Market catching Friday close for possible fake pump.

04.08.2023

Dear traders,

The market is still swinging, and there is a big possibility of a fake out at today’s market close, so take care of your trades.

Jake
TOP Trader

BTC is still holding support at $29,100, and the next significant support level is at $28,000. A big wick is still loading, and it is expected to happen in the coming days.

ETH is currently trading at a breaking point of $1,830, and a larger drop is still possible as the market experiences a slowdown in volume.

XRP is trading at a critical support level of $0.67, which is expected to hold for the next leg up. If the support fails, the price may be strongly pushed towards the $0.5 level, which acts as strong support.

LINK is showing bearish momentum and now trading at $7 support, which needs to hold. However, it remains a good long-term buying option.

SOL bounced up from the $22 support and needs to hold it. However, it is still at risk of a bigger drop before the next push up.

EOS is nearing the $0.7 support level and requires a stronger buying push to break the resistance above $0.79. It remains an attractive spot for a long-term buying option.

LTC, after halving, dropped below the $88 support, which was a breakpoint, and new lows are possible. It is still a good long-term buying option.

DXY is losing bullish momentum and needs to hold above 102 on a daily basis.

Crypto/stock daily news:

ETFS ARE COMING FOR CRYPTO

Let’s talk about the biggest buzzword in crypto right now… ETF.

You either:

a) Know what it is

b) Have no idea what it is (and, at this point, are too afraid to ask)

So, just so we’re all on the same page…

And there’s been big news in ETF land this week:

1/ ETH ETFs are coming

Over the last few days, six asset managers have filed applications with the SEC to launch an ETH futures-based ETF:

VanEck – $77.8B in assets under management (AUM)
ProShares – $65B in AUM
Grayscale – $50B in AUM
Bitwise – $1B+ in AUM
Roundhill – $1B+ in AUM

• Volatility Shares – manages $170M+ across four funds
Turns out ETFs are a lot like Vans shoes in middle school – once the cool kid starts wearing them,

everyone else wants a pair.

What’s next? The deadline for the SEC to approve/deny the ETH ETF applications is set for mid- October.

2/ Chances of a Bitcoin ETF getting approved are improving

According to Bloomberg analysts, the odds of a spot Bitcoin ETF launching this year are 65% based on “recent events and new information”.

A few months ago, the odds were at 1%.

The analysts believe that pressure from BlackRock and Congress could make denying the ETFs “politically untenable” for the SEC and Gary Gensler.

A few analysts also believe it’s likely that the SEC simultaneously approves all applications at once.

(WARNING: You should trust an analyst’s forecast like the local weatherman – even when they say it’s gonna be sunny, bring an umbrella. Just in case).

So, what’s next? The SEC’s first deadline to approve one of the recent Bitcoin ETF filings is on August 13.

Til then, we wait.

FAST NEWS:

Backers dropped the Little Legends charitable NFT project last week. Partnered with Shoes That Fit, holders benefit from unique NFTs, private events, and rewards and get to help provide sneakers to those in need.*

Amazon Prime is giving out free NFTs for a web3 game called Mojo Melee. Amazon Prime subscribers are eligible to claim a free package that includes an NFT and in-game currency for the Mojo Melee game.

Worldcoin has been temporarily suspended in Kenya. Authorities have trust issues and want to assess whether the eyeball-scanning project poses any risk to Kenyan citizens.

Google Cloud is now a validator on Celo Network. Google Cloud’s Blockchain Node Engine will help the Celo Network transition from a layer-1 blockchain to a layer-2 scaling solution.

Beeple bought a CryptoPunk for $208K. #BigBallerBuy

Robinhood crypto revenue dropped 18% in Q2. On the bright side, they were profitable for the first time since becoming a public company.