Is the liquidity grab over, or are we in a boring consolidation before the next move?

25.08.2023

Dear traders,

The market is absorbing liquidity and testing resistances, but it’s still holding at 26k and consolidating before the next major move.

Jake
TOP Trader

BTC is still trading below the $26,500 resistance and showing no strength for a significant upward push. However, the upcoming move might involve a fake-out before a larger subsequent movement.

ETH is currently trading above the $1,630 support and is consolidating before its next push. Caution is advised as it remains vulnerable to downward pressure before the next leg.

XRP has pushed the price above the $0.5 support and must maintain this level before the next leg. Nevertheless, the risk of further downward pressure persists.

LINK is still holding above $6 and consolidating. Despite waning momentum, any price below $7 presents a favorable buying opportunity.

SOL is still holding support at $20 and needs to break $22 for a more significant upward push. Consider purchasing options when it’s priced below $20.

EOS is still struggling with the $0.6 resistance and is currently trading below it. Breaking the $0.6 mark is crucial for the next upward push. It remains an attractive option for long-term investment.

LTC is losing momentum and is currently trading at $65, indicating a slowdown. There is a significant risk of a more substantial downward push.

The DXY is hitting strong resistance at 104 and needs to break it to initiate a larger upward push.

Crypto/stock daily news:

CRYPTO’S NEW BIG PARTNERSHIP

There’s a new duo in crypto… Solana Labs ? Shopify.

We’ll save you a click and some reading, here’s the 30-second summary:

Solana Pay has been added as a payment option on Shopify

Users will be able to pay for stuff on Shopify using USDC (additional tokens like SOL, BONK, etc. might get added in the future)

When paying with USDC, transactions will be settled almost instantly as opposed to most credit card payments which can take days to clear

The partnership will also let Shopify merchants create new NFT loyalty programs (i.e. users that pay using Solana Pay can get discounts)

Trader Jake Take: This could be big for crypto adoption.

Shopify makes up ~10% of all e-commerce in the U.S. and generates $444B worth of global economic activity.

Now those e-commerce stores have a new option to integrate crypto payments easily using stablecoins.

Merchants get fast settlement times and cheaper fees. Crypto gets mass adoption. Winner, winner, chicken dinner.

But we’re always skeptical of these new web3 x web2 partnerships. There have been more unexpected hookups than during prom.

Some turn out great. Others not so much.

That’s life…. Or “c’est la vie” in French. (small Duolingo flex)

We’ll wait and see which bucket this partnership falls into.

THE LATEST CRYPTO SCAM

Check it out. There’s a new crypto scam you need to look out for…

Here’s how it works:

Scammers will buy an ad for a legit crypto website on Google, with the proper URL

When users click on the ad they get sent to an ad network to track the click, but that network redirects to a scam site instead

Basically, by using malicious ad networks that have been compromised, hackers can switch the URLs to redirect you to a fake website.

So, what can you do to protect yourself? A few things…

1/ Use an adblocker (like Adblock) to remove Google ads

2/ Bookmark popular sites you use vs. search on Google

3/ Double-check any links you click and look for anything out of the ordinary.

(In the example above, the fake DefiLlama site asked users to connect their wallets, but the legit site never requires that.)

Then, there’s also the emergency plan (not recommended at the moment): Unplug your computer. Turn off your phone. Bury both in your backyard. Never search the Internet again.