FG Cheat Sheet 112321
Bitcoin rises 2% overnight
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Hal and Wasabi discuss the bull case for Ethereum.
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
Rams WR Odell Beckham Jr. to receive full salary in Bitcoin
A Small Canadian Restaurant Is Investing All Of Its Profits In Bitcoin. It Returned 460%
Cryptocurrency ‘no passing fad’: minister warns against Australia being left behind
Tigres y la empresa de $2,200 millones de dólares que podría respaldar a Miguel Herrera
IRS Seized $3.5 Billion in Cryptocurrency This Past Year, Agency Says
Fund Managers Are Increasingly Preferring Bitcoin Over Gold, Claiming That It Is A Better Store Of Value.
Bitcoin Beach: surfing, sun and satoshis
Bitcoin Outlook
Bitcoin is still technically in the cup and handle pattern we pointed out in late October. The ATH can be seen as a fake out from this handle pattern. A breakout points to $97k.
A breakdown from this handle should certainly spell the end of this bull market.
Possible Course of Action
If not long this could be a good entry
You could try a short if the price is threatening to break the bottom of this handle
The Bulls’ Defense:
Multi-month cup & handle pattern
The Bears’ Prosecution:
Price weakness could see $50k be retested within the handle
ETH OUTLOOK
ETH has continued to consolidate as we suggested last week. The horizontal orange line is the drawn from the cluster of candles in April-May that defined the local top. You can see that ETH has been consolidating around the early summer 2021 high.
If ETH has formed a top to this bull market expect one more attempt at an ATH once the price has spent enough time consolidating at this $4200 level.
Possible Course of Action
Take profits if long since early October (you should have done this last week)
A short down to $3800 could work
Long here expecting a retest of ATH
The Bulls’ Defense:
EIP-1559 has burned $4,102,782,035 (988,402 ETH) so far. Supply constraints should continue to have a positive impact on price.
The Bears’ Prosecution:
Weakening RSI, price has fallen from mid term up trend
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