Liquidity catching on before a big dump.

08.09.2023

Dear traders,

The market is catching liquidity and long positions, with a high possibility of breaking down in the coming days.

Jake
TOP Trader

BTC retested resistance at $26,200 but pushed back strongly. It still exhibits low trading volume and appears to be gearing up for its next major move.

ETH has retraced to a crucial support level at $1,630, and there is a possibility it may fill the wick down to $1,500. It remains in a precarious position, potentially signaling a larger correction.

XRP has fallen back to the $0.5 support level and needs to hold this level; otherwise, a more significant decline could be imminent.

LINK is currently undergoing a substantial pullback towards the $6 support level and is losing strength for a potential upward move. Despite diminishing momentum, any price below $7 presents an attractive buying opportunity.

SOL has broken below $20 and is showing low trading volume. There is a substantial likelihood of a larger pullback in the coming days.

EOS has dropped below the $0.6 support level and is losing momentum for a potential upward push. It remains an appealing option for long-term investors.

LTC has dipped below the $65 support level and is losing momentum, increasing the likelihood of a more significant breakdown.

DXY has broken bullishly above the 105 resistance and needs to sustain this level on a daily basis to confirm a significant bullish breakout.

Crypto/stock daily news:

WHAT TO DO WHEN THE MARKETS GET ROUGH

Crypto is becoming a ghost town…

DEX volumes have fallen to their lowest level since 2020

Google searches for “crypto” and “bitcoin” hit a multi-year low

NFTs just had their lowest weekly volume in 2 years

The crypto tourists are gone and even some of the locals packed their bags and left.

(Btw – If you’re still here, congrats. You’ve earned your crypto stripes. #SeasonedVet)

But the million-dollar question is… what should you be doing when the markets are this quiet?

You see, some investors are too busy worrying about if another bull run will happen.

The successful ones are preparing for when it comes. They play chess while everyone else plays checkers.

So, one of the best things to do right now is… study the successful investors.

Try to figure out what strategies they have, and see if you can implement a similar one. (work smarter, not harder!)

So today, I’m gonna give you some frameworks from a successful investor.

Meet Jason. He:

made millions from crypto

10x’d his net worth in 1.5 years

is a fellow Trader (so you know he’s a smart dude)

1/ Define your goals

You can’t have a plan if you don’t know where the finish line is.

It’s a simple step, but most people overlook it.

So start at the end and set your goals, first. Do you want…

monthly DoorDash money?

to double your salary?

“rent-out-the-whole-theater-to-myself-cause-I-can” money?

Once you figure that out, you can start making a strategy to get there.

2/ Create your own war room

War rooms are used everywhere.

These are groups of people who are equally obsessed with a specific topic, trade ideas, debate strategies, and help each other when times get tough.

Militaries use them. Sports teams use them. You name it.

You need one too. It’s like copying your friends on a test, except no one gets in trouble.

P.S. – If you’re an expert on a specific part of crypto (i.e. DeFi, NFTs, etc.) it would be a good idea to find experts in other parts.

Dive into new topics and learn from others. Bear markets are the perfect opportunity to smooth out those rough edges.

3/ Hunt for airdrops

If you don’t think money can fall from the sky, think again.

In crypto, this is called an airdrop. Basically, projects sometimes pay early users of their products.

And the money you can make is lucrative. Jason says he made $600K in one year – just from airdrops (!!)

Hunting for them is one of the best “low risk/high reward” strategies you can have. Especially when everything else has gone up in flames.

The key is finding out which projects are gonna do an airdrop next. Defi Llama is a good tool to check out which protocols could be next.

P.S. – we’ve got our eyes on an EigenLayer airdrop (not confirmed yet), so the Trader JAKE has been busy restaking and using the protocol.

You can check out a guide to EigenLayer here. And you can check out some other airdrops we’ve been eyeing here.

That’s all for today’s frameworks folks. It might sound simple, and it is.

You’re top priorities right now should be:

1/ Survive (aka don’t get hacked or lose all your money)

2/ Find some low-risk/high-reward opportunities (aka airdrops)

3/ Stay in the loop on the important stuff and keep learning. (You’re already reading blog, so you got that covered )

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