Crypto price push back after this big fake out.

11.10.2023

Dear traders,

The crypto market, after its initial push last week, has reverted back to its starting point, revealing how this fake out trapped long positions and pushed the market back into a range for a potential drop continuation.

Jake
TOP Trader

BTC is breaking below its uptrend channel and losing momentum, with a significant possibility of a further push downward. The question is whether it can maintain support above $27,200 on a daily basis, as doing so could lead to more upward movement in the coming days.

ETH has returned to its old support at $1550 and needs to hold above it, as a retest of $1500 is likely. It remains in a precarious position, and a failure to hold this support level could lead to a more substantial downward correction.

XRP has retraced to its old support at $0.48 and must hold it for another attempt to break the strong resistance at $0.5. The long-term outlook remains bearish.

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

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.

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.

DXY is holding above 105.5 and now needs to make a stronger push upward to break through the resistance.

Crypto/stock daily news:

146 CRYPTO COMPANIES GOT PUT ON THE U.K.’S WARNING LIST

The Financial Conduct Authority (FCA) regulates the U.K.’s financial markets.

They’re the equivalent of the SEC in the U.S. – except with way cooler accents.

And the FCA just sent out a big warning to 146 crypto companies, including Huobi, KuCoin, and others.

The warning: they’re all breaking the law by illegally promoting cryptocurrencies.

**gulp**

The good news is… the FCA isn’t suing or shutting down any companies.

They just want the companies to register as crypto asset providers.
They’ve already approved 40+ crypto registrations.
They’re actively working with companies like OKX and Binance to restructure certain parts of their businesses to remain compliant.

And that, ladies & gents, is how it should be done…

U.K. regulators are getting a firm grip on crypto companies, without choking them out.

+10 points to the FCA.

-5 points to the SEC.

GRAPH OF THE DAY: THE WEEKLY CRYPTO FUNDS FLOW REPORT

The latest results from the Digital Asset Fund Flows Report are in…funds invested $78M into digital assets.

That’s back-to-back weeks and the largest week of inflows since July.

Here are some of the other top takeaways from the report:

Bitcoin was the biggest winner. The OG cryptocurrency saw inflows totaling $43M last week and saw a 16% rise in trading volume on crypto exchanges.
Solana had a huge week. $SOL saw its largest week inflows ($24M) since March 2022 and continues to be the altcoin of choice for investment funds.
Ethereum struggles, again. The first Ethereum futures-based ETFs launched last week, but they’re off to a slow start. (only ~$10M worth of volume)
Different regions, different sentiments. 90% of the inflows came from Europe, while the U.S. and Canada only saw ~$9M worth of inflows.

We’ll see if the momentum continues into next week.