Friday trading week ends, but not for crypto.

09.06.2023

Dear traders,

Crypto is showing strength after FUD and displaying momentum and recovery in the longer term.

Jake
TOP Trader

BTC is fighting with mid-range resistance at $26,800, and breaking above and holding could strongly propel the price to $27,000-$28,000. However, the resistance remains strong, and new significant swings are expected next week.

ETH is still trading in the mid-range and requires a bigger push to break $1,850 for bullish continuation. There is still a danger of a bearish breakdown.

XRP is showing bullish momentum and hitting strong resistance at $0.54. It now needs to break this level for continuation. If the market pushes down, XRP will likely follow suit.

LINK is still struggling with the $6 resistance and showing no signs of strength to break upward. However, it presents a good opportunity for long-term spot buying.

SOL has found support at $18.6, but it still requires a stronger upward push to break this downtrend. It remains a good option for a small long-term buy.

EOS has broken above $0.89 and is looking promising for a bigger bullish breakout. It is still in a significant downtrend, making it a good spot for a long-term buy.

LTC is still in the mid-range, with a crucial break point at $88. It is showing no volume for a breakout at the moment. However, in 50 days, there will be a halving event in LTC, which suggests a considerable price increase due to the reduction in mining supply. This presents a great investment opportunity to hold!

DXY is still battling with 103.5, and it is starting to resemble the beginning of a downtrend. Big swings are expected next week, especially with the inflation data.

Crypto/stock daily news:

SEC FILES MOTION TO FREEZE BINANCE (US) ASSETS

Every week, someone is in the Crypto Hot Seat.

This week, it’s Binance.US.

Monday: it got sued by the SEC.

Tuesday: a restraining order was filed to freeze its assets.

Wednesday: it announced it would be removing select trading pairs and paused OTC trading.

Alexa, play “It’s Getting Hot In Here by Nelly”.

Why this matters: There’s a few things to highlight…

The lawsuit had a bunch of big accusations – wash trading, commingling funds, etc. We’re big on “innocent until proven guilty”, but it’s not a good look. (Strike 1)

The restraining order is big because:

I thought restraining orders were only for crazy exes

The SEC believes that CZ (CEO of Binance) will move customer funds out and wants to prevent it from happening

(Strike 2)

The announcement to remove select trading pairs and pause OTC trading has caught a few people’s attention because it could signal a move to slowly wind down services. (Strike 3)

Individually, the three events aren’t reasons to push the panic button. But collectively, happening at the same time – raises a few eyebrows. Everyone knows, 3 strikes and you’re out.

With all that being said, we suggest moving your crypto out of Binance.US(not same as binance.com).

Sure, it all might be a nothingburger. Or, it could be a real sh*tstorm.

It’s a “Wait-And-See-What-Happens” game. But it’s a high-stakes one.

Heads: you move your crypto out, self-custody your assets, and nothing big happens.

Tails: you could lose everything.

If there’s anything we’ve learned from crypto, it’s you’d rather be safe than sorry broke.

WHAT’S NEXT FOR CRYPTO?

DEX TRADING VOLUME IS ON THE RISE

Jake rule #69: There’s no safe CEX (centralized exchange) in crypto.

Everyone is slowly starting to learn this golden rule.

So, what’s the solution? Use a DEX – decentralized exchange.

And DEX trading volume has been on the rise. From June 5 to June 7: