FG Cheat Sheet 102821
Bitcoin rises 4.5% over night
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CHEAT SHEET
What We Are Watching
We further breakdown our case for these cryptos here : What We Are Watching
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
El Salvador buys 420 BTC
Loopring’s speculative partnership with GameStop has been confirmed by leaked code.
Coinbase overtakes TikTok for #1 position on Apple app store
Matt Damon to Promote Crypto.com in Race to Attract New Users
Dallas Mavericks announce cryptocurrency brokerage deal with Voyager
Bitcoin Outlook
Yesterday’s sell off made BTC look like it had formed a head and shoulders pattern. However, the technical downside to pattern was around 54-56k and the ATH is now 10% (was 14% last night). Since the head and shoulders didn’t play out it looks like BTC is in this falling wedge pattern which is bullish. A breakout should see BTC attempt to retest the ATH.
However, we could continue to consolidate inside this falling wedge.
Possible Course of Action
Stay long if long.
Add to a long on a breakout to the upside of this falling wedge.
If the price begins showing weakness a short if we break the bottom of this falling wedge could work.
The Bulls’ Defense:
H&S did not play out
Falling wedge forming
The Bears’ Prosecution:
Price could fail to break ATH and form a macro double top
ETH OUTLOOK
ETH is up 50% in the last month with daily price swings between 5% and 15%. That’s a cut throat market. The price keeps knocking at this $4150 level and keeps getting sold back down. Will today be the day it finally goes up?
There’s not clear technicals here other than ETH widening daily volatility.
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 $2,726,023,692(656,184 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.
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