Is the market ready for the next leg up?

05.02.2024

The dollar’s rising strength will crypto market manage to break up the resistance zone.

Jake
TOP Trader

BTC:
INTRO: BTC pushing into resistance 44k.

Technical analysis for the BTC/USDT chart:

Key Levels:

• Resistance: $44,000, $43,000
• Support: $41,500, $40,200

Strategy:

• Long: Buy at $41,500 with a stop loss below $40,000 and a target price of $44,000.
• Short: Sell at $43,000 with a stop loss above $44,500 and a target price of $40,200.

Range Description:

BTC/USDT is currently trading in a range between $38,500 and $42,000. The pair has broken into range during the day. However, there are signs that the pair is ready to make a move with possible retest of support.

On the upside, BTC/USDT is facing resistance at $43,000. And 43,000$ level has been tested today and if the price is above on the daily close it will be confirmed as support. A break above $43,000 would signal a bullish breakout and could send the pair higher to $45,000.

On the downside, BTC/USDT is facing support at $41,500. This level is a previous resistance for the day and now holds as support. A break below $41,500 would signal a bearish breakdown and could send the pair lower to $40,000 or even $39,000.

BTC1D chart TW link: https://www.tradingview.com/x/5FHhUAFH/

ETH:
INTRO: ETH ready to break 2400$ resistance.

Here is a technical analysis of the ETH/USDT chart:

Key Levels:

• Resistance: $2320, $2420
• Support: $2220, $2100

Strategy:

• Long: Buy at $2220 with a stop loss below $2100 and a target price of $2320.
• Short: Sell at $2320 with a stop loss above $2420 and a target price of $2200.

Range Description:

ETH/USDT is currently trading in a range between $2200 and $2500. The pair has broken into range during the day. However, there are signs that the pair is ready to make a move with possible retest of support.

On the upside, ETH/USDT is facing resistance at $2320. This level hasn’t been tested today and if the price holds above on the daily close it will be confirmed as support. A break above $2320 would signal a bullish breakout and could send the pair higher to $2320.

On the downside, ETH/USDT is facing support at $2220. This level is a previous swing low and has been tested multiple times in recent weeks as resistance. A break below $2220 would signal a bearish breakdown and could send the pair lower to $2120 or even $2000.

ETH1D chart TW link: https://www.tradingview.com/x/ViyZlJ0x/

XRP:
INTRO: XRP holding above 0.5$ and needs to hold before the big nuke.

Here is a technical analysis of the XRP/USDT chart:

Key Levels:

• Resistance: $0.50, $0.52
• Support: $0.48, $0.46

Strategy:

• Long: Buy at $0.48 with a stop loss below $0.46 and a target price of $0.58.
• Short: Sell at $0.50 with a stop loss above $0.52 and a target price of $0.46.

Range Description:

XRP/USDT is currently trading in a range between $0.48 and $0.52. The pair has shifted into range during the day. However, there are signs that the pair is ready to make a move with possible retest of support.

On the upside, XRP/USDT is facing resistance at $0.50. This level has been tested today and if the price holds above on the daily close it will be confirmed as support. A break above $0.50 would signal a bullish breakout and could send the pair higher to $0.52.

On the downside, XRP/USDT is facing support at $0.48. This level is a previous swing low and has been tested multiple times in recent weeks as big support. A break below $0.48 would signal a bearish breakdown and could send the pair lower to $0.46 or even $0.44.

XRP chart TW link: https://www.tradingview.com/x/eiT1kTdn/

LINK:
INTRO: LINK in full bullish break up into 20$.

Here is a technical analysis for the LINK/USDT chart:

Key Levels:

• Resistance: $20
• Support: $17.6

Strategy:

• Long: Buy at $17.6 with a stop loss below $17 and a target price of $20.
• Short: Sell at $20 with a stop loss above $21 and a target price of $17.6.

Range Description:

LINK/USDT is currently trading in a range between $17 and $20. The pair has shifted into range during the day. However, there are signs that the pair is ready to make a move with possible retest of support.

On the upside, LINK/USDT is facing resistance at $20. This level has been tested today and if the price holds above on the daily close it will be confirmed as support. A break above $20 would signal a bullish breakout and could send the pair higher to $22.

On the downside, LINK/USDT is facing support at $17.6. This level is a previous swing low and has been tested multiple times in recent weeks as big resistance. A break below $17.6 would signal a bearish breakdown and could send the pair lower to $17 or even $16.

LINK chart TW link: https://www.tradingview.com/x/OvpAc1cT/

SOL:
INTRO: SOL fighting with 100$ resistance.

Here is a technical analysis of the SOL/USDT chart:

Key Levels:

• Resistance: $100, $107
• Support: $79, 90$

Strategy:

• Long: Buy at $90 with a stop loss below $75 and a target price of $100.
• Short: Sell at $100 with a stop loss above $107 and a target price of $90.

Range Description:

SOL/USDT is currently trading in a range between 75$ and 100$. However, there are signs that the pair is ready to make a move to push strong resistance at 90$.

On the upside, SOL/USDT is facing resistance at $100. This level it has been tested today and if the price holds above on the daily close it will be confirmed as support. A break above $100 would signal a bullish breakout and could send the pair higher to $107.

On the downside, SOL/USDT is facing support at $90. This level is a previous swing low and has been tested multiple times in recent weeks as big support. A break below $90 would signal a bearish breakdown and could send the pair lower to $70 or even $60.

SOL chart TW link: https://www.tradingview.com/x/MVCnI75j/

CRYPTO NEWS:

WHAT TO EXPECT IN FEBRUARY

February is here. And two things consistently happen this month…

a) 84% of men dash to the nearest grocery store for last-minute Valentine’s Day flowers (guilty as charged).

b) BTC and ETH usually see green monthly returns. In fact…

• BTC has only had 2 red February’s in its history.

• ETH has only had 1 red February in its history.

The only other month that consistently sees as much green is October (dubbed “Uptober”).

So the million-dollar question is: will February 2024 be a green month?

We can’t predict the future, but here are a few big events that could make or break the month:

• Ethereum will go through its final test for the Dencun upgrade. If it’s successful, the real upgrade could be scheduled for the end of February or early March.

• Hong Kong regulators could approve the first BTC spot ETF later this month. It’s estimated that there are ~10 asset managers exploring ETFs in Hong Kong.

• Token unlocks. 27 crypto projects are expected to unlock tokens worth ~$900M this month.
P.S. – if you’re curious about what else is happening this month, check out the crypto calendar below:

FAST NEWS:

Facebook’s Reality Labs reports revenue hit $1B last quarter. The bad news? The metaverse-focused team’s losses hit $4.6B. Oof.

Polygon Labs laid off 19% of their staff. They will also be spinning out their Venture arm and digital identity group as separate organizations.

BlackRock’s spot bitcoin ETF overtakes Grayscale’s GBTC in daily volume. IBIT registered $304 million in trading volume compared to $292 million for GBTC.

The U.S. Department of Justice will begin surveying the electricity use of U.S. crypto miners next week. The move follows the approval of its “emergency” data collection request.

CoinShares is sharing its ETH staking yield with its clients. Investors of the Europe-listed CoinShares Physical Ethereum ETP will earn a 1.25% staking reward per year.

The average potential crypto rug pull makes $2,600 in profit. According to the report from Chainalysis, of all Ethereum ERC-20 tokens listed on DEXs in 2023, more than half met the criteria for possible pump-and-dump schemes.

Final words:

The market is ready to break resistance hope you catch good positions.

GROW BOT UPDATE:

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GROW CURRENTLY:

TRADING COIN: BTC/USDT
SETUP: SHORT
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