CPI come as predicted will support hold for next leg up.

13.10.2023

Dear traders,

As predicted, the CPI data has come in line with expectations, which should provide support for the next upward leg.The market has been dropping and slowly consolidating following the release of US market data. It’s expected that the drop will continue in the coming week.

Jake
TOP Trader

BTC is currently breaking down and holding at $26,800. It’s consolidating as it prepares for the next significant move following the release of the CPI data. There is still a risk of a bearish continuation if the data turns out to be unfavorable.

ETH has retraced to its old support level at $1,550 and must hold above it. A retest of $1,500 is likely, and its position remains precarious. Failure to maintain this support level could lead to a more substantial downward correction.

XRP has retraced to its previous support at $0.48 and must hold this level to attempt breaking the strong resistance at $0.5. The long-term outlook remains bearish, and failing to hold $0.48 could result in a significant drop.

LINK has fallen back to the $7.2 support level and needs to maintain it for a stronger upward push and bullish continuation. On a daily closing basis, it must overcome the strong resistance at $7.50.

SOL is encountering strong resistance and needs to remain above $22 to sustain its bullish momentum. However, it still lacks the necessary buying pressure to overcome this strong resistance, and the long-term outlook remains bearish.

EOS is currently holding at its last support level of $0.54. A major drop may be imminent if it doesn’t see a significant increase in buying volume.

LTC is currently trading in the mid-range around $65 and is struggling to gather enough buying momentum to break through the $70 resistance line. The long-term outlook remains bearish until $70 is breached.

DXY holding above 106.2 support and preparing next big move.

Crypto/stock daily news:

THE PSYCHOLOGY OF MARKET CYCLES

Check it out. You might’ve seen this graph before.

It’s Wall Street’s Psychology of a Market Cycle. It shows how investor’s feelings change throughout market cycles.

And with everything going on, we’re curious…

STAT OF THE DAY: UPBIT HAS BEEN TARGETED 160,000 TIMES

Upbit is South Korea’s most popular exchange.

$1B in trading volume over the last 24 hours.
2nd most used centralized exchange in July, in terms of trading volume. (only behind Binance)

Well, turns out the crypto exchange isn’t just getting attention from traders.

It’s also become popular amongst crypto’s worst enemy… hackers.

According to a recent report, Upbit was targeted over 159,000 times in the first half of 2023.

That’s an average of…*checks calculator*… 879 attacks PER DAY.

Now, either:

a) These are the worst hackers in the history of hackers. Or…

b) Upbit is the Mohammed Ali of crypto exchanges.

FAST NEWS:

Stars Arena has recovered 90% of its stolen funds. The web3 social media app was hacked for ~$3M last week. (finally, good news from a hack)

Trezor is launching three new hardware wallets. The lineup includes a limited-edition Trezor Safe 3 Bitcoin-only wallet.

The USDR stablecoin depegged and dropped 50% yesterday. USDR is backed by an illiquid real estate portfolio – causing panic among holders.

Ethereum gas fees have dropped to a new yearly low. The decline is likely due to the drop off in users on DeFi applications, NFTs, layer-2 networks, and various Telegram bots. (And for our crypto curious – learn more about gas fees here)

WisdomTree launched its “blockchain-enabled” consumer app in 11 new U.S. states. The $94B asset manager’s app is now available in 32 states across the country.