Sideways Summer Session

Larry Fink say's "Bitcoin could revolutionize finance"

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Cheat Sheet -

Support and resistance levels and our daily, weekly and monthly bias on BTC, ETH, CL, ES, and NQ as well as our favorite altcoins.

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Crypto News

• Bitcoin Price Rally Puts Focus on Futures Spread That Underscores Need for Spot ETFs (CoinDesk)

• BlackRock CEO Larry Fink Says Bitcoin Could ‘Revolutionize Finance’ (CoinDesk)

• Bitcoin's unmoved supply hits all-time high amid institutional interest (The Block)

• Uniswap v4 expected to go live after Ethereum’s Cancun upgrade and security audit (The Block)

• Bitcoin ETFs: Even worse for crypto than central exchanges(CoinTelegraph)

• Binance, Coinbase and Gemini staff are among the least happy, data suggests (CoinTelegraph)

• Fed minutes have markets dipping, traders calling for more rate hikes (Blockworks)

• Number of crypto M&A deals plummeted in Q2 (Blockworks)

• Decentralized Twitter Rival Bluesky Announces $8M Fundraise, Paid Services (Decrypt)

• Abracadabra Money Mulls Registering DAO as Centralized Legal Body (Decrypt)

• Here’s why ‘news’ attacking Gary Gensler is all over crypto media (Protos)

• Fund giants seeking Bitcoin ETF nod warned Coinbase may be ‘too small’ to prevent fraud (DLNews)

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BTC Outlook

Yesterday, Larry Fink, CEO of BlackRock, went on CNBC and said that Bitcoin could be revolutionary. The last time a large money manager went on CNBC talking bullish about Bitcoin was Paul Tudor Jones in 2020 calling it the fastest horse in the race as an inflation hedge (BTC went from $10k to $60k over the next year). Of course, this new statement by Fink does not mean the price is going to just automatically go up, but it does mean there may finally be some other large market participants besides Saylor (who is buying every couple of months with borrowed money).

The price did rally for a short period on the news of Finks statements, but US jobs numbers and FOMC minutes may be tempering the rally. The price is currently consolidating under resistance, which can be a sign of another move higher. The price remaining above $30000 is an important number because of it’s psychological impact on investors. It’s an easy number to view as support therefore it’s a critical level to hold if there is in fact more steam left in this rally. The four support levels to pay attention to in H2 are $30k, $29.8k (Saylor’s entry), and of course the 50 and 200 day moving averages($28k and $25k). A break out above $32k would likely be followed by a move to $36k-$40k which are old support levels from 2022.

Join us in discord where we will actively be following Bitcoin’s price action.

Possible Course of Action

• If long stay long while price is above 50 day MA

• Short if price closes below $30k

• Do nothing waiting for price to rise above $32000 or retest 50 day MA to get long

The Bulls’ Defense:

• Price above 50 day MA, 200 day , $30k

• Blackrock ETF filing, Larry Fink Statements

The Bears’ Prosecution:

• Resistance near 2023 local top ($32000)

• Regulator uncertainty

• Possible future fed hikes

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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 COIN.