#15 - Reclaimation
Bitcoin is back above the 200 day moving average
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CHEAT SHEET
(You can print this out at work to follow along.)
The Bitcoin price is now well above the Weekly support at $43,344. If the price can break above the Daily resistance of $46,059 then expect it to try to test the next Weekly resistance at $52,869 this week or next.
What We Are Watching
All of these coins are crushing upwards with the exception of MATIC. Remember LUNA and SUSHI were about $6 and $7 each when we started this newsletter.
Are you buying these tokens? Did you read our guide on how to buy them on Sushiswap and Uniswap? Got questions? Leave them in the comments.
We further breakdown our case for these cryptos here : What We Are Watching
DeFi News
U.S. Sen. Richard Shelby (R-Ala.) filed an objection to the new crypto infrastructure bill.
MakerDAO to reshape DeFi lending with real world assets.
Don’t miss the August Adrenaline event. Starting RIGHT NOW! Learn about NFTs, Metaverses and crypto gaming.
TAKE ME TO (BTC) MAXI TOWN
Here’s a link to a tradingview.com post I made on June 21.
The price is back above the support level defined by the sell offs in March and May. You should expect to see the top of this channel retested.
Possible Course of Action
Buy the dips! Seriously, this is one of those moments where you buy in and don’t touch anything until we get well above the ATH.
If the price goes back below the 200 day moving average you could take off risk and look for a better buy back point much lower.
Price Action Summary
The Bulls’ Defense:
Price above 200 day Moving Average.
On-chain analysis shows whales are taking Bitcoin off exchanges in large quantity
The Bears’ Prosecution:
If the price falls out of this channel or below the 200 day moving average expect an extended bear market.
Recent News
AMC cinemas to accept Bitcoin by EOY 2021. Just announced on the Q2 Earnings Call by AMC CEO Adam Aron.
Here’s a clip from the Simpsons relevant to the failed passing of the crypto infrastructure bill.
ETH SHY BOY ZONE
Lets take a look at the macro view on ETH. This rally looks stronger than ever if the current monthly candle were to close near these levels but there is one piece missing. The volume. In order for this rally to continue volume should come in this month to match the breakout. This is possible. We are only 10 days in and have about half the volume of last month already. If the volume continues to decline with the rally we’d expect another local top this month or next. If volume does come in this month and next months candle will probably be enormous.
Possible Course of Action
Get long for this month. If no volume comes in sell. If volume comes in enjoy the ride!
Do nothing. Sit in cash and wait for a short term pull back.
The Bulls’ Defense:
Rally appears to be back intact. Monthly candle looks very bullish.
The Bears’ Prosecution:
Declining volume with recent price rise. Could indicate a short term trend reversal and a fall back to $2500.
Recent News
Ethereum Layer-2 Scaling Solution Arbitrum to Launch This Month
NFTs containing drawings of rocks (Ethrocks) are selling for over $100,000.
Here’s the Cardano CEO giving Vitalik Buterin a metaphorical pat on the back.
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