Is the weakening US dollar going to help push up the crypto market prices?

10.10.2023

Dear traders,

While still consolidating, the good news is that the US dollar is weakening, and this could lead to a bigger push up for crypto.

Jake
TOP Trader

BTC is currently trading in the zone of 28-27k and consolidating for the next big move. This could potentially bring the price down. The question is whether it can sustain support above $27,200 on a daily basis, as doing so could lead to further upward movement in the coming days.

ETH, breaking down under $1,630, could lead to a bearish continuation. It remains in a precarious position if this support level fails to hold, potentially leading to a larger downward correction.

XRP can’t hold above $0.50, and the next leg down is imminent.

LINK is displaying bullish momentum, but it must hold above $7.50 as a support level for a more substantial upward push. On a daily closing basis, it needs to overcome strong resistance at $7.50, which it is currently facing.

SOL is fighting strong resistance and needs to hold above $22 to maintain bullish momentum. However, it still lacks the necessary buying pressure to overcome this strong resistance.

EOS is holding at its last support at $0.54, or a major drop may be imminent. Achieving a sustained price increase depends on a significant surge in buying volume.

LTC is currently holding in the mid-range at $65 and is struggling to gather enough buying momentum to break through the $70 resistance line.

DXY is slowing in momentum and didn’t hold above 106.2, which is now acting as resistance.

Crypto/stock daily news:

1 BIG THING TO WATCH THIS WEEK

All eyes will be on one thing this week: The United States vs. Sam Bankman-Fried.

Side note: In case you’re new here, he’s known as fkSBF (formerly known as SBF). Don’t blame me. Blame autocorrect.

And last week, fkSBFs’…

Ex-employee and long-time friend testified against him.
Ex-investor testified against him.
Ex-customer testified against him.
Ex-co-founder and CTO testified against him.

Looks like New York’s rats have evolved. They went from invading apartments → invading courtrooms.

But last week was a warm-up for the main snitch witness…Caroline Ellison. The former CEO of Alameda and fkSBF’s ex-girlfriend.

She’s the Bonnie to fkSBF’s Clyde. And now she’s turned on him…

THE MCRIB IS BACK. WILL BITCOIN PUMP AGAIN?

PSA: The McRib is back. I repeat, the McRib is back.

Whenever McDonald’s relaunches it, there are usually two things that go up:

The number of clogged toilets.
Stock prices.

It’s a phenomenon called The McRib Effect.

When the McRib is available, the S&P 500 has an average daily return of 7 basis points (0.07%) higher than on days when it isn’t available.

And it isn’t just the S&P500 that’s seen price increases over the years… Bitcoin has too.

Check it out:

We look toward the Golden Arches for the answers to our economic questions…

Some people use the Consumer Price Index to track inflation. We use the Big Mac Index.
Some people track assets like oil to predict trends. We track the McRib.

Ok. All jokes aside, McDonald’s only offers the McRib when pork prices are low.

So there actually might be a correlation between its availability and the price of other risk assets.

We’ll see if the trend continues this year.