Is more consolidation needed before a bigger push up when encountering a significant resistance for Bitcoin (BTC)?

07.11.2023

Dear traders,

Bitcoin (BTC) is still holding strong at $35k and consolidating in preparation for the upcoming altcoin surge, requiring a bigger push in buy volume.

Jake
TOP Trader

BTC has managed to hold and consolidate at $35k, which is good preparation for a significant resistance breakout. However, there is still a risk if the daily close goes under $33k, which could lead to a retest of support.

ETH is making a strong push into $1900 after breaking the resistance at $1830. It now needs to maintain this strong momentum to break and close above $1900, needing to overcome a big resistance.

XRP has broken through resistance and is pushing towards a new resistance point at $0.72, displaying a strong buying momentum. It continues to maintain a bullish trend and is preparing for a significant upward movement.

LINK has broken through a bullish pattern, surging strongly above $11.5 and showing bullish momentum. It remains strong and ready for a larger upward push.

SOL has rebounded from a significant resistance and is currently trading below $41, with the aim of a strong upward push and increased buying volume. However, there is still a risk of being pushed back into the trading channel and retesting support.

EOS has made a strong move towards the $0.662 resistance but has since retreated significantly. It still requires a significant increase in buying volume to make an upward push.

LTC has broken through a strong resistance at $70 and is now ready for a bigger price push, returning to a bullish channel.

DXY has made a strong retreat from resistance and is currently pushing down strongly towards 105, indicating a bearish continuation.

Crypto/stock daily news:

USE CASE OF THE DAY: BOBA TEA AND SOLANA

“How’s the blockchain being used in the real world?”

This is a question most people fear. It kicks ass and takes names.

And since holiday dinners are coming up, we’re gonna give you some real-world use cases for when your Uncle-Who-Hates-Crypto asks you about them.

Today’s use case: Boba Guys (a popular bubble tea brand) is using an on-chain loyalty program to boost customer engagement.

For every dollar spent at Boba Guys, customers earn 5 points.
Once you have enough points, you can buy a “Mystery Box”. It has prizes like discounts, free drinks, gift cards, and a free vacation.
There are also additional Quests that unlock secret menu items, exclusive merchandise, and more.
It’s built on the Solana blockchain and there are plans to integrate NFT and token-gated experiences.

Here’s what it looks like:

Now, I know what you’re thinking. This looks just like every other reward program app out there.

So, what’s the big difference? The cost.

Boba Guys always wanted to launch a loyalty app, but it was way too expensive. The founders said they were quoted $1M just to build an iOS app.

The Solana ecosystem provides cheap, cost-effective solutions. (Plus, the Solana Foundation invested $100K into Boba Guys, so that helps).

How’s the new app been performing? According to the founders…

3 in 10 customers have signed up for it.
31% of all orders are coming from within the new app.T
There’s been a 65% increase in spending (people are incentivized to spend more so they can get more points and unlock more rewards).

And because of the early success, Boba Guys plans to roll out the on-chain loyalty program to all 25 locations in the U.S. later this month.

FAST NEWS:

Nike’s RTFKT NFT collections have generated nearly $1.4B in trading volume. It’s been 2 years since Nike acquired RTFKT and the sneaker giant has already made $170M in earnings. Wowza.

Crypto funds saw ~$260M of inflows last week. Marking the sixth straight week of positive inflows.

A fake Ledger Live app on Microsoft’s app store stole $588K of crypto from users. Remember to double-check any apps you download on your devices!

Arbitrum DAO has approved a proposal to activate token staking. Token holders can now stake their ARB in exchange for a yield.

Yuga Labs and Magic Eden are teaming up to launch a new NFT marketplace. And there’s a twist: the NFT marketplace will enforce royalties on all secondary sales.

Hong Kong is considering allowing retail access to invest in spot exchange-traded funds (ETFs) related to crypto. “First they ignore you. Then they laugh at you. Then they fight you. Then you win.