FG Cheat Sheet 100721

Bitcoin falls 2% over night.

Don’t miss this weeks private podcast where Hal and Boomer discuss where crypto markets are heading.

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CHEAT SHEET

Red = Bearish, Green = Bullish, Brown = 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.

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What We Are Watching

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

Red = Bearish, Green = Bullish, Brown = 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.

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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.

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Crypto News

• Bitcoin History: The BearWhale Who Sold 30,000 BTC at $300 Per Coin

• California Pro-Bitcoin Congressional Candidate Aarika Rhodes Running to Unseat Rep. Brad Sherman

• Soros Fund Management CEO confirms the billionaire investor's family office is trading bitcoin

• AMC Theaters now accept Dogecoin and other cryptocurrencies

• Bank of America announces cryptocurrency research department

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Bitcoin Outlook

BTC’s price blew past the $52k level it stall out at in early September. However, as of this morning BTC is now drifting downward again. There is no structure in the chart to talk about other than the $52k level, which should hold as support. If Bitcoin is going to go higher and retest the ATH expect the price to hold the support at $52k.

If BTC spends time consolidating around $52k that is when you would expect ETH and altcoins to rally.

Possible Course of Action

• Stay long if long.

• Could open a new long if the price bounces off $52k

The Bulls’ Defense:

• Short term price rally has strong momentum

• Break out from falling wedge and price above $52k where it stalled last time.

The Bears’ Prosecution:

• Price could fail break ATH and form a macro double top

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ETH OUTLOOK

ETH has broken out from this falling wedge pattern but not with the same momentum as BTC. In fact BTC has been outperforming ETH in the last few days. However, ETH does seem to be moving upwards in this rising channel. Just like Fall 2020 we could see ETH lagging behind BTC for a few weeks and then blow past it.

Possible Course of Action

• Stay long if long.

• Get long on the bottom side of this rising channel.

The Bulls’ Defense:

• EIP-1559 has burned $1,548,925,669 (465,039 ETH) so far. Supply constraints should continue to have a positive impact on price.

• Break out from falling wedge.

The Bears’ Prosecution:

• Stall out at $4000 due to Big Round Number could have formed a macro double top.

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NFTs have been going wild and it’s a lot to keep up with. If you’d like to follow along more closely with the NFT ecosystem we recommend you check out Morning Drop, “Your weekly dose of what’s minting, popping, and brewing”.

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