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The Same Ole Story
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The Same Ole Story

Bitcoin continues to consolidate in a tight range.

Jun 9
5
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The Same Ole Story
www.cryptofootguns.com

Don’t miss our latest Private Podcast where Hal and Boomer discuss the current health of the American consumer and how they are positioning going into June. Available to Premium Subscribers only.

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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.

Cheat Sheet


Crypto News

  • $15M of Optimism Tokens Stolen due to a Market Maker’s error (CoinDesk)

  • Attackers drain $5M from Osmosis (CryptoSlate)

  • South Korea Investigates Terra Labs for Bitcoin Embezzlement (CoinDesk)

  • Polygon taps Airbnb’s director of HR to spearhead its decentralized workforce (CoinTelegraph)

  • Community celebrates as Ropsten testnet merge goes live (CoinTelegraph)

  • Lithuania aims to tighten crypto regulation and ban anonymous accounts (CoinTelegraph)

  • Sir Anthony Hopkins Claims Ethereum Name (Blockworks)

  • Ethereum Ropsten Testnet Successfully Merged to Proof-of-stake (Blockworks)

  • In Historic Move, Jamaica Makes CBDC Akin to Cash (Blockworks)

  • What are Soulbound Tokens? Building Blocks for a Web3 Decentralized Society (Decrypt)

  • Divided ApeCoin Community Narrowly Approves Proposal to Stay on Ethereum (Decrypt)

  • Why ‘Hunger Games’ Co-Producer Bryan Unkeless Is Making His Next Sci-Fi Project in Web3 (Decrypt)

  • Was Alleged $2 Million Exploit of Mirror Protocol ‘100% Preventable’? (Decrypt)


Across is the fastest, cheapest and most secure bridge between L1 and L2s. Try it now.

BTC Outlook

In these times it is best to just go outside and enjoy some fresh air. If you are really not wanting to miss the next move on Bitcoin you can put an order at $32k and $28.5k. The range has become well define and we are assuming that once a daily candle closes outside of this range then that will set the mid-term direction of the price. So far, any attempt for the price to move outside of this band has been met with a quick snap back into the region.

The newsletter is short today because nothing is happening. We can’t make the markets move!

Possible Course of Action

  • Long under $28.5k expecting to fill the CME gap at $36k

  • Do nothing and wait for a breakout

  • Short any weakness looking for short term trades

The Bulls’ Defense:

  • Breakout of downtrend

The Bears’ Prosecution:

  • Global macro uncertainty

  • Still trading under $30k

  • Breakout of downtrend thrown back quickly


Earn Interest on your Bitcoin

ETH Outlook

ETH is showing some signs of life today. While Bitcoin continues to consolidate around $30k ETH is holding $1800 and even trying to rally a bit. The ETH merger is around the corner and many think this is a possible catalyst for a price rally.

The odds are still high that the ETH/BTC ratio retest 0.055 as this is an important level many ar watching.

Possible Course of Action

  • Caution here as ETH is highly correlated with the tech stock sell off

  • Wait for BTC to rise above 50-day MA before long ETH

  • Short ETH/ long BTC might work

The Bulls’ Defense:

  • EIP-1559 has burned $4,295,183,366 (2,389,372 ETH) so far. Supply constraints should continue to have a positive impact on price.

  • ETH 2.0 launch

The Bears’ Prosecution:

  • Global macro uncertainty

  • Nasdaq correlation and sell off

  • ETH/BTC pair continues to be weak


Were you surprised by the price action this week? Everyday in our Premium Discord we're discussing what to do in this bear market. Hal and other Premium members are constantly discussing where prices are headed our premium discord. Join us now so we can navigate this bear market together.

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