to Proof of Stake Known as “The Merge”
Jack Dorsey claps “web3”
Bitcoin Outlook
Finally, some buyers showed up last night and decided to try the trade to $50k again. If you like slopes you’ll notice this price movement “broke the trend”. However, there’s still major resistance near $50k. As we’ve been saying for the past 2 weeks, if BTC is going to have an EOY really the first proving point is holding $50k as support. Shorting weakness or buying strength at $50k is something to watch for.
Possible Course of Action
If you took the trade back to $50k consider scaling out
Pick up a short near $50k if it doesn’t hold looking for a retest of $40k
The Bulls’ Defense:
Reclaiming $50k and holding as support would be a show of strength and an indication that buyers have returned to the market
Santa Clause rally
The Bears’ Prosecution:
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 returned to $4000. If you listen to the Foot Guns podcast Boomer has been buying ETH below $4000 and selling at $4000 since September. Now back at $4000 ETH has some proving to do. In its short history its spent and even shorter amount of time above $4000. To really show strength here ETH would need to return to $4250 and hold that level as support. Otherwise, rinse and repeat, ETH goes below $4k picks up some liquidity and sells off again at $4k.
Possible Course of Action
Do nothing
If you want to short we’d recommend waiting for a failed retest of $4200
Could look to open a long near $3450
The Bulls’ Defense:
EIP-1559 has burned $4,962,681,036 (1,236,238ETH) 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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