FG Cheat Sheet 120221

Bitcoin falls -1% overnight

Dec 02, 2021

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CHEAT SHEET

Pink = Bearish, Blue = Bullish, Orange = 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.

What We Are Watching

We further breakdown our case for these cryptos here : What We Are Watching

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Crypto News

Square is changing its name to Block
Jack Dorsey is now focused on ‘making Bitcoin more than an investment’.
Facebook retreats from crypto ad ban
The Privacy Benefits of Taproot
Here’s all the money in the world, in one chart
Raul Pal Says There’s a ‘Decent Chance’ For Ethereum To Flip Bitcoin
Foot Gun- Raul Pal is also on video a year or two ago saying if Ethereum ever flips Bitcoin that will mark the end of crypto
Elon Musk’s Brother Kimbal Launches DAO to Test “Decentralized Philanthropy”
Silk Road Founder Ross Ulbricht to Launch NFT Collection on Ethereum

Bitcoin Outlook

Bitcoin is experiencing the most boring TA ever! We aren’t even going to elaborate. If you are new here just see last weeks Cheat Sheet for the TA breakdown.

Note - Omicron fears in broader markets could roll over into Bitcoin and bring the price down. If we saw something like March 12, 2020 then expect BTC to wick to $30k.

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
Get long on a breakout from this handle

The Bulls’ Defense:

Multi-month cup & handle pattern

The Bears’ Prosecution:

Price weakness could see $50k be retested within the handle

CAUTION - There was an exploit last night affecting some badger users. Please follow these instructions if you think you may have been affected. We’ll write more about the post-mortem when the information is available. For now the app is paused to protect investor funds.

ETH OUTLOOK

We pointed out this potential Inverse Head and Shoulders on ETH and it played out nicely. Now the price is retesting the neckline of the breakout. No strong confirmation which direction the price goes next.

If ETH is able to hold this level as support expect the ATH to be tested or broken next.

If ETH falls from this neckline ($4500) and does not make a higher low above ~4000 then expect much more downside. We have eyes on $3800.

Possible Course of Action

Long here expecting a retest of ATH
Could try opening a short near ATH for a potential correction
A short on a break down from $4500 could work

The Bulls’ Defense:

EIP-1559 has burned $4,900,795,315 (1,088,599 ETH) so far. Supply constraints should continue to have a positive impact on price.
Inverse Head and Shoulders breakout now holding neckline as support

The Bears’ Prosecution:

Failure to break ATH could result in multi-week (or month) consolidation

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