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Alongside Coinbase itself, the class action names CEO Brian Armstrong, CLO Paul Grewal, other top executives and several of its venture capital backers as defendants.

Published by Cointelegraph.com News

Bitcoin/Dollar is in an area of resistance. This area is defined by two weekly levels; $45200 and $49100. Daily structure falls somewhere in the middle at $46500.
How the market got here is important. This move is the product of a failed breakdown (bullish) of a 10-week range which resulted in a very strong reversal. At the same time, futures premia have remained mostly flat, suggesting that high leverage gamblers are not the driving force for this move. This is all positive.
Opening fresh longs at $45000-$50000 from the underside is unfavourable on a risk-to-reward basis. It’s essentially buying the last area of resistance on the chart. If sellers are going to show up at all, even for a shallow pullback, it will likely be in this area.
Shorting in this area is tricky. Not least because futures look relatively tame, but also because picking a level is not an easy process. The market ranged between $40000-$50000 for a while, and that range is stacked with levels. If you short too early, you risk stopping out into a (better) level of resistance.
Where does that leave us?
First, if the market pulls back to $40000, it’s a do-or-die buy. If that area doesn’t hold as support on a pullback, then the macro lower high thesis really gains traction and the chances of bearish continuation become high.
Second, if the market is accepted through $50000 on a high time frame basis, new all-time highs become significantly more likely. If sellers don’t step in around $45000-$50000, they likely won’t step in at all. Going beyond that is too close to all-time highs and the likelihood of finding resistance so close to new highs is quite low.
In our view, this is an area where you manage your exposure. It is not as attractive for fresh positioning.




Ethereum/Dollar responded positively to EIP-1559 and is currently trading above the $3000 handle.
Ethereum/Bitcoin is still rangebound but the market rallied on the day of EIP-1559.
Similar to Bitcoin/Dollar, Ethereum/Dollar is now approaching an area where fresh longs are unfavourable on a risk-to-reward basis. If sellers are going to show up at all, resistance around $3400 is the prime (and perhaps only) place to do so.
Compelling evidence of weakness would emerge if a pullback fails to find support at $2300. That is Ethereum/Dollar’s equivalent of Bitcoin/Dollar failing to find support around $40000.
$3400 is a decent line in the sand for directional bias, but keep an eye on Bitcoin/Dollar too. We’ve seen Ethereum/Dollar outperform or extend past Bitcoin/Dollar only to correct more harshly when the orange coin moves lower.
In essence, both Bitcoin/Dollar and Ethereum/Dollar look strong, but have arrived at arguably the worst areas to buy. Sometimes you just have to concede that you’re late to a move, and even if it keeps going, buying at resistance is not +EV, generally speaking.

From someone I respect a lot

Not a financial advice. Please make your own analysis before taking any trades

Bitcoin/Dollar closed above $45000 on a weekly basis.
This is significant. Not only has $45000 become weekly support, but the close also took price above the 21-week moving average, which is a popular proxy for high time frame trend. The same argument is applicable to the 200-day moving average. Both of them converge around $45000, in tandem with the aforementioned weekly level.
While we don’t personally trade moving averages, it’s helpful to have a sense of how trend following participants may be positioning. Given that most high time frame trend following systems are turning bullish, it is worth keeping in mind the possibility for pattern failure. In this case, a move back below $45000 would put a lot of those entries offside and likely lead to an unwind towards $38000-$40000.
More broadly, nearest support is at $45000 and the nearest resistance is at $49100 (or the $50000 handle itself). As we’ve argued previously, the $50000 area is a terrible area to get complacent. If bears are right, that area is the prime candidate for a lower high. If bulls are right, but the market offers any sort of red candle prior to all-time high, the $50000 area is likely the spot for it. While the probability of just blasting through everything to new highs is non-trivial, it still makes sense to manage your exposure where a stitch-up is most likely to form.
A lot of text. Basically, the market looks strong until proven otherwise, but fresh longs become less attractive as the market pushes into $50000. If we’re gonna get scammed, it’s not far from here. $38000-$40000 do-or-die support, $45000 nearest support, $50000 resistance.

From someone I admire and follow . More importantly this is not a financial advice. All this is on weekly basis and just look for weekly closing . Anything happening inside the week may be choppy

This is the most important event about to happen that may send DXY and btc to some volatile levels. Stay alert

Treasury Secretary Janet Yellen warned congressional leaders on Wednesday that she expects the country's debt limit will hit its breaking point next month, dealing a likely blow to the global economy without quick action.
In a letter to top lawmakers in both parties, Yellen said the Biden administration’s “best and most recent” calculations suggest that the United States will run out of cash “during the month of October.” If Congress continues to push off action on the debt limit over the next few weeks, she warned, the uncertainty alone could hurt financial markets.