Crucial support before next leg up or big fake out playing out.

04.10.2023

Dear traders,

After the crypto pump and subsequent rejection, the price is now holding at a crucial support level. It needs to maintain this support if a larger upward move is to be expected.

Jake
TOP Trader

BTC is currently holding its previous resistance level as support. The question is whether it can manage to sustain this support above $27,200 on a daily basis, as doing so could lead to further upward movement in the coming days.

ETH, after experiencing a significant price increase, now needs to maintain a level above $1,630 to sustain its upward momentum. It remains in a precarious position if this support level fails to hold, potentially leading to a larger downward correction.

XRP has bounced back from its $0.52 support level and now needs to break through the strong resistance at $0.54 to trigger a larger upward movement.

LINK is displaying bullish momentum, but it must hold above $7.5 as a support level for a more substantial upward push. On a daily closing basis, it needs to overcome strong resistance at $7.5, which it is currently facing.

SOL is exhibiting bullish momentum and attempting to break through the formidable $24 resistance level. However, it still lacks the necessary buying pressure to overcome this strong resistance.

EOS is still grappling with a strong resistance level at $0.6 and needs to hold above it to facilitate a larger upward move. Achieving a sustained price increase depends on a significant surge in buying volume.

LTC is currently holding in the mid-range at $65 and is struggling to gather enough buying momentum to break through the $70 resistance line.

DXY is building bullish momentum and targeting the strong resistance level at 108 for a potential larger upward move.

Crypto/stock daily news:

BITBOY GETS PUT ON THE HOT SEAT

Government name: Benjamin Charles Armstrong.

Nickname: “BitBoy”.

Known as: a YouTuber/influencer (1.5M subscribers) who made millions trading crypto, and bought expensive sh*t to flex on social media.

His pockets jingled with coins, and his garage vroomed with luxury.

Well, it’s been a crazy few weeks for him…

Got fired from his own company due to alleged “financial damage to employees” and “substance abuse”

Got caught cheating on his wife

Lost his Lamborghini to his business partner

Live-streamed himself on social media outside of his business partner’s house trying to get the Lambo back (he also had a gun, and his mistress, with him)

Got arrested for it

Spent the night in jail

Now, he’s looking to sell off all the fancy stuff he was flexing on social media not too long ago… (i.e. cars, Rolex watches, NFTs).

The lesson: life comes at you fast.

Ben went from BitBoy → ShowMeYourBidsBoy in the span of a few weeks.

Remember kids, just say no to drugs.

GRAPH OF THE DAY: WEEKLY CRYPTO FUNDS FLOW REPORT

The results from the latest weekly Digital Asset Fund Flows Report are in…funds invested $21M into digital assets.

Here are some of the top takeaways from the report:

Bitcoin led the way with $20M in inflows. BTC saw 4x more trading volume than any other digital asset this week.

Institutional investors love Solana. $SOL saw its 27th week of inflows this year. To compare, it’s only seen 4 weeks of outflows.

Macro news is pushing institutions toward crypto. Analysts believe that the inflows are a combo of “positive price momentum, fears over U.S. government debt prices, and the recent quagmire over government funding”. (btw, today I learned quagmire was a real word and not just the name of the creepy dude from Family Guy.)

The best part? The 6-week streak of outflows is over.

To celebrate… I did that thing where you grab some plates, smash them on the ground, and yell “Opa”!

(P.S. – DO NOT try this at home in front of your wife.)