Dear traders,

BTC is starting to lose momentum, while altcoins are making a pump into resistance and old channels. The question is, will this altcoin rally hold up?

Jake
TOP Trader

 

BTC hasn’t made a move and is still consolidating. In the coming days, we will see a big push-up or down. The price is still within a trading channel ranging from $29,500 to $31,200, and as long as it holds, it is a good sign for a possible push.

ETH is showing strength and is now aiming for a retest of the $2000 resistance. If it holds above that level, we could see a bullish push-up. However, it is still in danger of forming a double top, which is a bearish pattern.

XRP is showing strength and needs to hold above $0.48 for bullish continuation. It is still low on volume and is waiting for news that could trigger a bigger push-up.

LINK is showing strength and is now trading above the $6.45 resistance, which is a great bullish continuation sign. However, it still presents an excellent opportunity for spot buying and holding.

SOL has made a bullish push-up and is now holding above $18.6, which is a great bullish continuation sign. The only danger now is the 200MA on the daily chart, which acts as a big resistance. Nevertheless, it is still a good option for longer-term buying.

EOS has strongly pushed into resistance at $0.79 and now needs to hold above $0.7 for bullish continuation. Nonetheless, it remains a good option for long-term spot buying.

LTC has made a bullish breakout from the channel and needs to hold above $105 for bullish continuation. Additionally, in 30 days, LTC will experience a halving event, which suggests a significant price increase due to a reduction in mining supply. This presents an excellent long-term investment opportunity!

The DXY (U.S. Dollar Index) still can’t break 103.5 and is showing slow momentum.

Crypto/stock daily news:

Q2 RECAP: SHAPELLA, UNCLE SAM CRACKS DOWN, & TRADFI TAKES OVER

Ladies & gents, we’re officially halfway through the year.
And it’s been a rollercoaster for crypto (like one of those bigass ones from Six Flags.)
In Q1: the Crypto Coaster kept going up and up, and up to crazy heights.
• BTC finished the quarter +71%
• ETH finished the quarter +52%
At the top, all the haters looked like ants.
But then…
In Q2: all the crazy drops, twists, and turns happened.
Some investors cried. Some vomited. Some passed out.
Lucky for you, the Milk Man held strong and was awake for all the action. (Ok, there were a few tears.)
Here are the top 4 twists & turns from Q2…

1. SHAPELLA PROVED STAKING IS STILL THRIVING
Shapella was a uber-hyped tech upgrade in April that let everyone unstake their ETH from the blockchain for the first time.
Ethereum went through a major upgrade in April: Shapella.
It let users unstake ETH for the first time ever. Many people thought everyone would unstake and then sell it all.
The reality: Shapella went so smoothly that…. ETH rallied its ass off after the fact. Shapella sent ETH to a ~1-year high of $2,120 in April.
Plus, there’s more ETH staked than there is ETH on exchanges.

So what? Keep in mind moving forward that Shapella (or Shanghai) was nothing like the “Great Unstaking” that some feared it’d be.
And expect interest in staking, liquid staking, & other ETH deployment projects to keep on rising.
We’ll see if this trend continues into Q3 with other upgrades coming to Ethereum.

2. UNCLE SAM RAMPED IT UP BIG IN Q2
We knew the U.S. was more opposed to crypto than Leo Dicap is to above 25-year-olds.
But these last few months, the SEC clamped down HARD:
• It sued Binance
• Then it sued Coinbase the next day
• And it called a bunch of altcoin (SOL, ALGO, etc.) securities. That sent the tokens tanking Bitcoin dropped to $25,400 on the news.
So what? The gov’t is only going to keep cracking down.
Some players will leave (Crypto.com’s institutional trading platform already left). Others will expand to other markets outside of the U.S.
And our boy Gary G? He’ll remain the most hated guy on Crypto Twitter.

3. MEANWHILE… TRADFI SWOOPED IN
June 2023 will forever be known as the Great TradFi Takeover.
Established finance giants are now hella in the crypto game:
• BlackRock & Fidelity filed to open Bitcoin ETFs
• Citadel, Charles Schwab, & Fidelity launched a new crypto exchange
• And a bunch of others are wading in too
Turns out investors liked all those recognizable brands – Bitcoin shot up past $30K on the news.
So what? Expect to see major finance corporations going after a bite of crypto market share this year.
PLUS: In Q3, we may have a better idea of if/when Bitcoin ETFs are approved. ARK Invest’s next SEC date regarding its application is on August 13.
T-minus ~43 days…
4. PEPE & THE DANGERS OF MEMECOINS
Memecoins took over in Q2.
It all started with Pepe. The token soared to a $1.5B market cap in early May and the Memecoin Mania began..
A lot of people got rich. A lot of people lost money too. (Remember JAKE Rule #49: Only invest what you’re willing to lose.)
There was another big side effect of the Memecoin Mania…
Ethereum gas fees jumped over 50% and the network got clogged.
It’s like when a bunch of college kids go to Miami for Spring Break – local businesses get overcrowded and all hell breaks loose.

FAST NEWS:

Mastercard is launching a beta version of a blockchain app store this summer. It will be permissioned and built on the Ethereum network.
Fidelity officially refiled its application for a spot Bitcoin ETF after being rejected in 2022. It’s happening…
The UK passed a major bill that recognizes crypto as a regulated financial activity. The Brits really wanna be the global crypto hub.
Coinbase wants the SEC’s lawsuit against it dismissed out of a lack of regulatory authority. It filed the motion yesterday.