Peak Inflation
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Peak Inflation
Everyone wants to know if inflation has peaked. What do you think? Leave a comment
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
Spencer Dinwiddie's New Sneakers Display The Live Price of Bitcoin—And Cost $41,000 (Decrypt)
Ava Labs Raises $350M to Build Out Avalanche at $5.25B Valuation (Decrypt)
Tether Promises to Continue Cutting Commercial Paper Holdings (Decrypt)
Japan’s most popular social messaging app Line adds NFT marketplace (Cointelegraph)
67% of Cardano holders underwater and most bought less than 1 year ago (Cointelegraph)
Meta plans to take a nearly 50% cut on virtual asset sales in its metaverse (CNBC)
SEC Emails Highlighting Alleged Conflict of Interest Set to Take Center Stage in Ripple Trial (Blockworks)
Silver Lake Leads $150M Funding Round in Web3 Avatar Company (Blockworks)
Cosmos Reaches Milestone as Blockchain Developer Launches $150M Accelerator (Blockworks)
Ethereum Merge No Longer Expected in June (CoinDesk)
Some Indian Payment Processors Cut Off Local Crypto Exchanges (CoinDesk)
BTC Outlook
BTC is attempting to get back into the downward channel we’ve been following since the beginning of April. The price fell last week to retest the consolidation in early and mid-March. Support was found and now BTC is back at the bottom side of this channel and so far, the bottom side has been acting as resistance. It’s very common in markets for old support to become new resistance. If the short-term selling that started at the end of March is truly over then BTC will climb back into this channel and make a run up to $44k. Until the top side of this channel is broken there will likely be more downward price action in the mid-term.
Possible Course of Action
Do nothing wait for price to hold the down trend as support
Short this resistance at the bottom side of this channel
The Bulls’ Defense:
Price rejected break down and now trying to get back in channel
The Bears’ Prosecution:
Price meeting resistance at bottom of channel
ETH Outlook
The ETH/USD chart is uninteresting today so we will take a look at ETH/BTC. In mid-March ETH broke out against BTC rising more than 15% before consolidating in early April. The current consolidation looks bearish in the short term for ETH. With a potential head and shoulders forming with in the sideways channel. Most likely if BTC continues to rise into the mid $40ks then except ETH to outpace it. However, if BTC continues to sell off here the ETH/BTC pair may correct and sell off from this consolidation.
Possible Course of Action
Caution here as ETH looks weak against BTC
Long ETH is BTC is able to reclaim bottom side of channel
The Bulls’ Defense:
EIP-1559 has burned $6,451,769,864 (2,115,660 ETH) so far. Supply constraints should continue to have a positive impact on price.
The Bears’ Prosecution:
Potential Head and Shoulders on short time frame against BTC
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