No Resistance

Bitcoin rises above $30,000 USD

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Cheat Sheet -

Support and resistance levels and our daily, weekly and monthly bias on BTC, ETH, CL, ES, and NQ as well as our favorite altcoins.

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Crypto News

• Shiba Inu Introduces ‘Shibacals’ to Link NFTs to Real-World Items; SHIB Jumps (CoinDesk)

• Bitcoin Holdings in One Coinbase Custody Wallet Jumped by 2.5K After BlackRock ETF Filing (CoinDesk)

• Crypto exchanges should phase out internal market makers, says BitMEX boss (The Block)

• Fidelity-backed VC firm Eight Roads hires former Coinbase Japan CEO as partner (The Block)

• Wall Street giants back EDX Markets, a new cryptocurrency exchange (CoinTelegraph)

• Ripple gets in-principle nod for digital asset services in Singapore (CoinTelegraph)

• Binance argues SEC has no evidence of commingling in new court docs (Blockworks)

• Powell: Stablecoins are a ‘form of money’ the Fed needs to regulate (Blockworks)

• Polygon Launches Its Own Copilot, a ChatGPT AI Assistant Chatbot (Decrypt)

• Fed Chair Powell Says Bitcoin Has 'Staying Power' as an Asset Class (Decrypt)

• Russian man accused of treason for funding Ukraine with crypto (Protos)

• Sam Altman-backed Reserve makes $20m Curve Wars power play (DLNews)

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BTC Outlook

Bitcoin is up nearly fifteen percent in the last two days. This is likely in response to recent news about Blackrock filing for an ETF and also large US players announcing a new business facing crypto exchange. This has given back some credence to the crypto space after the last years events revealing FTX and other major players in the space were misappropriating user funds.

Not surprisingly, Bitcoin continues to lead the charge while many altcoins are still struggling to recover from the May sell off. This pattern will likely continue until resolutions around the various court cases are found (Ripple, Coinbase, Binance US). Even Ethereum’s price is struggling to keep up with Bitcoin as market participants hedge against the potential that ETH becomes classified as a security.

From a technical perspective, buying Bitcoin was advantageous when it broke above the 50 day moving average. If you’ve been following along for the past month we’ve been suggesting a reclaim of the 50 day moving average was a good time to enter a long position on Bitcoin.

The next phase will likely be consolidation between MicroStrategy’s entry price ($29800) and the 2023 high, around $32000. If the price can find support at these levels a move to $36k is likely. Otherwise, expect a retest of the 50 day moving average near $27000. These could all be good spots for entries into a long position if you believe this rally has more legs.

Join us in discord where we will actively be following Bitcoin’s price action.

Possible Course of Action

• If long stay long while price is above 50 day MA

• Short near $32000 expecting a retracement to 50 day MA

• Do nothing for price to rise above $32000 or retest 50 day MA and hold as support to get long

The Bulls’ Defense:

• Price above 50 day MA

• Blackrock ETF filing

The Bears’ Prosecution:

• Resistance near 2023 local top ($32000)

• Regulator uncertainty

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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 continues to follow altcoin performance against BTC after the SEC suits.