Is the market slowing and ALTs dumping indicating a dead cat bounce finish?

08.06.2023

Dear traders,

BTC hit $27,200 and dropped to the support at $26,100, which is the last support before a bigger push down. It is still in danger of the next leg down. It needs to hold above on a daily basis for a bigger push up to the $28k range.

ETH is still trading within the range of $1,820 and $1,850, which has been the main range for the past 30 days. A bigger push up is expected if $1,900 is broken. The next leg down is still possible.

XRP is showing bullish momentum and is still holding at the 50MA, indicating uptrend strength. If BTC breaks down, we could see the next leg down for XRP as well.

LINK dropped below $6, reaching the short target and showing weakness for the next leg down. The long-term major support is at $4.5, making prices under $7 a great spot for long opportunities.

SOL hit $18.6 as support and showed a small bounce up. It is still in danger of the next leg down, and the next support is at $17.5.

EOS is still struggling at $0.89, and the volume remains low for significant swings. It is currently experiencing a significant sell-off, and a substantial push is needed to break into bullish territory.

LTC is at a breaking point at $88 and could drop hard if this support doesn’t hold. In 50 days, there will be a halving event in LTC, which suggests a potential price increase after the reduction in mining supply. This presents a significant opportunity to invest and hold!

DXY is showing signs of slowing and is now dropping to the support at 103.5, which could form a double bottom if it holds.

Crypto/stock daily news:

BITCOIN MINING THE ENVIRONMENT

Look, we know mining crypto gets a bad rap.

It eats up a lot of energy to create each coin, etc.

But there are two words that will bring joy to environmentalists around the world: sustainable mining. Here are two ways its being done now

1/ El Salvador is mining with geothermal energy.

There are about ~30 volcanoes spitting out geothermal energy on the reg in El Salvador.

Well, the nation wants to use all that power to run its mining operations.

Cool, huh?

Plus, there’s a new $1B project that’s investing in solar & wind energy to create one of the world’s largest Bitcoin mining farms in El Salvador.

And back stateside..

2/ A North Dakota farm is using excess methane gas to mine BTC.

Check it out:

We all need a good reminder of what this space can do every once and a while.

FAST NEWS:

Louis Vuitton is dropping a new NFT collection, Via Treasure Trunks. Each NFT will cost ~$42K and holders will get access to upcoming Louis Vuitton products and immersive events.

Fractal launches a new web3 gaming studio FStudio. The goal? Enable video game developers to easily add crypto integrations into their games without having to code.

El Salvador secures $1B in commitments for a new BTC mining site. It will use solar and wind energy from El Salvador to power the mining operation. #Sustainability

Digital asset investment products saw outflows totalling $62M last week. That’s 7 straight weeks of outflows totalling $329M. Ouch.

Former owner of the Minnesota Vikings has been sentenced to 6+ years in prison for a crypto scam.