Is this a big push up or just a retest of the drop?

09.08.2023

Dear traders,

Market making a bounce back from support, will it break resistance and push the price further up?

Jake
TOP Trader

BTC has retested resistance and grabbed liquidity at 30k. Now it needs to break above it, or a bigger drop is loading. A significant wick is still forming, and it is expected to materialize in the coming days.

ETH is retesting resistance at $1870 and needs to break it on a daily basis to make a big push. Breaking $1,900 is necessary for a bigger upward movement.

XRP is retesting resistance at $0.67 and needs to break it on a daily basis to make a bigger push up. It remains a favorable opportunity for long-term buying.

LINK is retesting the $8 resistance and is currently attempting to break it on the daily chart. However, it remains a strong long-term buying option.

SOL is breaking bullish and pushing above $24.2 as support, and it needs to hold it on the daily chart.

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 acted 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:

GRAPH OF THE DAY: WEEKLY CRYPTO FUNDS FLOW REPORT

The latest Weekly Crypto Asset Funds Flow Report just dropped.

The results? $107M in total outflows.

Here are the big highlights:

Bitcoin saw the bulk of outflows, totaling $111M. (the largest weekly outflow since March)

A few altcoins saw inflows. Solana (SOL) was the biggest winner, followed by minor inflows into Ripple (XRP) and Litecoin (LTE).

Weekly trading volume continues to decline. The on-exchange market volume was down 62% relative to the year-to-date average.

This was the 3rd straight week that crypto funds have sold off more than they bought. *queue sad violin*

It could be a mix of profit taking + investors vacationing and sipping on Mai Tais.

We’ll see if the trend continues next week.

FAST NEWS:

Crypto Rumor Mill: Huobi could be facing solvency issues. There are reports that company executives were arrested and the exchange could be facing liquidity issues. As a result, users are starting to withdraw funds from the exchange. (JAKE Rule #4: Better safe than sorry)

Curve Finance has placed a $1.85M bounty to help identify the hacker that stole $70M last week. They should just call Liam Neeson for help at this point…

Singapore Red Cross is teaming up with Triple-A to start accepting crypto donations. Popular cryptocurrencies like BTC, ETH, USDT, and USDC will be accepted.

Reddit tokens, Moons and Bricks, see major price pumps after being listed on Kraken. $MOON is up 40% and $BRICK is up a whopping 135%. It’s what we call the Exchange Listing Effect (ELE).

Kenyan authorities raided a Worldcoin warehouse over concerns about data collection practices. This comes after the government suspended Worldcoin’s operations last week.