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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.
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)
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
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
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