Is the market still choppy after the US debt ceiling?

02.06.2023

Dear traders,

After the improvement of the US debt ceiling, the dollar initially dropped but found strong support at 103.5 and pushed back.

Jake
TOP Trader

BTC hits support at $26,600 and grabbed liquidity, pushing back into resistance at $27,200. The 50 MA blocked the push up from BTC’s price and was strongly rejected. This could be the beginning of a bigger drop to $25k, which is the expected level where BTC has strong support.

ETH is pushing hard from the $1,870 support level, showing bullish momentum. As BTC’s price slows, this could push ETH and ALTs prices up with a strong bounce.

XRP is showing strength and after holding above $0.5, it could launch strongly towards the big resistance at $0.54.

LINK dropped below the $6.45 support level, signaling a bearish sentiment for a potential further push down to the $6 target. However, it remains a good opportunity for a spot long position.

SOL is showing bullish momentum and is pushing strongly towards $21. It now needs to hold above that level for a continuation of the push.

EOS is holding above $0.89 and showing some momentum, but it’s still not strong enough to break over $0.9. We still need an ETH breakout for altcoins to pump strongly.

LTC is showing a strong bullish continuation and hitting the $95 resistance level. However, it still demonstrates strength for a significant upward push. In 60 days, there will be a halving event in LTC, which suggests a considerable price increase due to the reduction in mining supply. This presents a great investment opportunity to hold!

After the bad news in the market, DXY managed to push above 103.5 as a strong resistance level.

Crypto/stock daily news:

4 THINGS TO WATCH IN JUNE

It’s June, y’all.

Pool szn is here and we’re halfway to Christmas. Get hyped.

There’s more than 1 reason to relax with a pina colada right now… and a few reasons not to.

Let’s start with the bad news…

1/ June has been a red month for BTC & ETH in recent years.

Last June was Bitcoin’s worst month in a decade. Inflation, high interest rates, & low market liquidity will do that to ya.

So will this June suck too? We hate to break it to you, but there’s 1 key factor that might make that the case…

2/ Interest rate hikes

AKA the only term scarier than “we need to talk.”

The Fed might vote to raise them in mid-June. Threat of higher federal interest rates = less likely people are to buy risky assets (like crypto/BTC.)

Womp womp.

But on to the good news!

3/ Apple might launch its VR headset at its annual conference next week

This headset could be a total gamechanger. And people think it could send metaverse tokens booming, too.

Decentraland & Sandbox’s native tokens surged in January because of the headset rumors.

But they might need more than just a tech heavyweight-made VR product to take off: actual metaverse mass adoption (that’s waaaay off.)

4/ Hong Kong started letting retail investors buy/sell crypto today

Time to celebrate ?

Why? Because ~7.4M more people being able to trade crypto is like your buddy showing up with a 24 pack of beer for mass adoption – it swings that door wide open.

It’s also a win since China has been so iffy about how to (or if it would) welcome crypto. Hong Kong’s move could expand throughout China, too.

Watch this space…

FAST NEWS:

LooksRare’s Season One went live today. Compete to earn Gems, which are redeemable towards a prize pool of 5,000,000 LOOKS tokens at the end of the month.*

A wallet holder asked their Twitter followers for ETH for nothing in return. It got $1M in 24 hours… ?

Binance reportedly laid off 20% of its workforce. CEO CZ tweeted that it was all FUD – the company regularly says “goodbye” to employees that aren’t a good fit.

The author of “The Bitcoin Standard” is now an economic advisor to El Salvador’s National Bitcoin Office. They really goin’ all in…

Blockchain data company Nansen laid off 43 employees this week (about 30% of staff.) It cited a harsh market and growing too fast too early.