The Horned Horse

Bitcoin returns to $20k; Hal's update on his favorite altcoin

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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

09/27/22 9:09 AM ET

New here? Learn how to read the cheat sheet.

What We Are Watching

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

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09/27/22 9:09 AM ET

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Crypto News

• Nexo buys 'minority' stake in OCC-regulated U.S. bank Summit National (The Block)

• UK's FCA approves Revolut for cryptoasset register (The Block)

• FTX wins auction for bankrupt crypto lender Voyager (The Block)

• Robo-Advisor Betterment Partners With Crypto Exchange Gemini to Offer Customized Crypto Portfolios (CoinDesk)

• Robinhood Releases Beta Version of Web3 Wallet to 10,000 Users (CoinDesk)

• French Central Bank CBDC Projects Aim to Manage DeFi Liquidity, Settle Tokenized Assets (CoinDesk)

• Galaxy Digital to provide market data to blockchains with Chainlink (CoinTelegraph)

• Apple Allows NFT Sales On Its App Store — But There’s a Catch (Blockworks)

• Cosmos Is ‘Forging a New ATOM’ Starting With Interchain Security (Blockworks)

• Do Kwon Mocks Interpol Red Notice (Blockworks)

• SEC Fines Tether’s Former Auditor $1.5M for ‘Improper Professional Conduct’ (Decrypt)

• Disney Pushes Further Into Crypto, DeFi, NFTs With Recent Job Post (Decrypt)

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BTC Outlook

From Thursday’s Newsletter: “In conclusion it seems like there is short term momentum making an attempt to get back above $20k.”

Well that was pretty simple. It seems like the game to is buy under $19k. Of course, until it isn’t. Like we also said last week, “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.”

So, yes, this trade has been working over and over since June, but each time it falls back below $19k there is a chance that’s the last time the price finds real support above $18k. The line to beat now is the fibonacci retracement at $21750. If this acts as resistance and Bitcoin once again returns below $19k it is starting to feel unlikely buyers will be eagerly awaiting.

My guess is the price continues to weakly drift upwards towards $21750 until next months CPI print.

Please join us in our discord where we discuss active and potential trades.

Possible Course of Action

• Long here expecting a retest of $21750

• Hold if already long (potential stop loss at $18600 [cheat sheet support])

• Short near $21750 expecting a retest of $19k

The Bulls’ Defense:

• Higher Low (Show of Strength)

The Bears’ Prosecution:

• Price below Fibonacci retracement

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.

Today we’ll look at our favorite Unicorn. What fundamentals are driving the project and how to trade it in the short term.