Market still low and losing momentum.

22.08.2023

Dear traders,

The market is still losing momentum and showing no strength for a bigger push upward.

Jake
TOP Trader

BTC is still holding at 26k, but without power behind it. The upcoming move might involve a fake-out before a larger subsequent movement.

ETH is trading above the $1630 support and is consolidating before its next push. However, caution is advised as it remains vulnerable before the next downward push.

XRP pushed the price above the $0.5 support and needs to maintain this level before the next leg. Nonetheless, the risk of further downward pressure persists.

LINK is still holding above $6 and consolidating. While momentum may be waning, any price below $7 presents a favorable buying opportunity.

SOL is currently holding above the $21 support and needs to maintain this level for the next leg up. Consider purchasing options when it’s priced below $20.

EOS is still struggling with the $0.6 resistance and is currently trading at $0.57. Breaking the $0.6 mark is crucial for the next upward push. It remains an attractive option for long-term investment.

LTC is losing momentum and is now trading at $65, showing a slowdown in momentum. There is a significant risk of a more substantial downward push.

The DXY is breaking above 103.5 and showing breakout momentum.

Crypto/stock daily news:

EVERYTHING YOU NEED TO KEEP YOUR EYES ON THIS WEEK

There’s never a dull moment in crypto, and this upcoming week is no different.

It’s packed with token unlocks, speeches from members of the Federal Reserve, and macroeconomic data.

It might seem like Boring Stuff™, but there are a few key events you need to keep your eyes on:

Macroeconomic data: stuff like the initial jobless claims, U.S. Services PMI, and core durable goods data are all being released.

Federal Reserve speeches: 3 members of the Fed are scheduled to speak this week, including Jerome Powell’s annual Jackson Hole speech slated for Friday.

Token unlocks: $120M+ worth of tokens are being unlocked throughout the week, including $100M from AVAX and $14M from LDO.

Legal battles: The D.C. Court of Appeals is scheduled to decide on the Grayscale v. SEC lawsuit by August 22nd. (unless it gets postponed, again)

The make-or-break event this week: Jerome Powell’s speech at the Jackson Hole Economic Symposium. (aka the Super Bowl of Economics)

It’s one of the longest-standing central banking conferences in the world and brings together economists, central bankers, U.S. government representatives, etc., to talk about policies.

And Jerome Powell’s speech had a big effect on the market last year.

Powell warned more interest rate hikes were coming and ended his 30-minute speech in 8 minutes. It was short and [not] sweet.

As a result, crypto prices crashed.

All eyes will be on Jerome “MoneyMan” Powell later this week to see if history repeats.

FAST NEWS:
Stader Labs is helping to decentralize Ethereum’s blockchain. They scored a 4.3-star rating from the Milk Man due to their ease of use, attractive rewards, and clean user interface.*

Yuga Labs announced it will move away from OpenSea’s NFT trading platform. The move comes after OpenSea announced it would stop enforcing mandatory creator royalties.

Bitget will implement new KYC requirements for users starting next month. New users will need to complete a level 1 KYC verification, while existing users have until October 2023 to complete the level 1 KYC verification.

Recur announced it will be shutting down. The NFT platform raised $50M+ from investors and had partnerships with major brands like Nickelodeon and Hello Kitty. (**takes a moment of silence**)