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SBF runs the gauntlet, NFT sales pick up, and Coinbase drops BCH and XRP

As we dig deep into this bear market, crypto adoption continues to sprout from Brazil legalizing crypto payments to Fidelity launching retail crypto trading. A milestone was made for the Bitcoin layer-2 Lightning Network and NFTs enjoyed a solid rise in sales.

At a glance...




  • SBF was grilled by MSM & Crypto Twitter
  • Brazilian regulators stepped to fastrack crypto payments
  • Casa’s Bitcoin-only wallet moved to add Ethereum
  • NFTs saw increased sales and big news stories


Top Market Trends

Movers and Shakers

Top 7-day Gainers:

  1. FTM +33.4%
  2. HT +21.2%
  3. DOGE +20.1%
  4. APE +18.8%
  5. GMX +16.8%

Top 7-day Losers:

  1. BNX -24.8%
  2. LEO -10.4%
  3. CHZ -8.4%
  4. CRV -8.2%
  5. NEXO -8.2%

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Technical Summary

Bitcoin Pulse
Bitcoin (BTC) price topped $17,000 (a long-term resistance level) for the first time since the FTX fallout period began. A Bitcoin ETF may be coming into fruition sooner than later with favorable upcoming regulatory guidelines.

  • Crypto Garage announced they had successfully opened and closed a Lightning Network channel with an embedded DLC channel, enabling a certain type of Bitcoin transaction that executes a smart contract via an oracle’s data feed.
  • Sam Bankman-Fried publicly stated in a Twitter Space that FTX users who bought and held Bitcoin on the exchange were actually holding paper bitcoin IOUs backed by FTT tokens.

BTC - Low Timeframe

As forecasted in our previous market breakdown we saw continued bullish momentum clearing out the engineered equal high liquidity at $17,000 and mitigated the bearish order-block in discount.

BTC-MICRO--2-

At this point, given that we have:

  1. Reached premium prices
  2. Mitigated a bearish order block in premium
  3. Closed the 1H fair-value gap

The probability of a retracement to the equilibrium of the bullish move since the 21st is probable.

This would look like this

  1. Retracement to a bullish order block in discount
  2. Closing of the 1H fair-value gap
  3. Running of 1H sell-side liquidity (complete)

Alternatively if the bulls are still in strong control we could see another test deeper into the 1H bearish order block before this retracement takes hold.

Finally, if the bullish sentiment is going to continue strong we could see a move all the way to the $18,000 level where price would be mitigating the extreme bearish order-block.

BTC - Macro View

BTC/USD continued to find support at the monthly support levels previously highlighted; we now wait to see if continued bullish momentum develops or if the bulls are now exhausted.

BTC-MACRO--2-

Now that price has reached an area of LTF value, we could see short term HTF retracement into LTF support to fuel a move to target 1H buy side liquidity.

If this scenario were to take hold, our target points would be at minimum equilibrium of the wider 1M/1W current range from $15,500-$25,200. This would further align with the closing of the 1D fair-value gap and a bearish order block in discount.

Alternatively, if the bulls are now exhausted we look to target the $15,500 lows before any retracement is likely to be on the cards.

Altcoins on the Move
A huge week for altcoins with the delisting of multiple, former top-20 coins from Coinbase. Major announcements for project updates boosted Fantom, Huobi, and The Open Network. Ethereum jumped on a prediction by Cardano Founder, Charles Hoskinson, who said that Elon Musk’s Twitter takeover would result in 200 million new crypto users.

  • Coinbase announced it would stop supporting BCH, ETC, XLM and XRP citing low usage. All 4 coins suffered a steep drop when the news dropped.
  • Fantom (FTM) was a top gainer this week as DeFi OG Andre Cronje announced Fantom was “Cash Flow Positive” with $10 million in annual revenue.
  • Huobi (HT) announced its strategic partnership with Poloniex as the two exchanges will begin cooperation on multiple fronts.
  • The Open Network (TON) jumped 8% on the news that Telegram is building a cryptocurrency exchange and non-custodial wallets.

Ethereum Macro

ETH/USD this week continued its overall bullish momentum signaling we could be finding longer term support at our daily bullish order-blocks.

ETH-MACRO--1-

We would be looking for price to make its way up to the $1500 level before a deeper retrace takes hold if the bulls are in control.

Alternatively, we could see a rejection of the daily 50EMA, leading to a retrace down into the $1100 level where price could find support for the continued bullish move up into the $1500 price level.

Finally, if the bulls are exhausted we would see a run of the $1000 engineered equal lows liquidity before expecting any retracement

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Disclaimer: The content of this article is for general market education and commentary and is not intended to serve as financial, investment, or any other type of advice.