Bottom Dwellers

Can Bitcoin find a higher low?

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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.

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Crypto News

• Azuki creator closes in on $30 million fundraise (The Block)

• Coinbase successfully registers with the Dutch Central Bank (The Block)

• FTX wants to raise up to $1 billion at its $32 billion valuation (The Block)

• Israeli Exchange Bits of Gold Becomes First Crypto Firm to Receive Capital Markets License (CoinDesk)

• Coinbase Completed $100M Transaction to Test Proprietary Trading (CoinDesk)

• Helium Ditches Own Blockchain in Favor of Solana After Community Vote (CoinDesk)

• Chamber of Digital Commerce gets approval to join the SEC vs Ripple lawsuit (CoinTelegraph)

• Former US Senator Will Chair New Binance Global Advisory Board (Blockworks)

• Fei Flips Again, Repays Crypto Hack Victims (Blockworks)

• Kraken CEO Jesse Powell Steps Down (Blockworks)

• Digital Fashion Platform BNV Will Launch Its Own Metaverse (Decrypt)

• Ethereum NFTs Are Driving Crypto Adoption in Central and South Asia (Decrypt)

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BTC Outlook

Here Bitcoin is again hanging out near the 2022 lows and testing the will of buyers to come in at these levels. Last night was another moment for Bitcoin to crush through 18000 and set a new low for 2022. However, it didn’t buyers came in and as of this morning the price is all the way back above $19000. If today’s candle were to close near these levels you could start to assume this was another local lower low and a macro higher lower.

The short-term volatility has been wicked the last few weeks so you shouldn’t ignore the possibility of the entire morning’s rally retracing over the next 12 hours and Bitcoin closing back in the $18000s. The reality of an asset continuing to test its lows is that any moment of any day the buyers could go away and the price crashes. Cletus reminds us that real crashes happen after prices have been going down for long periods and key supports tested over and over. Bitcoin has now tested $19000 as support in different 13 days after the 2022 low was created.

In conclusion it seems like there is short term momentum making an attempt to get back above $20k. However, if selling out weighs buying and the price is driven back below $19k it seems more an more likely a new yearly low will be created below $18k.

Possible Course of Action

• Long if daily candle closes above $19k

• Short here expecting a retest of the yearly lows, especially if $19k breaks

The Bulls’ Defense:

• Higher low possible

The Bears’ Prosecution:

• Bear Flag sell off playing out, $19k consistently tested as support

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Earn Interest on your Bitcoin

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A Closer Look

This section will be focused on taking a closer look on what Hal thinks is important to watch in the coming week.

The ETH merge is over, the price sold off. What’s next? We are taking a break from ETH this week to discuss two altcoins that have shown relative strength during this bear market.