Altcoins pumping up and following BTC way

08.11.2023

Dear traders,

Altcoins are rallying and following BTC’s lead. They are breaking resistance after a significant push from increased buying volume.

Jake
TOP Trader

BTC has managed to hold and consolidate at $35k, which serves as a good preparation for a significant resistance breakout. However, there’s still a risk if the daily close falls below $33k, which could lead to a retest of support.

Ethereum (ETH) is making a strong push into $1900 after breaking the resistance at $1830. To break and close above $1900, it needs to maintain this strong momentum and overcome significant resistance.

Ripple (XRP) has broken through resistance and is pushing towards a new resistance point at $0.72, demonstrating a strong buying momentum. It continues to maintain a bullish trend and is preparing for a significant upward movement.

Chainlink (LINK) has broken through a bullish pattern and surged strongly above $11.5, displaying bullish momentum. It is strong and ready for a larger upward push.

Solana (SOL) has rebounded from a significant resistance and is currently trading below $41. It aims for a strong upward push and increased buying volume, but there’s still a risk of being pushed back into the trading channel and retesting support.

EOS made a strong move towards the $0.662 resistance but has since retreated significantly. A significant increase in buying volume is necessary for making an upward push.

Litecoin (LTC) has broken through strong resistance at $70 and is ready for a bigger price push, returning to a bullish channel.

The US Dollar Index (DXY) has had a strong retreat from resistance and is currently pushing down strongly towards 105, indicating a bearish continuation.

Crypto/stock daily news:

INSTITUTIONAL INVESTORS DUMP $250M+ INTO CRYPTO ASSETS

Institutional investors have been fond of crypto lately. Yesterday, we shared that digital asset investment products saw $261M in total inflows last week, which is six straight weeks of inflows.

After celebrating, we looked more deeply into the report. Here’s what caught our eye:

– The last 6 weeks of inflows ($767M) exceed the total inflows from all of last year ($736M). Whoa.

– BTC saw the most inflows (again). The original cryptocurrency saw $229M in total inflows, bringing the year-to-date total to $842M.

– ETH had its largest inflows since August 2022. The streak of outflows is finally broken!

– Other altcoins continue to rally. SOL, LINK, MATIC, and ADA all saw inflows last week.

CoinShares attributes the recent surge to two main factors:

The increasing probability of a spot-based ETF in the U.S.
Weaker than expected macro data, leading investors to question U.S. monetary policies.

We’ll see if the trend continues this week.

THE SEC IS STRUGGLING TO HIRE CRYPTO EXPERTS

The U.S. Securities and Exchange Commission (SEC) has had a turbulent relationship with crypto over the years. Now the agency is facing a major issue trying to hire crypto experts, but facing a lack of interest.

(Ok, it’s mostly been hate/hate).

Two main reasons are being discussed:

Contrary to popular belief, having “SEC regulator” in your bio does not impress on Tinder.
Most importantly, the SEC enforces a policy that requires you to sell any crypto you own before joining the agency.

All jokes aside, this rule seems counterproductive. If regulators could own and experiment with crypto, they’d understand it better and potentially regulate it.