Is the market at a key support level signaling the beginning of a larger push up?

08.08.2023

Dear traders,

The crypto market is currently at a crucial support level. Will it hold, or is the next significant push down just a matter of time?

Jake
TOP Trader

BTC is retesting resistance at $29,500 and needs to break it on a daily basis to continue its push up. A significant wick is still forming, and it is expected to materialize in the coming days.

ETH is currently trading at a breaking point of $1,830. A larger drop is still possible as the market experiences a slowdown in volume. Breaking $1,900 is necessary for a bigger push up.

XRP is breaking down with a substantial bearish signal and is now trading at $0.63. The next significant support level is at $0.54. It remains a favorable opportunity for long-term buying.

LINK has shown a bounce up from the $7 support level, which needs to hold. However, it remains a strong long-term buying option.

SOL has bounced up from the $22 support level and is now trading at $23. It needs to sustain this upward momentum. Nonetheless, there is still a risk of a more substantial drop before the next push up.

EOS is still holding above the $0.7 support level and requires a stronger push to break the resistance at $0.79. It continues to be an attractive option for long-term buying.

After the halving, LTC dropped below the $88 support level, which served as a breakpoint. New lows are possible; however, it remains a favorable long-term buying option.

The DXY is pushing hard from the 102.1 support level and needs to break the 103 resistance level.

Crypto/stock daily news:

ARE YOU TRADING BETTER THAN THE PRO’S?

There’s a question as old as time: Who are the best-performing investors in crypto?

Venture capitalists? Retail investors? A.I. algorithms? Dart-throwing monkeys?

Well, I can tell you the answer is not… crypto hedge funds. In fact, they’ve been one of the worst performers this year.

According to a recent report from Bloomberg News:

Crypto hedge funds generated an average of 15.2% returns in the first half of 2023

As a result, 13% of crypto hedge funds shut down this year

Side note: Crypto is crazy. It’s the only industry where you get booed and shut down for averaging +15% returns in half a year.

Warren Buffet’s been averaging 15% annual returns over the last decade and everyone calls him the GOAT.

But when normal mortals are seeing 50-70% returns in a few months, it begs the million-dollar question…

Where did hedge funds go wrong? Well, a lot of them have been using AI and data-based methods to trade.

Hedge funds use strategies with fancy names like quantitative directional trading and algorithmic trading. (I guess if it sounds rich, it’s supposed to make you rich?)

The problem: the markets have been choppy as f*ck this year and crypto prices haven’t really followed any previous market patterns.

So, many investors who have been using fancy algorithms to try to predict price movements have gotten rekt.

The lesson for us: keep it simple & stick to the fundamentals.

P.S. – Congrats to everyone who’s generated more than 15% returns this year, you’re doing better than the pros.

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