Week 15 | 4/11/22 - 4/16/22
By Matthew BrienenNews Flash
Monday 4.11.22: A new Nasdaq survey of financial advisors found that 72% would be more likely to invest client assets in cryptocurrencies if they had access to a spot ETF product. The mix of excitement and skepticism surrounding a spot crypto ETF hasn’t stopped financial advisors from finding other ways to add crypto exposure to their portfolios.
Tuesday 4.12.22: The Advertising Standards Authority of Ireland (ASAI) is reportedly preparing a review of the industry’s current guidance so that it can better address risks associated with cryptocurrencies. The review could result in updated industry guidance on the code or a change in the code itself. In the UK, the Advertising Standards Authority last month issued an Enforcement Notice to about 50 crypto companies, providing them with a new set of guidelines to conform to by May 2.
Friday 4.15.22: The Banco de Portugal, the competent authority responsible for registering virtual asset service providers in Portugal, has granted a license to Bison Bank to act as the first crypto bank in the country. Bison Digital Assets will also reportedly target high net worth institutional investors—however, the company has not yet disclosed which cryptocurrencies it will offer services for.
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Bitcoin Technical Recap
We discussed throughout the week how an ascending channel has been forming on BTC with lots of reversals on the upper and lower bounds of the structure. Price dipped below $40,000 to satiate the lower bound of the trendline; BTC has thus far been consolidating in this region & is looking to claim $40k as key support.
BTC/USD 20HR Chart
Moreover, we discussed BTC from a grander, more macro point of view, reaffirming that BTC appears to be in a bear market, and a bear flag is currently being crafted. This recovery may be drawn out & grueling as price marches into upper retracement levels ($55,000-$58,000). This will be a crucial area for Bitcoin & the optimal area for altcoins to start siphoning hordes of dominance.
BTC/USD 2-Day Chart
Ethereum Technical Recap
Looking at a traditional top-down fib range, ETH didn't find support on any meaningful Fibonacci level, however, using a micro inverse fib range we can see price is attempting to lock in some support at the phycological whole number of $3,000.
ETH/USD 20HR Chart
Additionally, we examined a smaller timeframe, potentially identifying a successful ABC Elliot wave correction. This is a zig-zag correction in which the A & B legs are correctional in direction and are of near equal length, and the B leg is a pullback within the correction. If the B wave at $3,300 gets taken out, we'll know the ABC correction is behind us & price is ready to move higher.
ETH/USD 6HR 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 4.11.22: Matt kicks off the week with some Bitcoin price history analysis from early 2021 to the present & a back to basics lesson covering higher highs and lower lows within Bitcoin's price action. The team also discussed the bored ape yacht club-themed burger joint in California & Ethereum's first mainnet shadow fork going live.
Tuesday 4.12.22: Dan Habib, EVP of MBS Highway, provides an update on the March 2022 inflation data and its economic impact. Dan goes into detail about Bitcoin, while Matthew shares his viewpoints on altcoins.
Wednesday 4.13.22: Chase Tantalo provides an update on the NFT markets as well as some projects he is still focusing on & some NFT basics. Matthew Brienen discusses the class action lawsuit filed on behalf of all XRPL network users, MetaMask institutional adds Ethereum Gnosis Safe, and Tether promises to continue cutting commercial paper holdings.
Thursday 4.14.22: Dan Habib gives anon-chain analytics presentation for the big picture of Bitcoin, discussing long-term utility & what should be expected in the current environment.
Friday 4.15.22: Chase Tantalo welcomes Cameron Koczon, founder of the NFT project Peacefall, to discuss how to create an NFT as well as the team and mechanics behind Peacefall. Matthew Brienen discusses Bison Bank receiving Portugal's first crypto license, Biden appointing former Ripple advisor as Fed vice chair, and Jeremy Hogan tweeting about the SEC's hole they have dug themselves.