Market open will break price down this week.

04.09.2023

Dear traders,

Crypto market still consolidating and losing momentum with a big possibility of a bigger push-down.

Jake
TOP Trader

BTC still holding under 26k and there is a big possibility of bigger push back in coming days with
market data updates.

ETH retraced to a major support level at $1630, and there is a possibility of it filling the wick down
to $1500. It remains in a precarious position before a potential larger pushback.

XRP dropped back to the $0.5 support level and needs to hold it; otherwise, a bigger drop may be
in store.

LINK is experiencing a significant pullback toward the $6 support level and is losing strength for a
larger push upward. Despite diminishing momentum, any price below $7 offers an attractive
buying opportunity.

SOL has dropped back from the $20 support level, and the continuation of the drop is still possible.
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 needs to maintain a position above 103.5 to continue the push.

Crypto/stock daily news:

IS ANOTHER SEPTEMBEAR COMING?

We’ve got some good news and some bad news…
The good news: It’s a new month. Fresh start. Fresh calendar.
The bad news: September is the worst month of the year for crypto.
Here are some (not so) fun facts about SeptemBear:
• BTC hasn’t had a green September since 2016
• ETH hasn’t had a green September since 2019
• On average, Bitcoin goes down ~6% and ETH goes down ~9%
In other words, it’s open season – and the bears are the ones doing the hunting.

There are 2 popular theories as to why Septembers are red for crypto:
1. Some investors exit their market positions to lock in crypto tax gains/losses for the year.
2. The general markets also take a hit. Over the last century, the S&P500 has:
• averaged -1.1% returns throughout September – the worst month, by far.
• decreased in price 56% of the time in September. (It’s the only month that’s more than 50% likely to see a drop in price)
The big problem? Crypto has become more & more correlated with stocks over the last month.
Right now, it’s at 0.49. (pretty correlated)

Now, the question on everyone’s minds: Will September 2023 be another red month for crypto?
I’ll be honest… if I was a betting man and saw 6 straight reds in a game of Roulette, I’d probably
bet the other way. The streaks gotta end sometime, right?
Well, I’m not a betting man. (and my wife banned me from walking within 100 feet of any casino)
But there are a few big events that could make or break this month:
• September 12: Gary Gensler is scheduled to testify before Congress
• September 13: Consumer Price Index (CPI) data gets released
• September 19-20: FOMC meeting and the Fed announces interest rate hikes. *gulp*
• September 27: Gary Gensler is scheduled to testify before Congress (again)
Buckle up Traders, it could be another rough September.

FAST NEWS:

JPMorgan files a trademark for Chase Travel that includes plans for a “financial exchange of virtual currency”. First, they laugh, then they join.
Adidas is partnering with NFT artists to launch its first digital artist-in-residence program. The artists will get to collaborate with the sportswear giant on digital and physical items.
The Society for Worldwide Interbank Financial Telecommunications (SWIFT) has successfully integrated the Chainlink blockchain in recent tests. BNP Paribas, BNY Mellon, and others collaborated with Swift on the experiments.
PancakeSwap has launched on the Base network. The decentralized exchange also launched on 4 other Ethereum blockchains – including Arbitrum, Linea, zkSync Era, and zkEVM.
Binance announced it is slowly phasing out support for the BUSD stablecoin. The exchange is encouraging users to start converting BUSD into other stablecoins. (R.I.P BUSD: 2019 – 2013) Nexo dropped a new “dual mode” feature for its crypto card. The new functionality lets users toggle between debit and credit modes.