Altcoins show life at support.

20.07.2023

Dear traders,

Some altcoins have broken resistance lines and show the potential for further upward movement.

Jake
TOP Trader

BTC retested resistance at $30,400 but still shows no momentum for breaking up. The market is still choppy for trading.

ETH is still trading at $1,900 and shows no strength for a bigger push up, making it susceptible to being pushed down.

XRP is still unable to push above $0.815 and is now signaling push up exhaustion, possibly leading to a short trade at resistance.

LINK has made a bullish push up and is now trading above the $8 resistance, with a target to break $9. This still presents a good spot for a long-term buy entry price.

SOL is still struggling with the $27 resistance and needs to break it for bullish continuation. It still looks strong if the price holds above $24.

EOS is still trading below $0.79 and needs to hold above the 50MA on a daily basis for bullish continuation in price. It is still a good spot for a long-term buying option.

LTC is still fighting at the support level of $88, which is a good spot for a long-term buy entry price. Additionally, in 15 days, LTC will undergo a halving event, which is expected to result in a notable price increase due to a reduction in mining supply. This presents an excellent long-term investment opportunity!

DXY shows signs of life and is now pushing up from the 100 support, attempting to break the 100.5 resistance.

Crypto/stock daily news:

2023’S BATTLE OF THE CEXES

Ladies & gents, welcome back to the Battle of the CEXs.

We’re halfway through the year and wanted to do a quick-in to see how things have been going…

First off… who fell behind? Binance.

It got sued by the SEC & CFTC

Was accused of commingling funds

Transitioned to a crypto-only exchange

And we’re nicknaming it the Conor McGregor of CEXs this year.

It was the top dog that knew how to trash talk and then injured itself and became the center of the drama.

It started losing market share to its competitors in Q1 and Q2. Dun dun duuuuuun

As a result, Binance’s quarterly accumulated trading volume fell from 53.6% → 50.6%, according to Token Insight data.

Yes, it’s still the top dog but it’s losing its dominance.

So, who’s eating into that market share? 2 exchanges:

1/ Bitget – a crypto derivatives exchange

Its market share rose from 6.89% → 8.7%

Saw $60B in spot trading volume

It’s now a top 4 CEX

2/ OKX – a U.S.-based exchange

Its market share grew from 1.9% → 15.9% in Q2 (business has been boomin’)

It’s now a regulated exchange in Hong Kong

But there’s bad news for all CEXs… Bitcoin reserves are declining.

In 2020, there was ~3M BTC on exchanges.

Today, there’s ~2M BTC. (A 30% decrease.)

Why? Crypto investors have tons of trust issues.

Exchanges like FTX blew up, and everyone ran to cold storage like kids run to an ice cream truck.

Remember kids: not your keys, not your cheese.

FAST NEWS:

The SEC has formally accepted Valkyrie’s Bitcoin ETF proposal. It’s similar to the application BlackRock submitted last week, but Valkyrie proposed a ticker for its ETF, $BRRR.

Aave launched a new algorithmic stablecoin ($GHO). It launched on the Ethereum mainnet and will be pegged to the U.S. dollar.

U.S. Congress members will meet with Brian Armstrong (CEO of Coinbase) later today to discuss crypto legislation. It’s reported that 100+ Congress members will be present. All Eyez On Brian.

Cathie Woods (CEO of Ark Invest) predicts that BTC will reach a price of $1.5M per coin. I love bold predictions but I think Cathie got into Snoop Dogg’s “medicine” jar on this one…