Dog Days of Summer
Dogecoin is rising as Bitcoin and ETH try to hold onto the recent gains
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Cheat Sheet -
Support and resistance levels and our daily, weekly and monthly bias on BTC, GOLD, OIL, ES, and NQ as well as our favorite altcoins
What We Are Watching
We further breakdown our case for these cryptos here : What We Are Watching
Crypto News
TRM Labs says Tornado Cash action is a ‘new challenge for sanctions compliance’ (The Block)
CryptoPunk and Meebits holders can now use their NFTs for commercial projects (The Block)
Celsius report shows $2.8Bn in crypto liabilities, dwindling cash flow (The Block)
Bitcoin miner Greenidge Generation 'pauses' Texas expansion plans, reports $107.9 million in second-quarter net losses (The Block)
Jump Crypto Picked to Revamp Solana to Make Blockchain More Reliable (CoinDesk)
Tencent Halts NFT Sales on Its Huanhe Platform Amid Regulatory Scrutiny (CoinDesk)
Bitcoin Miner PrimeBlock Cancels Listing Plans, Terminates $1.25B Merger With 10X Capital (CoinDesk)
Do Kwon breaking silence triggers responses from the community (CoinTelegraph)
Crypto lender Hodlnaut seeks judicial management to avoid forced liquidation (CoinTelegraph)
BitGo Plans To Sue Galaxy After Firm Ends Merger Agreement (Blockworks)
Crypto Marketplace Alleges $350K Stolen by Insider ‘Gabagool’ (Blockworks)
What Crypto Winter? The Demand for Finance Talent is Booming (Blockworks)
Federal Reserve Releases New Guidelines for Crypto Banks (Decrypt)
Bitcoin Miner Bitfarms Posts $142M Loss in Q2 as Rising Energy Prices Bite (Decrypt)
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BTC Outlook
Wow, last Thursday’s TA worked so well that we’ll just stick to it. The sell side Fibonacci retracement (0.5) acted as resistance last week and through the weekend. However, the price is holding up quite well considering. This week will be the chance for the price to either break through this resistance or head back down to our buy zone at $20k.
It’s important to pay attention to what stocks are doing in the coming weeks. Bitcoin has been underperforming the S&P 500 and NASDAQ during this recent rally. It’s highly likely that if stocks were to turn around and start coming back down that BTC would fall with them.
I personally lightened up in this red Sell Zone over the week and I will be happy to wait and let the price prove to me that it can rise above $25k and hold it as support.
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Possible Course of Action
Take profits here if long since below $20k
Do nothing and wait for $25k to act as resistance or hold as support
Short here looking for a retest of $20k
Do nothing and wait for a retest of $20k
The Bulls’ Defense:
Stocks rallying, ETH rallying, BTC plays catch up
The Bears’ Prosecution:
Bear flag
Global macro uncertainty
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.
Today we’ll look at, SHIB, a dogecoin derivative that out performed during the recent bull market cycle.
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