FG Cheat Sheet 030122

The rerising

Mar 01, 2022

Don’t miss last weeks podcast. Hal, Boomer and Wasabi discuss the ongoing conflict in the Ukraine. Hal nails the Bitcoin price action.

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CHEAT SHEET

Pink = Bearish, Blue = Bullish, Orange = Neutral since the date given in “Bias Since”. Support levels are where the price could bounce when falling and Resistance levels are where the price could stop if rising. The black outlined boxes show the price at the time of cheat sheet creation. You can find more details on how to read the cheat sheet here.

What We Are Watching

We further breakdown our case for these cryptos here : What We Are Watching

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.

Crypto News

FTX Launches Philanthropic Fund With Plans To Deploy at Least $100M (Blockworks)
Crypto Exchanges Weigh Blocking Russian Accounts as Sanctions Intensify (Blockworks)
JPMorgan Chase Strategically Invests in Blockchain-focused TRM Labs (Blockworks)
Cambridge University Launches Crypto Research Project with IMF, BIS (Decrypt)
Ukraine Now Accepting Polkadot After Raising $20M in Bitcoin, Ethereum (Decrypt)
As Sanctions Pile, Bitcoin Flips the Russian Ruble (Crypto Briefing)
Ruble-Denominated Bitcoin Volume Surges to 9-Month High (CoinDesk)

BTC Outlook

For the past couple weeks, we’ve been suggesting that Bitcoin rejected going to $30k and is now consolidating on its way back up to $50k. Over the weekend we looked like idiots as $40k was rejected and going into Monday morning things were looking grim. As we suggested last Thursday $33-35k holding as support would give traders a reason to come back in and buy, betting on a double bottom. Well, that played out quickly and now BTC is back above $44k. The picture we painted a couple weeks ago seems to be playing out. The next step in this journey is to consolidate near the current levels and make an attempt at $50k.

Possible Course of Action (advice from last week still holds)

Get long betting on a breakout from this W neckline
Look to short near $50k

The Bulls’ Defense:

Double Bottom, W

The Bears’ Prosecution:

Russia invasion of Ukraine causing global uncertainty in risk assets

ETH Outlook

ETH continues to trade correlated to BTC but with more downside and less upside. You can see a double bottom has formed but unlike BTC which has rallied forming a W with a horizontal neckline, ETH has formed a W pattern with a downward sloping neckline. It is still possible for a bullish breakout but expect BTC to continue to outperform in the short term. Many altcoins are experiencing this same behavior with the exception of a few (FTM, LUNA).

Possible Course of Action

Get long betting on a breakout from this W neckline
Fade rallies with small shorts