The Can Got Kicked
Cheat Sheet -
Current support and resistance ranges plus our bias on top cryptos, oil, and stocks.
Are you new to Foot Guns? Learn how to read the cheat sheet here.
What We Are Watching
We further breakdown our case for these cryptos here : What We Are Watching
Crypto News
U.S. Criminal Charges Against Sam Bankman-Fried Don’t Warrant Dismissal, Prosecutors Say (CoinDesk)
Bitcoin Headed for First Monthly Loss in 6 Months (CoinDesk)
Chainalysis acquires real-time crypto data company Transpose (The Block)
Stablecoin issuer Tether to mine bitcoin in Uruguay (The Block)
Security firm discovers $500M vulnerability in Tron multisig accounts (CoinTelegraph)
2 key security practices for Web3 startups from Israel Crypto Conference (CoinTelegraph)
Can Any Blockchain Compete on Security With Bitcoin? (Blockworks)
Kellogg’s Could Jump Into the Metaverse: 12 Trademark Filings Reveal NFT Interest (Blockworks)
USDC Backing Maker’s Stablecoin DAI Plummets to 23% (Decrypt)
Bitcoin ATM targeted in Texas smash-and-grab (Protos)
Crypto volumes tank amid US debt standoff (DLNews)
BTC Outlook
Even with a potential resolution of the debt ceiling the Bitcoin price volatility remains muted. The Bitcoin price did move up when news broke that a deal was made between Biden and McCarthy. However, the price met resistance at the 50 day moving average for the first time since early 2023.
A few situations are likely here. This could have been a sell the news type event where many were shorting Bitcoin expecting a big move down on the resolution. It’s also possible the market is in a bullish phase and there were genuine buyers ready to pick up tokens regardless of which way things went. The decision still has to pass through other parts of government so maybe this is just hesitation from investors that something else could delay the decision.
The 50 day moving average is a key level for the Bitcoin bulls to push through to sustain a rally into the second half of the year. A sign that there could be a rally in the second half of the year would be Bitcoin reclaiming the 50 day moving average with more “bad news” (things that should be bad for the price) events.
Join us in discord where we will actively be following Bitcoin’s price action.
Possible Course of Action
Do nothing and wait price to rise above 50 day MA or hold 200 day MA as support
Short expecting 50 day MA to act as resistance
The Bulls’ Defense:
Price above the 200 day MA
The Bears’ Prosecution:
Price Below 50 day MA
Potential Head And Shoulders top
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.
This morning Hal reviews ETH’s performance against Bitcoin and the NASDAQ.
Keep reading with a 7-day free trial
Subscribe to Foot Guns to keep reading this post and get 7 days of free access to the full post archives.