Week 12 | 3/21/22 - 3/26/22
By Matthew BrienenNews Flash
Monday 3.21.22: Goldman Sachs just became the first major U.S. bank to have made an over the counter (OTC) cryptocurrency transaction, according to an announcement made public today. The Wall Street giant bought an OTC Bitcoin non-deliverable option (NDO) from Galaxy Digital. This basically means Goldman Sachs bought a contract betting on the future price of Bitcoin—rather than actually buying the digital asset itself.
Tuesday 3.22.22: The GrayscaleSmart Contract Platform ex Ethereum fund, or GSCPxE for short, allows investors to opt-in to some of the largest smart contract networks and Ethereum sidechains. The fund is composed of the altcoins Cardano, Solana, Avalanche, Polkadot, Polygon, Algorand, and Stellar. “Smart contract technology is critical to the growth of the digital economy, but it’s still too early to know which platform will win,” Sonnenshein said in a statement. With the new fund, investors won’t have to choose.
Wednesday 3.23.22: Thailand's Security and Exchange Commission (SEC) announced that it will implement a ban on crypto as a payment method starting from April 1, 2022. In a statement on Wednesday, the regulator said that cryptocurrencies may affect the financial system's stability, posing risks to the country's economy.
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Bitcoin Technical Recap
Bitcoin has been enjoying the strongest two weekly candles we've witness since July of 2021 when the bullish reversal came in. We discussed this week that we are still trapped in a wide accumulation range, but now at the top end challenging a key ceiling of resistance at $46,700. This comes after holding the $37.7K region as an iron clad floor of support for 6 consecutive weeks. We can see on the weekly chart below that this price level also coincides with the 38.2% Fibonacci level. Closing over $46.7k with conviction will open up room for more bullish moves to grow towards the $50,100 region.
BTC/USD Weekly Chart
Ethereum Technical Recap
We also discussed the increased volume being pulled into ETH; clearly illustrated below is a perfect challenge of the 38.2% fib (which is the next key resistance for BTC). The two sets of candles highlighted below show what true bull pressure looks like especially when printed on higher time frame such as a weekly or monthly chart. Breaking over $3,200 and reclaiming it as support will open up further retracement levels towards $3,500, $3,820 & $4,050. Breaking over $4,280 with conviction would imply that ETH has a possibility of making a new ATH before end of cycle. Rejection of this area suggests a new low will be set.
ETH/USD Weekly Chart
Altcoin Spotlight
Zcash ($ZEC) has been on an absolute tear & has maintained a leader position for nearly 3 weeks now. Our last recommended buy zone was $90. At time of writing ZEC is up 117% from the buy zone. We discussed throughout the week how once a long accumulation structure has been broken with conviction, assets tend to go on an extensive tear. From a macro perspective, ZEC has broken over its 20% fib & has found resistance at the 23.6% fib after spiking as high as $215. A back test of the $172 area wouldn't be absurd & is a strong area of interest.
ZEC/USD Weekly Chart
Project Breakdowns & Daily Update Recaps
Didn't catch all the daily update streams? We've got you covered with highlights & links to the full episodes. Monday 3.21.22: Brian provides an overview of The Oasis Network as well as some key tokenomics to be aware of. Matt analyzes Goldman Sachs' over-the-counter Bitcoin trade, the SEC's decision on WisdomTree’s and One River's applications for spot Bitcoin ETFs, and NAB's formation of an international bank innovation network. Matthew then provides a technical analysis of the crypto market, discusses what he is looking for with Bitcoin Dominance, and shows a comparison chart displaying an indicator for a large price move.
Tuesday 3.22.22: Matt breaks down some technical analysis of the cryptocurrency market and shares his short position plan for Bitcoin if the price retraces to the mid to high $50k range. Decker explains the difference in TOTAL charts when looking at the market capitalization of cryptos.
Wednesday 3.23.22: Decker discusses some of his entries in his portfolio while Matthew reviews it & offers some suggestions to improve some lagging positions. The team also talks about Crypto.com's sponsorship of the FIFA World Cup 2022, Thailand's ban on cryptocurrency payments, and Florida Gov. DeSantis' statement that "we will accept Bitcoin" for state taxes.
Thursday 3.24.22: Dan Habib, EVP of MBS Highway, provides a macro economic outlook, market sentiment summary as well as some on-chain analytics. Dan and Matthew both share some important technical information about Bitcoin and other cryptocurrencies.
Friday 3.25.22: NFT expert Chase Tantalo provides an overview of OpenSea, covering the basics of the platform and converses with Brian Decker about the intricacies to be aware of when utilizing this platform. Be sure to review this episode to find out how you can win a Weather Report NFT courtesy of Chase!