Crypto changing on a daily basis, transitioning from short to long positions, any trader survive?

29.06.2023

Dear traders,

Does crypto change on a daily basis, fluctuating between short and long positions, and are there any survivors or only liquidations?

Jake
TOP Trader

BTC is still consolidating, touching support and resistance on a daily basis. There might be a potential push to 31.2k followed by a larger drop after a liquidity grab. However, there is still a need for a significant increase in volume demand to generate strong upward pressure.

ETH is losing momentum and experienced a minor pump from the 1830 support. It now needs to break above resistance to sustain its push. It must maintain a level above this point to continue moving towards higher prices. Currently, it is consolidating before the next leg up or down.

XRP is losing momentum after reaching a high of $0.46 and now needs to hold above this level to sustain its uptrend momentum. We hope it will find some support. If it manages to maintain this position, it could potentially move higher towards a stronger resistance at $0.54.

LINK dropped below the $5.85 support but has made a larger push up on the daily chart. However, it still presents a good opportunity for spot buying and holding.

SOL has dropped to support at $15.8, and it needs to hold above this level; otherwise, the drop will be swift. 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 broke below $0.7 and reached a lower support level. It has since made a minor bounce from the support, but lacks the strength for a larger push. A more substantial push is still required to surpass the higher resistance. Nonetheless, it remains a good option for long-term spot buying.

LTC dropped below the breakout point of $88 and now shows weakness, indicating bearish continuation towards lower targets. To maintain a bullish continuation, it 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 bullish momentum, breaking above 103 and possibly pushing further up to 104.

Crypto/stock daily news:

THE RACE FOR THE 1ST BITCOIN ETF

There are two words on everyone’s mind right now: Bitcoin ETF.
• BlackRock & Cathie Woods’ ARK Invest filed for one
• Fidelity is also reportedly going to file for one
• Grayscale has a 70% chance of getting its Bitcoin ETF approved.
• The first leveraged Bitcoin ETF launched yesterday.
Just look at how many people are Googling “Bitcoin ETF:”

But everyone’s also been asking the same questions:
• Wtf is a Bitcoin ETF?
• Will the SEC actually (and finally) approve one?
• And if it does, how long until it’s live?
Let’s dive in…
1. Wtf is a Bitcoin ETF?
A Bitcoin ETF (exchange-traded fund) is a way for investors to be exposed to Bitcoin without actually buying it.
No gas fees, no need to store it, nada. It’s cheaper & easier (still fairly risky though.)
The Bitcoin ETF operator (BlackRock, for example) buys the Bitcoin. Then it sells fractions of the pool to investors via shares.
It’s like if the rich kid in school bought all the marbles at the store. And instead of buying some yourself, you gave the kid some money for a share of the bunch.
If the value of the pool of marbles went up, so does the value of your shares.
2. Will the SEC actually (and finally) approve one?
The good news = TradFi getting in on the game means more investors in crypto, which means more mass adoption (woo!).
The bad news: we don’t know if the SEC will approve any of these applications. It’s been staunchly against Bitcoin ETFs.
(Side note: the SEC doesn’t like spot Bitcoin ETFs, which is different from the leveraged Bitcoin ETF that launched. That kind uses Bitcoin futures as leverage for investors to get, or lose, a sh*tton more money.)
3. If the SEC does approve one, how long until it’s live?

More bad news: Even if the SEC did approve one, the listing might not go live for a number of years.

Take ARK. It says it’s first in line to have its Bitcoin ETF approved because the SEC’s next date to move forward with its application is August 13.
And the others (BlackRock, etc.) don’t even have a date like that set yet.
But who knows?
One thing Trader Jake is sure of: turtles move slowly, and the government moves slower.

Fast news:

Apple removed the decentralized social media app Nostr from its App Store this week. It warned the company earlier this month that it’d get the boot if it didn’t nix its Bitcoin tipping feature.
HSBC (a big bank in Hong Kong) reportedly is now offering Bitcoin & Ethereum ETFs on the Hong Kong exchange. U.S. crypto investors over here are mad as hell…
Microstrategy just bought 12,333 BTC worth ~$347M. Michael Saylor’s company now holds 152,333 BTC which amounts to ~$4.5B.