It's All Over
"is it over? crypto is done?" -anon
Cheat Sheet -
Current support and resistance ranges plus our bias on top cryptos, oil, and stocks.
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What We Are Watching
We further breakdown our case for these cryptos here : What We Are Watching
First Mover Asia: Binance's Exchange Flow Flips Positive; Bitcoin Trades Flat (CoinDesk)
Investing Platform eToro to Delist Four Cryptocurrencies for U.S. Users Next Month (CoinDesk)
SEC comments on Hinman speech released in Ripple Labs filing (The Block)
Apple will remove Damus app unless it drops Bitcoin tipping feature (The Block)
How Peter McCormack is turning an unknown town into a Bitcoin hub (CoinTelegraph)
‘All of the SEC’s claims fail’ — Binance.US rebuts motion to freeze funds (CoinTelegraph)
Investor sentiment dampened by regulatory challenges pre-Fed decision (Blockworks)
BlockFi set to open customer withdrawals in summer (Blockworks)
'Tokenization Was Not Created to Evade Laws': Ava Labs CEO (Decrypt)
Arianee's Key Focus for Big Brands? Building 'a Better NFT', Says CEO (Decrypt)
Here’s why Jump Trading wants to move Terra manipulation case to California (Protos)
EU data bill threatens to upend smart contracts in potential blow for DeFi (DLNews)
The sentiment is that crypto is over, at least in the US, with the SEC cracking down on Binance US and Coinbase. It’s still curious why other US exchanges didn’t receive similar suits, but the SEC has limited resources and must expect others will fall in line based on the outcome of the Coinbase and Binance decisions.
Almost every altcoin has retraced all of its 2023 gains if not all of its gains in history making new all time lows. At the same time Bitcoin continues to hold onto seemingly random support with a wanning right shoulder in a head and shoulders pattern. We are still expecting Bitcoin to retest the 200 day moving average. It’s actually surprising that with the SEC actions and the broader crypto markets selling off that BTC has not already retested the 200 day MA.
The CPI print came in as expected and now the market will turn its eyes to the fed this week. An interest rate hike could put further pressure on the crypto markets as the cost of capital increases reducing the desire to be invested in risky assets.
Join us in discord where we will actively be following Bitcoin’s price action.
Possible Course of Action
Do nothing and wait price to rise above 50 day MA or hold 200 day MA as support
Short expecting 50 day MA to act as resistance
The Bulls’ Defense:
Price above the 200 day MA
The Bears’ Prosecution:
Price Below 50 day MA
Potential Head And Shoulders top
A Closer Look
This section will be focused on taking a closer look on what Hal thinks is important to watch in the coming week.
This morning Hal reviews ETH’s performance against Bitcoin and the NASDAQ.