FG Cheat Sheet 101221

Bitcoin flat over night.

Don’t miss last 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

• SPELL has been listed on FTX

• “I personally think Bitcoin is worthless” - Jamie Dimon

• JPMorgan CEO Jamie Dimon questions 21 million bitcoin cap
  In case you too are skeptical here is he code defining the cap :

  banteg @bantg

  CAmount GetBlockSubsidy(int nHeight, const Consensus::Params& consensusParams) { int halvings = nHeight / consensusParams.nSubsidyHalvingInterval; if (halvings >= 64) return 0; CAmount nSubsidy = 50 * COIN; nSubsidy >>= halvings; return nSubsidy; }

This code is simply asking if 64 halvings have occurred, and once there have been 64 halvings the number of newly minted Bitcoin with each block will equal 50 * 0 = 0. This implies a finite number of coins after 64 halvings.

Consensus for this code is created by the Bitcoin nodes and miners, as long as a majority of Bitcoin nodes agree on this code it will never change.

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Bitcoin Outlook

After consolidating above $52k BTC appears to be making an attempt at a breakout. The breakout itself is forming an ascending triangle, which can be a continuation pattern. There could however be a fall back to $52-$54k and continued consolidation inside of the ascending wedge, which could be considered a flag pattern from the break out in early October. Over all this is leaning bullish in the mid term with a chance of short term downward or sideways price action.

Possible Course of Action

• Stay long if long.

• The weekly bias and monthly bias are bullish so dips could be a good time to accumulate

• There could be a small short from here to $53-$54k

The Bulls’ Defense:

• Short term price rally has strong momentum

• Break out from bull flag

The Bears’ Prosecution:

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

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ETH OUTLOOK

ETH has been a sad version of Bitcoin since the breakout in early October. There is a technical Bull Pennant forming and this does have an upside bias. However, Bitcoin has been stealing the show and intern rising faster than ETH. Also, if ETH is going to make a run up here -25% draw down are not out of the ordinary. ETH went through many draw downs like this during its price rise in winter 2020.

Possible Course of Action

• Stay long if long.

• Get long on a break out to the upside

• You could try a short here down to $3000

The Bulls’ Defense:

• EIP-1559 has burned $1,714,505,766 (511,470 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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