The Calm After The Storm

Volatility continues to diminish as crypto crawls forward

---

Cheat Sheet -

Support and resistance levels and our daily, weekly and monthly bias on BTC, GOLD, OIL, ES, and NQ as well as our favorite altcoins

12/06/22 9:18 AM ET

here? Learn how to read the cheat sheet.

What We Are Watching

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

12/06/22 9:18 AM ET

---

Crypto News

• Crypto taxes could bring in $2.5 billion for the EU, leaked draft suggests (The Block)

• Ledger debuts new device designed by iPod inventor Tony Fadell (The Block)

• Binance CEO calls Sam Bankman-Fried 'one of the greatest fraudsters in history' (The Block)

• First Mover Americas: Goldman to Spend Big on Crypto Post-FTX (CoinDesk)

• Bitcoin Mining Difficulty Drops Most Since July 2021 as Crypto Winter Cuts Profitability (CoinDesk)

• Circle To Stay Private for Now as Rivals Gain Market Share (Blockworks)

• Silvergate CEO: Crypto Bank Has ‘Ample Liquidity’ (Blockworks)

• Former CFTC Commissioner Takes Up Head of Policy Role at Andreessen Horowitz (Decrypt)

• FTC Probes ‘Possible Misconduct’ in Cryptocurrency Advertising (Decrypt)

• Why Isn’t Sam Bankman-Fried Behind Bars Yet? (Decrypt)

---

Across is the fastest, cheapest and most secure bridge between L1 and L2s. Try it now

---

BTC Outlook

The Bitcoin volatility continues to dwindle as investors and traders shy away from crypto due to the recent FTX debacle. Last week buyers came in an tried to push BTC back above the June 18th low. However, the price was unable to hold above $17.5k and has sold off coming into this week.

It does look like a potential bull flag is forming here. The last week has seen BTC trading within a very tight range around $17k. If BTC is going to recover and move back to the 50 day moving average before the end of the year this $17k level is critical. It is a big round number so will act as a psychological barrier to many investors. Failure to move back above $17k this week or next could likely result in a retest of $15.5k

We continue to recommend the sitback and wait approach here. If BTC rises above $17.5k and a daily candle closes there, this could be a sign to buy back in. Otherwise a daily candle closing below $16.5k is likely to result in a retest of $15.5k

Join us in discord where we will continue to monitor if BTC can hold $17k as support or if $15.5k will be retested.

Possible Course of Action

• Long on a breakout of bull flag above $17.5k

• Short on a breakdown below $16.5k

The Bulls’ Defense:

• Reduced volatility with new macro low

• Short term higher low

• Potential bull flag

The Bears’ Prosecution:

• FTX debacle has scared investors

• Price below 50day MA

---

Earn Interest on your Bitcoin

---

A Closer Look

This section will be focused on taking a closer look on what Hal thinks is important to watch in the coming week.

This morning Hal reviews the S&P500 and ETH.