Correction end ready for the next leg up!

27.06.2023

Dear traders,

After Monday’s recovery, the market woke up in the green, indicating a possible next leg up.

Jake
TOP Trader

BTC is still holding at the support level of $30k and showing momentum to break above the resistance. However, there is still a need for a significant increase in volume demand to provide strong upward pressure.

ETH dropped to the support level at $1830 but bounced back to the $1870 channel. It needs to hold above this level to continue pushing for higher prices. Currently, it is consolidating before the next leg up or down.

XRP is holding above the support level at $0.48, which is a bullish sign. If it manages to maintain this position, it could potentially move higher towards a stronger resistance at $0.54. We are still waiting for a significant push to break the $0.54 resistance.

LINK has broken bullish above $6 and is displaying strength. It now needs to sustain its position above this level for continued bullish momentum. However, it still presents a good opportunity for spot buying and holding.

SOL has surged towards the resistance at $17.5 and needs to break through for further bullish continuation. However, it is currently showing signs of slowing down in its upward movement, and there is a possibility of a breakdown if the channel does not hold. If the resistance is not breached, a retest of the drop could occur, leading to further downward movement.

EOS has broken bullish above $7 and is exhibiting momentum in terms of buying volume. The next significant resistance to overcome is $0.79, which presents a bullish opportunity. A more substantial push is still required to surpass the higher resistance. Nonetheless, it remains a good option for long-term spot buying.

LTC has surged up to $90 and then retraced back to the support at $88. To maintain bullish continuation, it now needs to retrace above $89. 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 is showing recovery momentum and is currently attempting to break above 102.5 to regain its upward movement.

Crypto/stock daily news:

WEEKLY MARKET MOVERS: WINNERS & LOSERS

We’re back with another Market Movers segment.

And over the last week, it’s been 50 Shades of Green for cryptocurrencies.

BTC is up. ETH is up. Altcoins are up. Life is good.

THE WINNERS

1/ Bitcoin ($BTC) is up 15% over the last week.

In that time, we’ve seen:

Financial giants like BlackRock, WisdomTree, and Invesco file for Bitcoin ETFs

Citadel, Charles Schwab, & Fidelity launch a new crypto exchange (EDX Markets) that offers BTC services

The first leveraged Bitcoin futures ETF was approved. It’s set to launch later this week.

HSBC (the largest bank in Hong Kong) start to offer Bitcoin and Ethereum ETFs to its customers

Crypto investors were served the Bitcoin Pump special…

Because of this, BTC just had its highest weekly close of the year (~$30,500).

It isn’t just the OG token that’s been pumping either, everything Bitcoin-related is up big.

Bitcoin Cash ($BCH) is up 81%. This is a Bitcoin hard fork (aka a spinoff) created in 2017 to have lower fees and transaction times. (BCH is also one of the four tokens available on the new EDX Market exchange.)

Bitcoin SV ($BSV) is up 46%. This is a hard fork of Bitcoin Cash (aka it’s a spinoff of the spinoff) with even faster transaction times.

Stacks ($STX) is up 33%. This is a Layer-2 on the Bitcoin network and helps power stuff like Ordinals (aka NFTs on Bitcoin).

Call it guilty successful by association.

2/ Major altcoins are also up big

Business has been BOOMIN’ for altcoins:

Gods Unchained ($GODS) is up 38%. The blockchain-based trading card game launched on the Epic Games Store last week.

Near ($NEAR) is up 33%. Near Foundation partnered with Alibaba Cloud to support web3 initiatives in Asia and the Middle East.

Algorand ($ALGO) is up 17%. Algorand Foundation partnered with DWF Labs to support the Alogrand ecosystem. (P.S – part of the deal included a $50M token purchase agreement)

Everyone knows the golden rule: When Bitcoin eats, altcoins eat too.

The result… Altseason.