Last support holding on!

18.07.2023

Dear traders,

This could be the beginning of a bigger dump, so take care of your trades. The market is not looking good.

Jake
TOP Trader

BTC is going to retest support at $29,500, and if it breaks on a daily basis, we could see a bigger drop and a possible retest of the $27-28k region.

ETH is retesting the $1,870 support zone, and if it breaks on a daily basis, we could see another drop below $1,800 and further. It is still in danger of a more significant drop.

XRP has pushed back from a bigger push and is now trading in a new channel above the old resistance, ranging between $0.67 and $0.815. Within this range, the price needs to hold to make a bigger push-up.

LINK has held at support at $6.45 and needs to maintain this level for a bigger push-up and bullish continuation. This is still a good spot for a long-term buy entry price.

SOL dropped from the $27 resistance and is now going into the support zone at $24. There could be a bigger push-back to the $24 support level, which would present a great spot for a long-term buy entry point.

EOS is still trading below $0.79 and needs to hold above the 50MA on a daily basis for a bullish continuation in price. It is still a good spot for a long-term buy option.

LTC is still fighting at the support level of $88, which is a good spot for a long-term buy entry price.
Additionally, in 15 days, LTC will undergo a halving event, which is expected to result in a notable price increase due to a reduction in mining supply. This presents an excellent long-term investment opportunity!

DXY is still fighting with 100, and we have a bullish push-up signal, which could lead to a push-back soon.

Crypto/stock daily news:

HERE’S WHY CRYPTO IS READY TO RALLY

I read a great post called “Bonds Down, Crypto Up” over the weekend.
It was by Dan Morehead – the founder of Pantera. And just in case you aren’t familiar with either of those names…
• Pantera launched the first cryptocurrency fund in the United States 10 years ago
• The fund’s lifetime return is up 41,960% (holy sh*t)
• Dan has been timely with predicting bull runs in the past (i.e. he sent a famous email back in 2013 where he said buying BTC at the time was like buying gold in 1000 B.C.)
So yeah – when Dan has something to say, I listen.
What’s he saying now? Crypto is ready to rally.
Lucky for you, I read the whole post, so you wouldn’t have to. (When I eat read, we all read.)

Here are the JAKE notes on the top 3 things Dan had to say:
1. The Federal Reserve is having a Wile E. Coyote moment, Wile E. Coyote is an OG cartoon character.
He has one goal: try to trick and catch the Road Runner. So, he sets a ton of traps.
But in the end, Wile E. Coyote ends up hurting himself. **womp womp**
In his blog post, Dan compares the Federal Reserve to Wile E. Coyote.
He claims the Fed has been trying to trick investors by manipulating the U.S. treasury and mortgage bond markets over the last 15 years.
The results have been devastating for regional banks, housing, renters, etc.

Dan thinks there is still a ton of risks in bonds, which will force investors to look elsewhere for alternatives.
2. Crypto has decoupled from the S&P 500
Last year, Bitcoin’s correlation with the S&P 500 hit an all-time high of 0.76.
Fast-forward to today, it’s below 0.10.
The correlation switched up like a Ludacris remix – it went from “when I move, you move” —-> “move b*tch, get out the way”.

3. As a result, crypto is ready to rally
Dan ends the post with the following…
“Having traded 35 years of market cycles, I’ve learned there’s just so long markets can be down.
Only so much pain investors can take.
It’s been a full year since TerraLUNA/SBF/etc. It’s been enough time. We can rally now.”
**mic drop**
Who knows if Dan will be right again (that last line sounds like it could be out of a fortune cookie), but I wouldn’t bet against his calls.
Plus, all signs are pointing toward a rally…
Traditional finance giants are lining up to launch Bitcoin ETFs.
Tokens like XRP have been deemed not securities.
Huge Web2 companies like Puma, Gucci, Microsoft, etc. are all still jumping into the space on a weekly basis.
**Houston, we have liftoff**

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