Bitcoin searches for support
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
Thailand warns Facebook to tackle crypto-related scams or face possible shutdown (The Block)
Phantom launches 'Sign In With Solana' feature for one-click user authentication (The Block)
Binance limits withdrawals in Europe, cites payment processor issues (CoinTelegraph)
Friend.tech generates over $1M fees in 24h, surpassing Uniswap, Bitcoin networks (CoinTelegraph)
Indian Crypto Exchange CoinDCX Is Cutting 12% of Jobs as Bear Market, Taxes Take Their Toll (CoinDesk)
Bitcoin Looks Most Oversold Since Covid Crash, Key Indicator Suggests (CoinDesk)
Friend.tech will likely draw the SEC’s attention, legal experts say (Blockworks)
Phantom materializes ‘sign in with Solana’ wallet authentication (Blockworks)
Dogecoin ‘Community Has Become Hyper Reactionary’ Over Proof-of-Stake Switch, Says Core Dev (Decrypt)
Hong Kong bets on crypto as sector’s star dims over crackdowns overseas (Aljazeera)
X users manipulated by ChatGPT bots to visit malicious crypto sites (Protos)
Wall Street’s Bitcoin land grab may push crypto firms ‘by the wayside,’ say finance veterans (DLNews)
BTC broke down below the 200 day moving average for the first time since mid January of this year. We have been suggesting this move would be possible since June, but it was expected that BTC would find more support near the 200 day MA. Instead, the price fell rapidly through this level and is now consolidating near the June lows.
It would be expected that BTC will now retest this 200 day MA in the coming weeks. Failure to rise back above this key support quickly could hint at a sustained down period for the remainder of Q3 and possibly into Q4. There continue to be no direct catalyst for BTC’s upward price movement. Many eyes are on the Nasdaq as it loses steam and crypto could be reacting with sympathy towards this possible down move. Market participants are awaiting the Jackson hole meeting, the results of the meeting in 2022 lead to a large drawdown in crypto over Q4.
With the Bitcoin spot ETFs being possibly delayed until 2024 there is not a short term bull case for BTC price. This could lead to continued price declines with dwindling volatility.
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Possible Course of Action
If short from above $30k consider taking profit
Scale into longs expecting a retest of the 200 day MA
The Bulls’ Defense:
ETF decision could still happen in 2023 prematurely
The Bears’ Prosecution:
200 day MA failed to act as support
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