Friday, possible push back before the next leg up?

23.06.2023

Dear traders,

The market push is cooling down, and there is a possibility for the price to retrace to support lines because most traders close positions on Friday.

Jake
TOP Trader

BTC, after retesting $29,500 as support, is now trading at $30,000 and consolidating before the next bigger push. However, buying power is still needed to push the price higher, and there is a big resistance at $31,000.

ETH, after hitting resistance at $1,930, is continuing to consolidate at support around $1,870 and preparing for the next move. Strength is returning to ETH after a significant push from BTC, and the momentum could shift towards ALTs, leading to an upward push.

XRP still hasn’t broken the $0.5 mark and is showing signs of slowing momentum, suggesting a possible trend reversal at this point. We are still waiting for a bigger push to break the resistance at $0.54.

LINK is showing momentum and has bounced up from the $5 support towards the $5.85 resistance. If the resistance is not broken on the daily timeframe, this could be a retest of the drop, potentially leading to a downtrend candle. However, it is still a good option for spot buying and holding.

SOL has pushed up towards the resistance at $17.5 and needs to break it for a larger bullish continuation. However, it is now showing slowing in the push up and a possible breakdown if the channel doesn’t hold. If the resistance is not broken, this could be a retest of the drop, leading to further downward movement.

EOS is trying to break the $7 resistance and is currently trading below it, consolidating before the next push. A bigger push is still needed to break the larger resistance above. Nonetheless, it is still a good option for a long-term spot buy.

LTC has reached the resistance at $88, which was the breaking point before the drop. It needs to break above and hold for a larger push and bullish continuation. However, in 40 days, LTC will experience a halving event, suggesting a significant price increase due to a reduction in mining supply. This presents an excellent long-term investment opportunity!

The DXY is showing recovery momentum and is now trying to break above 103 and recover its push up.

Crypto/stock daily news:

CRYPTO PRICES SURGE W/ TRADFI TAKEOVER

There I was on Wednesday morning. Coffee was hitting, my cat hadn’t yacked on the rug (yet).

Then all of a sudden I saw a light. It was green and blinding – I had no idea where it was coming from…

Until I checked crypto prices. The whole thing was lit up like a Christmas tree.

Why? The TradFi giants have entered the ring.

Plus, Jerome Powell (Federal Reserve chairman) said yesterday that Bitcoin/crypto “appears to have some staying power. “ He also said the Fed sees “stablecoins as a form of money.”

Investors are apparently PUMPED.

Here are the big winners:

BTC is up 8%. The OG cryptocurrency cracked $30K for the first time since April.

ETH is up 5.6%.

Litecoin (LTC) is up 17% since its lowest point in June.

Bitcoin Cash (BCH) is up 25%.

Each of these tokens is available on the new EDX market and has avoided the wrath of the SEC. (AKA they haven’t been named as securities, for now.)

It’s like when you’re on the fence about going to that new restaurant. But then the foodie of the friend group gives it their stamp of approval.

Institutional investor involvement + “safe” tokens = more trust from retail investors to buy.

Plus, a Dark Horse has emerged: GBTC. This is Grayscale’s Bitcoin Trust.

It lets people gain exposure to Bitcoin without the hassle/risk of buying it. GBTC has been in the shitter for a while now, partly because the company sued the SEC. The agency rejected its Bitcoin ETF application.

But BlackRock’s Bitcoin ETF proposal is giving GBTC some LIFE. GBTC’s daily trading volume has gone from $16.1M on June 14 —> $172M as of yesterday.

The jury’s still out on how centralized finance giants getting in on crypto will play out in the long run. But at the moment… we’ll be thawing our good steaks tonight.

FAST NEWS:

Three Arrow Capital founders Kyle Davies and Su Zhu just launched a new VC fund. Davies tweeted yesterday, “3AC Capital is dead, long live 3AC Ventures.”

There’s a new U.S. crypto crime task force that includes the Postal Inspection Service. It’ll investigate how criminals in Arizona use crypto.

There are more than 420M people around the world using crypto, per one data set. That’s 4.2% of the globe’s population.