Crypto at big resistance will I break it?

04.07.2023

Dear traders,

Stock market is closed and there is US holiday but crypto newer sleeps.

Jake
TOP Trader

BTC hasn’t made a move and is still consolidating under big resistance 31k. In the coming days, we will see a big push up or down. The price is still within a trading channel ranging from $29,500 to $31,200, and as long as it holds, it is a good sign for a possible push.

ETH is showing strength and is now aiming for a retest of the $2000 resistance. If it holds above that level, we could see a bullish push up. However, it is still in danger of forming a double top, which is a bearish pattern.

XRP is showing strength and needs to hold above $0.48 for bullish continuation. It is still low on volume and is waiting for news that could trigger a bigger push up.

LINK is showing strength and is now trading above the $6.45 resistance, which is a great bullish continuation sign. However, it still presents a good opportunity for spot buying and holding.

SOL has made a bullish push up and is now holding above $18.6, which is a great bullish continuation sign. The only danger now is the 200MA on the daily chart, which acts as a big resistance. Nevertheless, it is still a good option for longer-term buying.

EOS has strongly pushed into resistance at $0.79 and now needs to hold above $0.7 for bullish continuation. But resistance is still strong and need clear break above to continue. Nonetheless, it remains a good option for long-term spot buying.

LTC has made a bullish breakout from the channel and needs to hold above $105 for bullish continuation. If 105$ holds we could see big push up. 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 (U.S. Dollar Index) still can’t break 103.5 and is showing slow momentum.

Crypto/stock daily news:

WEEKLY MARKET MOVERS: 3 WINNERS. 1 LOSER

We gave the Trader JAKE one job over the last week: track crypto prices.

Why? So you wouldn’t have to.

It took 6 screens, 3 gallons of milk, and 2 packs of Oreos but he was able to round up the biggest market movers of the week.

He had 3 winners and 1 big loser. Let’s dive in…

THE WINNERS

1/ Compound ($COMP) is up 67% over the last 7 days

What is it? Compound is a DeFi lending protocol.

It lets users earn interest on their cryptocurrencies by depositing them into one of several pools supported by the platform.

Why it’s up:

There’s been a lot of whale activity recently. Aka crypto wallets with large balances have been buying.

The founder just announced a new project called Superstate Funds. It will create a short-term government bond fund using the Ethereum blockchain as a secondary record-keeping tool.

Although $COMP isn’t directly mentioned in the Superstate Funds plans, some investors speculate that it could play a role since it’s the same founder.

It’s a “buy the rumor, sell the news” moment.

2/ Bitcoin Cash (BCH) is up 31% over the last 7 days

What is it? Bitcoin Cash is a hard fork (aka a spinoff) of Bitcoin.

It was created in 2017 with the goal of having lower fees and faster transaction times.

Why it’s up:

BCH is one of four tokens available on the new EDX Market exchange.

There’s been a big increase in BCH trading volume on UpBit, a popular South Korean crypto exchange.

BCH has been getting love from all over the world. #MrWorldwide

3/ Litecoin (LTC) is up 22% over the last 7 days

What is it? Litecoin is an OG cryptocurrency that was created in 2011. It was inspired by Bitcoin.

If Bitcoin is digital gold, Litecoin is digital silver.

Why it’s up:

LTC is one of four tokens available on the new EDX Market exchange.

Litecoin will be going through a “halving” next month. Aka the number of coins for mining rewards will be cut in half.

Halvings are big events that every crypto investor should keep an eye on. It usually leads to price pumps.

With Litecoin’s halving right around the corner, it’s been LTCs’ time to shine.

And now, onto the…

THE LOSER

Conflux (CFX) is down 11% over the last 7 days

What is it? Conflux is a Layer-1 blockchain.

It’s also the only compliant chain in China. Some call it the “Ethereum of China”.

Why it’s down: The token dropped in price after news broke that DWF Labs (a crypto market maker and investment firm) bought another $18M worth of CFX tokens.

Many investors have been skeptical of DWF Labs since it tries to act as both a market maker and an investment firm.

They’re a lot like Mac from It’s Always Sunny In Philadelphia…