Weekly Wrap Up | 11/1/21 - 11/6/21
By Matthew BrienenNews Flash
Monday 11/1/21:** Regulators moved forward with talks of institutional framework regarding [stablecoins](https:** //dashboard.cryptocharged.com/news/biden-admin-stablecoins-compelling-payment-option-need-regulation/). According to thePresident’s Working Group on Financial Markets“...[stablecoins] support faster, more efficient, and more inclusive payments options..” However, the sentiment remains that crypto is dangerous & will be used for illicit activity, unless heavily regulated & only to be issued & insured by the legacy banking system.
*Tuesday 11/2/21:*The Chicago Mercantile Exchange (CME) announced a proposed launch of a [micro ether futures](https: //dashboard.cryptocharged.com/news/cme-to-launch-micro-ether-futures/) on December 6. Traditional ETH futures contracts are blocks of 50 ETH, whereas a micro futures product could offer contracts for as little as 0.1 Ether, lowering the barrier of entry for derivatives.
*Wednesday 11/3/21: *Jerome Powell, Chairman of the Federal Reserve, announced tapering at the FOMC meeting. This tapering schedule will begin sooner than expected with purchases to the tune of $15B in Treasury Bonds & $15B Mortgage Backed Securities each month starting this month. This does not include their reinvestment figures. Powell stated they will be closely monitoring how this tapering plan is affecting markets & will modify their tapering plan accordingly.
Bitcoin Technical Recap
Bitcoin is currently trading in a consolidation range between $59,600 & $63,000. Crypto as a whole digested the Fed's tapering announcement well with BTC holding minor resistance at $60,000 thus far.
Last week we discussed that the large descending channel that helped balance the markets was broken. We're currently creating a new flagging structure, above both lows set in late October. The two magenta dots showcase how price has come down to fill the wick produced on Nov 2, potentially confirming a $60K floor.A break back above & reclaiming of the $63,000 handle will provide more bullishness towards our $72,000-$80,000 targets. If BTC were to roll over on itself for further correction in an "ABC Elliot Wave Correction", we'd look to $57,100 & $54,000 respectively. This would require key support at $59,600 to submit to BTC bears.Check out the Technical Analysis section for updates & our Bitcoin Exit Plan.
Ethereum Technical Recap
Ethereum continues to trade in a beautiful ascending channel, tearing into new all time highs, one leg at a time. Price reached out just shy of $4,700 inching closer to our Take Profit 1 of $5,100.We discussed on yesterday's stream that ETH will come to retest the previous ATH of $4,380; even a test of the lower trendline around $4,300 before moving higher would be reasonable. It's important to not only make higher highs, but also consistently make higher lows in a healthy uptrend.
A quick wick down towards the $4,180 region is possible, but not likely. Overall, Ether looks primed for a parabolic move towards $5,000-$6,000.
Project Breakdowns
Didn't catch Brian Decker's crypto project deep dives this week? We've got you covered with highlights & links to the full episodes.
On Monday's[episode](https:** //dashboard.cryptocharged.com/updates/the-crypto-charged-live-show-11-1-21/)**, we took a look at the exponentially growing augmented world known as the Metaverse. Brian broke down the tokenomics of Sandbox (SAND), showcasing 4 individual elements: SAND, ASSET, LAND & GAME tokens. You can acquire or earn these tokens to build your own curated gaming experience. Another hot gaming project that's been in the works for a while is Decentraland (MANA). The open world platform allows users to flex their in-game NFT skins, accessories & weapons as well as selling or trading them on the open market. Check out the highlight here.
In addition to some on-chain insights from Dan Habib of MBS Highway, Brian gave us a macro overview of Decentralized Crypto Gaming, NFT Gaming & Gaming Finance. The trillion dollar gaming industry will be revolutionized using blockchain technology faster than we could have ever anticipated.
Wednesday afternoon, Decker showed off his favorite personal crypto games he has his eye on. Superfarm, Axie Infinity, Splinterlands, Derace, Polkacity, Virtual Poker Points, the much anticipated Star Atlas & a few others getting their feet wet. We also highlighted that crypto gaming is already very popular in other parts of the world including the Philippines & Japan. Get the full download of these games here.
Friday's stream consisted of some passive income plays using Polkadot (DOT). With the help of the Kusama Parachain auctions, you can lock up some of your DOT for the long run and earn some lucrative rewards. Acala Network is the next hot project on the auction block & could breed nice profits in the form of secondary token rewards. Check out the highlight.
