Green week in front of us, will it hold?

17.10.2023

Dear traders,

After the mega pump due to BTC news about the ETF market touching 30k and then retracing.

Jake
TOP Trader

BTC pushed to 30k, but due to fake news, it retraced back into the old resistance zone of 28-28.5k$.

ETH has surged from the $1,550 support level and needs to breach the $1,630 resistance on a daily basis for a significant upward push. However, there is still a risk of a significant downturn and bearish momentum.

XRP has rebounded from its $0.48 support level and must now surpass the strong resistance at $0.50 to trigger a larger upward movement.

LINK is displaying bullish momentum, but it must maintain support above $7.5 for a more substantial upward push. Currently, it faces strong resistance at $7.5 on a daily closing basis.

SOL is demonstrating bullish momentum and is attempting to break through the formidable $24 resistance level. However, it still lacks the necessary buying pressure to overcome this strong resistance.

EOS is still grappling with a strong resistance level at $0.6 and needs to hold above it to facilitate a larger upward move. Achieving a sustained price increase depends on a significant surge 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.

DXY is losing momentum and needs to hold above 106.2 for a bullish continuation.

Crypto/stock daily news:

ONE STEP CLOSER TO A BITCOIN ETF?

Crypto’s rumor mill has been buzzing non-stop about one thing…

Bitcoin ETFs. Here’s why:

1/ On Friday, multiple news sources reported that the SEC wasn’t planning to appeal the court’s decision in its lawsuit against Grayscale.

Just as a quick refresher…

Grayscale has tried to launch a spot Bitcoin ETF for a while now.

The SEC has denied all its applications.

Grayscale sued the SEC, arguing that the regulating agency didn’t have a legitimate reason to deny them.

Judges ruled in favor of Grayscale in August.

With reports that the SEC won’t appeal the decision, many are speculating that a spot Bitcoin ETF approval could be coming soon.

And then…

2/ Reports came out that the first spot Bitcoin ETF had been approved this morning.

Great news, right?

Prices started pumping and crypto investors started chanting WGMI.

The problem: the reports turned out to be fake…

… sigh… and it’s only Monday morning.

There are 2 lessons…

Lesson #1: Crypto is one big game of telephone. Don’t get caught on the wrong end of it.

Pic: call

Lesson #2: Crypto news can lead to very fast hype cycles, but it’s like eating dinner at a gas station…fast pumps lead to fast dumps.

Stay safe out there

FAST NEWS:

Marinade has been establishing itself as a market leader in staking on SOL. Equipped with native and liquid staking, the ability to unstake instantly, and a recently launched Earn initiative.

MetaMask was temporarily removed from the Apple Store over the weekend. Many thought Apple gave the crypto wallet app the boot, but turns out it was removed due to “an internal operational error” on MetaMask’s end. Oopsies.

Tether’s CEO stepped down over the weekend. Paolo Ardoino (the former CTO) will now become the Head Honcho.

CoinList launched a multi-chain staking fund for U.S. investors. U.S. accredited investors can earn returns from the staking of several digital assets including Ethereum and Near.

LayerZero launched a new tool called Gas Station. The new “gas abstraction” tool will help facilitate cross-chain NFT swaps between Ethereum and Polygon.