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The Fed minutes upset markets
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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.
Houseparty co-founder raises $25.5 million for Ethereum 'town square' protocol (The Block)
Bored Ape whales cash out $10 million using Blur liquidity (The Block)
Sam Bankman-Fried Hit With Additional Bank Fraud Charges in New Indictment (CoinDesk)
Coinbase Launches Layer 2 Blockchain Base to Provide Onramp for Ethereum, Solana, and Others (CoinDesk)
Binance Australia Derivatives reportedly closes accounts and positions for some users (CoinTelegraph)
Anti-Surveillance CBDC Bill Won’t Protect Privacy: Advocacy Group (Blockworks)
Circle Still Wants To Go Public — And It’s Hiring Soon (Blockworks)
DeGods and y00ts Are Leaving Solana—Here’s How It’s Going to Work (Decrypt)
Liquidators to Sell ‘Certain’ NFTs From Bankrupt Three Arrows Capital (Decrypt)
Canadian Regulators Say No to Algorithmic Stablecoins (Decrypt)
Washington mulled letting crypto exchanges regulate themselves. That idea is dying (DLNews)
The FOMC minutes came out yesterday afternoon and caused almost no reaction in the Bitcoin market. On shorter time frames the price moved around but when you zoom out you can see that Bitcoin’s volatility is actually continuing to squeeze.
The price is currently finding support in a somewhat random location. There are no strong technical supports at the current price only the top of the January rally which Bitcoin appears to be wicking off of.
The most obvious support for Bitcoin to find is the 50 day moving average (in blue), which is currently moving up rapidly towards the price. BTC does not need to sell off to meet this moving average. It could simply grind sideways for the next few weeks and this would allow the moving average to move up and meet the price.
US equities continue to show weakness though ES and NQ appear to also be searching for some kind of support at the current prices.
Join us in discord where we will continue to monitor if BTC meets resistance near $25k.
Possible Course of Action
Do nothing and wait for BTC to retest the 50 day moving average and hold as support
Short here expecting a retest of the FTX local high around $21.5k
The Bulls’ Defense:
Currently holding top of January rally as support
The Bears’ Prosecution:
$25k double 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 looks at ETH’s relative performance to BTC.