The New Range
Bitcoin consolidates in new trading range
Cheat Sheet -
Current support and resistance ranges plus our bias on top cryptos, oil, and stocks.
Are you new to Foot Guns? Learn how to read the cheat sheet here.
What We Are Watching
We further breakdown our case for these cryptos here : What We Are Watching
Crypto News
Crypto exchange Bittrex's U.S. shutdown approved at bankruptcy court (The Block)
Unibot confirms exploit and promises compensation as token price plunges (The Block)
Bitcoin white paper turns 15 as Satoshi Nakamoto’s legacy lives on (CoinTelegraph)
Warren Buffett’s ‘crypto stock’ beats Apple and Amazon — but not Bitcoin (CoinTelegraph)
Crypto Market Breadth Widens, Signals Bullish Momentum (CoinDesk)
Sam Bankman-Fried's Defense Team Makes Last-Ditch Bid to Get 'English Law' Detail in Jury Instructions (CoinDesk)
‘I don’t own Bitcoin, but I should,’ says Druckenmiller (Blockworks)
Bitcoin momentum could fuel further short squeeze, says Galaxy exec (Blockworks)
'Your Keys and Wallets Are Safe', Says Telegram Bot Unibot Amid $640k Exploit (Decrypt)
Conspiracy theorists should accept that SBF is likely going to prison (Protos)
Data shows crypto winter could be thawing for DeFi (DLNews)
BTC Outlook
After a rapid move off the 200 day moving average and breaking through the 2023 summer high Bitcoin is now consolidating in what appears to be a new trading range. One would expect now that the $31-$32k level will act as support over the next 6-12 months. Of course, losing that level and having it flip back to resistance then a retest of $15k would be expected.
Similar to earlier this year in February, Bitcoin’s 50 day moving average and 200 day MA are forming a golden cross. If Bitcoin’s price closes near the levels its currently trading then the cross would be confirmed. Notice that when this cross occurred in February there were still periods where Bitcoin fell and retested the 200 day MA but the general trend was upwards.
The Cheat Sheet is important to watch during this consolidation to get an idea if the price will lose momentum here and retest $31k or keep going to higher resistance levels like $37k and $41k. Today is the last day of the month which means that tomorrow there will be a new monthly candle and the Cheat Sheet monthly bias’s will be updated. November has historically bee a volatile month for BTC.
Join us in discord where we will actively be following Bitcoin’s price action.
Possible Course of Action
Stay Long here while price remains above 200 day MA
Short if price falls below $31k level
DCA into spot long over next 6 months in anticipation of Halvening (2024 summer)
The Bulls’ Defense:
ETF decision could still happen in 2023
Golden Cross of 50day and 200 day MA
The Bears’ Prosecution:
Consolidation could retest $31k
Want more from Foot Guns? Join our Discord where we have live conversations about the market.