The Only Value Investing Crypto Newsletter | 100% hype free
We hope you enjoyed getting it for FREE. In our first week of existence we called the Bitcoin and Ethereum price action to near perfection. Every day our cheat sheet gives you the support and resistance levels for the 4 top crypto currencies by marketcap and 4 cryptos we’ve identified as undervalued. Well, last week those levels proved themselves at predicting the week’s price action (go read them and see for yourself). Not only did we get the price action right but we picked the big winners. The four tokens on our watch lists are up 30.9%, 36.9%, 37.2% and 28.3% in the last week (in the order they appear on the sheet).
Here’s your chance! Sign up now and get actionable trading ideas and stay informed with what’s going on inside and outside the cryptosphere that could impact your investments. We get it though. There’s tons of Bitcoin Maxi you can go listen to. It’s fun hearing them telling you to HODL over and over again isn’t it?
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CHEAT SHEET
(You can print this out at work to follow along.)
Last night Bitcoin ran up to $39,244 and our daily resistance on yesterday’s cheat sheet would have been $39,418 if we published the cheat sheet on the weekends.
If we get 20 total shares today I’ll start publishing the cheat sheet on the weekend!
What We Are Watching
SUSHI up 26.9% in the last 7 days while UNI is only up 19.2% over the same time period. Relative value trade is working.
Send us emails or write in the comments questions you have about why we like these tokens or what you’d like to hear more about.
We further breakdown our case for these cryptos here : What We Are Watching
News About What We Are Watching
SUSHI -
More of a time line than News, but important!August - Sushiswap will launch Shoyu a new NFT exchange.
September - Sushiswap will launch Trident the new AMM system.
October - Vesting ends and sushi emissions drop from 41.6 to 13.91.
LUNA - Here’s your chance to quit your job and become a real part of crypto. Luna is looking to hire editors!
MATIC - Looks like it’s a common theme. Polygon is looking to hire technical writers (wait.. a sec.. are we technical writers? Don’t worry we aren’t going to leave you for MATIC.)
AAVE - Oh look! CoinTelegraph likes the coins we follow. Except ICP (go read Footguns #5)
TAKE ME TO (BTC) MAXI TOWN
Holy shit what a bounce! Six straight days of green (I prefer white candles though).
It’s proving time again. The red line is the 200 Day exponential moving average. This is the line in the sand that many Bitcoin traders consider the Bull market support line and the Bear market resistance line. On June 14th, when we last tested the 200 Day MA, the price was only able to go 1% above the line and fell back down the next day. The price is currently holding at 1% above the line and it has wicked to 3.5% above the line in the current daily candle.
Tonight is fight night. If Bitcoin stays above the 200 Day EMA today and tomorrow we’d expect this to be the catalyst for a retest of the All Time High (we last saw in May).
Possible Course of Action
If you got long last week then congratulations. Welcome Foot Guns! Keep going with a tight stop loss.
From Foot Guns #5 : “If you are on the sidelines wait for the price to break $28,500 to scale into a short or move above the 200 day EMA to scale into a long.”
GET IT! Long this sucker with a tight stop.
Price Action Summary
The Bulls’ Defense:
Price is back above 200 Day Moving Average
Volume is growing with the new trend.
The Bears’ Prosecution:
Price craps out and falls back below 200 Day Moving Average
Recent News
Bitcoin’s Lightning Network’s capacity reach a new high in it’s Bitcoin coin capacity now holding over 2000 Bitcoin in its channels.
Some investors are planning their retirement with BitcoinIRA.
Amazon is seeking a blockchain expert.
ETH SHY BOY ZONE
Wooo, slow down horsy. ETH blew through all the resistances we gave you last week so we hope you got long with a tight stop loss at $2150 like good students. Boomer did and made it all back in one trade!
What next then? ETH looks to be forming an outside reversal pattern. Tomorrow’s candle will be a strong indicator of the start of a new bull trend (if tomorrow’s candle closes green) or the start of a new bear trend (if tomorrow’s candle closes red). A bullish candle tomorrow should send the price back up to test the $2500 resistance level. A bearish candle could send the price back down through $2150 to retest the support at $1900.
Possible Course of Action
Foot Guns #5 : “If you are already long you can put a tight stop loss on your position and wait.” You should have gotten stopped out and feel super rich.
If you are on the sidelines wait for tomorrow’s candle to close. Then just go long if it’s a green day and sell short if it’s red (wait for the candle to close!!!!). After you do this put on a tight stop, or look to exit the trade just below the resistance (bullish) or just above the support (bearish)
The Bulls’ Defense:
Price is crushing upwards well above $2150 support
W pattern on the Daily points to $3000 ETH in the near term.
The Bears’ Prosecution:
Price could not get to $2500 support and fell rapidly after approaching this level.
Recent News
Ethereum 2.0 surpasses 200,000 validators.
Drama on Twitter as #ETH now shows the Ethiopian flag so user can show there support for the Ethiopian Olympics teams.
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