Market is slowly losing momentum and entering a boring consolidation zone.

06.09.2023

Dear traders,

A bigger drop in the market is still expected, and volume is slowly diminishing.

Jake
TOP Trader

BTC is falling into the mid-$25,000 support zone and could continue with a bigger drop. There’s still a lack of volume to make bigger moves.

ETH retraced to a major support level at $1,630, and there is a possibility of it filling the wick down to $1,500. It remains in a precarious position before a potential larger pushback.

XRP dropped from the $0.5 support, and a bigger bearish continuation is still possible.

LINK made a small bounce up from the $6 support and needs a bigger push up for bigger moves.
Despite diminishing momentum, any price below $7 offers an attractive buying opportunity.

SOL pushed back from a bigger push to $20 and is now looking for bearish continuation. There is a substantial likelihood of a larger pullback in the coming days.

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

LTC has dropped below the $65 support level and is losing momentum, with a high likelihood of a larger breakdown.

DXY broke bullish above the 104.3 resistance and needs to hold above it on a daily basis for a big bullish breakout.

Crypto/stock daily news:

BITCOIN IS BECOMING A SAFE HAVEN FOR TURKEY

Turkey is home to 85M+ people. It’s also home to:
• One of the worst inflation rates in the world (59% in August)
• One of the most depreciated currencies in the world (the value of Turkish lira has decreased by over 50%)
The result: Turkish people are getting rekt.

Which is why Bitcoin is slowly becoming a safe haven for Turkish people.
According to a recent survey by KuCoin:
• ~52% of participants are invested in crypto (a 12% increase from 18 months ago).
• The most popular cryptocurrencies are BTC, ETH, and other stablecoins like USDT.
• Many are using Bitcoin as a hedge against inflation.
This isn’t the first time we’ve seen this trend either.
Places like Lebanon and Cyprus have been plagued with high interest rates, depreciating fiat currencies, and corrupt financial systems – forcing people to look for an alternative, like Bitcoin.
Many people around the world are having a “come to Jesus Satoshi” moment.

FAST NEWS:

Kraken Pro has become the one-stop shop for Pro Traders. Packed with new trading and analytics tools, a polished UI, and a fully customizable trading interface, it’s Kraken’s most powerful trading platform – ever.
The Colorado Division of Motor Vehicles (DMV) is accepting crypto as payment for online services.
DMV customers can pay for driver’s licenses, vehicle registrations, etc. using crypto. Is this cool? Yes. Is the DMV still Hell on Earth? Also yes.
Stake.com (a popular crypto gambling site) got hacked for ~$41.3M yesterday. The crypto-gambling site suffered a “private key leak” and was drained across 3 different blockchains.
The London Stock Exchange is considering launching a new blockchain-based market exchange.
The goal? Make buying, selling, and holding traditional assets easier with blockchain technology.
A proposal has been approved to make dYdX the native token for its new Layer 1 blockchain. The proposal almost got 100% of the votes from the community. There were only 4 wallets that voted against it (There’s always at least one…).
Binance’s Global Head of Product quit and left the company over the weekend. This is the 4th Binance executive to leave the company over the last few months.