Market preparing for a big push or another fake out, loading.

05.10.2023

Dear traders,

Market slowing momentum and holding at resistance line still need big buy volume for bigger breakout.

Jake
TOP Trader

BTC is facing strong resistance at $27,800 and needs to push above it on a daily close for a bigger push up. The question is whether it can manage to sustain support above $27,200 on a daily basis, as doing so could lead to further upward movement in the coming days.

ETH, after experiencing a significant price increase, now needs to maintain a level above $1,630 to sustain its upward momentum. It remains in a precarious position if this support level fails to hold, potentially leading to a larger downward correction.

XRP has bounced back from its $0.52 support level and now needs to break through the strong resistance at $0.54 to trigger a larger upward movement.

LINK is displaying bullish momentum, but it must hold above $7.5 as a support level for a more substantial upward push. On a daily closing basis, it needs to overcome strong resistance at $7.5, which it is currently facing. Chart: link1d.

SOL is exhibiting bullish momentum and attempting to break through the formidable $24 resistance level. However, it still lacks the necessary buying pressure to overcome this strong resistance.

EOS is still grappling with a strong resistance level at $0.6 and needs to hold above it to facilitate a larger upward move. Achieving a sustained price increase depends on a significant surge in buying volume.

LTC is currently holding in the mid-range at $65 and is struggling to gather enough buying momentum to break through the $70 resistance line.

DXY is building bullish momentum and targeting the strong resistance level at 108 for a potential larger upward move.

Crypto/stock daily news:

THE U.S. VS. SBF: DAY 1 HIGHLIGHTS

he crypto trial of the century has begun….

The United States vs. Sam Bankman-Fried. The man behind the FTX collapse is facing 7 criminal charges including fraud and money laundering.

If convicted, Bankman-Fried could be sentenced to 100+ years in prison and earn himself a spot on Mt. Fraudmore.

So, how’d Day 1 go? To be honest, it was a snoozefest.

No legal arguments. No witnesses. No “objection!” being yelled. Nada.

Day 1 was all about voir dire. Which is a fancy word for “picking the jury”.

(Could’ve fooled me… I thought it was French for “death by boredom”.)

In total, 18 jurors needed to be selected. 12 starters and 6 waiting on the sidelines in case a jury member needs to be subbed out.

So, who got chosen? As of now… nobody.

The selection process was delayed and didn’t start until 11 a.m.
An hour later, they were already on a lunch break. (working hard or hardly working?)
A bunch of the jurors already knew about the case, so they were dismissed.

The pool of ~80 jurors was trimmed down to ~50. The judge said the final 18 would be chosen today, so we’ll have to wait and see who makes the cut.

The best highlight from Day 1? We got our first look at the post-prison SBF.

And there’s one big difference: the hair.

That’s right. Sam pulled up to court with a shape-up so crisp you’d think the barber whipped out the protractor to get those angles…

Now, there are only two places you can get a cut like that:

1/ My barber Rico.

2/ Prison.

And apparently, Sam got a hook-up from a fellow inmate before his big day…

All eyes will be on Day 2 – where we expect a final jury to be selected, opening statements from both sides and the first witnesses to take the stand.

Get your cookies ready, it’s about to get milky.

FAST NEWS:

A new study from Bakkt® shows interest in crypto has sustained through the bear market. With regulation and macro conditions being top of mind for crypto participants. Check out the whole survey from Bakkt, the company doing crypto responsibly.*

A U.S. District Judge has rejected the SEC’s motion to appeal its loss in the Ripple case. Another L for the SEC, another cup of milk to celebrate.

OpenSea launched OpenSea Studion – a new one-stop shop for creators to launch and manage NFTs. Creators will be able to launch projects using no-code and collectors can mint using a credit/debit card.

Star Atlas is releasing new tools to help developers build games more easily on the Solana blockchain. They’ve also released free access to their imagery, audiovisual assets, Unreal Engine tooling, and more.

Ledger and Sotheby’s are teaming up to offer exclusive benefits to collectors. Sotheby’s top NFT collectors will receive exclusive Ledger hardware wallets and a “white-glove concierge onboarding” experience.

Binance was hit with a class-action lawsuit for allegedly trying to monopolize the crypto market. The SEC claims Binance intentionally harmed FTX and accelerated its collapse via social media posts.