CPI data today big swings loading.

12.10.2023

Dear traders,

The market is dropping ahead of the CPI data, and something big seems to be in preparation for the next swing.

Jake
TOP Trader

BTC is breaking down and is now holding at $26,800, consolidating before the next significant move upon the release of CPI data. It’s still in danger of a bearish continuation if the data turns out to be bad.

ETH has returned to its old support level at $1,550 and needs to hold above it, as a retest of $1,500 is likely. It remains in a precarious position, and a failure to maintain this support level could lead to a more substantial downward correction.

XRP has retraced to its old support at $0.48 and must hold this level for another attempt to break the strong resistance at $0.5. The long-term outlook remains bearish, and a failure 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 hold 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 holding at its last support level of $0.54, and 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.

Crypto/stock daily news:

CRYPTO IS SAVED!

Just when all hope was lost…

Jim Cramer made another crypto prediction: “Mr. Bitcoin is going down BIG!”

Trader Jake Translation: Bitcoin is going up. Bull rally incoming. Lets. F*cking. Go.

Now, in case you don’t know Jim…

1/ He’s the bald guy on TV who yells about stocks all day.

2/ He’s known for having the Anti-Midas Touch™. (everything he touches, turns into gold sh*t)

Just check out some of his big-brain predictions from the past:

In 2008, Jim famously said: “Bear Stearns is fine! Do not take your money out.” Bear Stearns was indeed not fine. A week later, it collapsed and kicked off a financial crisis.
In 2012, Jim made predictions like… 1) Best Buy would crash. Within 6 months, it was up 120%. 2) Netflix would crash. Within 6 months, it was up 175%.
Earlier this year, Jim defended Silicon Valley Bank and said concerns about it were “not justified”. A month later, SVB collapsed and became the biggest banking failure since 2008.

In other words, when Jim makes a prediction… the opposite usually happens.

All jokes aside, who knows if a crypto rally actually happens. But Jim made similar predictions in early January…

“Another weak year for crypto”

“Good chance to get out of crypto… it can’t be trusted.”

BTC, ETH, and a handful of other altcoins ended up rallying +30% afterward. We’ll see if history repeats.

FAST NEWS:

Bakkt® has been helping businesses navigate crypto responsibly since 2018 through custody, trading, and onramp solutions. All backed Bakkt by multi-layered security.*

QUOTE OF THE DAY: “As interest costs go up in the United States, I can’t love stocks, but I love Bitcoin and gold.” – Paul Tudor. (billionaire investor who predicted the ‘87 market crash)

JPMorgan carried out its first blockchain-based collateral settlement transaction yesterday. JPMorgan’s blockchain (Onyx) and the bank’s Tokenized Collateral Network (TCN) were used by BlackRock to tokenize shares in one of its money market funds. The tokens were then transferred to Barclays for collateral in an OTC (over-the-counter) derivatives trade.

Immutable has joined the Amazon Web Services (AWS) Accelerate Program. The goal? Make it easier for developers to launch and scale blockchain games.

Bitcoin researchers published a new concept called a “Bitcoin Virtual Machine”. It would enable smart contracts on Bitcoin without having to make any big changes (a “fork”) to the blockchain.