FG Cheat Sheet 102621
Bitcoin falls -1% over night.
Don’t miss this weeks private podcast!
CHEAT SHEET
What We Are Watching
We further breakdown our case for these cryptos here : What We Are Watching
Our homies SUSHI, MATIC and AAVE have come to life. We pointed out that MATIC was a buy at $1.10-$1.30. SUSHI and AAVE are looking like buys at these levels.
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.
Sign up with referral code “footguns” to get up to $100 reimbursed on your first day of trading! Click here to get started: https://polymarket.co/footguns
Crypto News
Tesla hints it may soon resume support for crypto payments
Formula 1 team McLaren joins the NFT craze by launching its tokens
Jim Cramer Has Parted with Some of His Ethereum
Dubai govt. introduces new guidelines for investment tokens
Mastercard announces merchants and banks will soon be able to offer crypto services.
Anyone who studies Bitcoin ends up investing in it, says Scaramucci
Rand Paul: Cryptocurrency Could Reach World Reserve Status
Bitcoin Outlook
Bitcoin TA has been exceptionally boring since October 12th. Aside from the poorly managed markets at Binance that allowed BTC to crash to $8000 and back again in just a few seconds, there’s really been nothing going on with the price. It continues to consolidate and the price is currently about the same as it was two weeks ago.
Whatever direction BTC finally breaks out should set the trend until the end of the year.
Possible Course of Action
Stay long if long.
Add to a long on a breakout to the upside of this bull flag.
If the price begins showing weakness a short if we break the bottom of this flag could work.
The Bulls’ Defense:
Short term price rally has strong momentum
Bull flag forming
The Bears’ Prosecution:
Price could fail to break ATH and form a macro double top
ETH OUTLOOK
ETH is consolidating near the ATH and looking more bullish than BTC here. Though the price is volatile is has a more defined up trend. ETH looks ready for move up to $5k.
Of course anything could happen.
Possible Course of Action
Stay long if long and are comfortable with high daily volatility
Manage risk carefully here. Don’t get chopped but don’t stay long if signs of weakness. A hard thing to do with this much volatility. Keep your eyes on the cheat sheet.
The Bulls’ Defense:
EIP-1559 has burned $2,640,828,059 (626,414 ETH) so far. Supply constraints should continue to have a positive impact on price.
Clear mid term uptrend
The Bears’ Prosecution:
A stall out here could form a macro double top.
Please don’t forget to like (heart button at bottom) and share this post!