Monday correction loading?

27.06.2023

Dear traders,

After a big push on Monday, the market came down in the red, and there is still a possible correction.

Jake
TOP Trader

After a bigger push up, BTC is now consolidating at $30,400, which was the old support. However, it is showing weakness in its structure and a possible retracement to $29,500 as a support level.

ETH is still struggling with the $1,940 resistance level and showing a triple top pattern, which is a bearish signal. There is a possibility of a retest of the support level. Strength is returning to ETH after a significant push from BTC, and the momentum could shift towards ALTs, leading to an upward push. However, BTC dominance still holds strong.

XRP is holding above the support level at $0.48, which is bullish. If it manages to hold, it could push higher towards a bigger resistance at $0.54. We are still waiting for a bigger push to break the resistance at $0.54.

LINK has broken bullish above $6 and is showing strength. It now needs to hold above this level for bullish continuation. However, it is still a good option for spot buying and holding.

SOL has pushed up towards the resistance at $17.5 and needs to break it for a larger bullish continuation. However, it is now showing signs of slowing down in its upward movement, and there is a possible breakdown if the channel doesn’t hold. If the resistance is not broken, there could be a retest of the drop, leading to further downward movement.

EOS has broken bullish above $7 and is showing momentum in buy volume. The next big resistance to break is $0.79, which is a bullish option. A bigger push is still needed to break the larger resistance above. Nonetheless, it is still a good option for a long-term spot buy.

LTC has pushed hard up to $90 and then retraced back to the support at $86. It now needs to retrace above $88 for bullish continuation. However, in 40 days, LTC will experience a halving event, suggesting a significant price increase due to a reduction in mining supply. This presents an excellent long-term investment opportunity!

The DXY is showing recovery momentum and is now trying to break above 103 to recover its upward movement.

Crypto/stock daily news:

CRYPTO USE CASE OF THE WEEK

There’s one question that will make every crypto investor tremble…

What are some real-world use cases?

Suddenly, it feels like the final level of “Who Wants To Be A Millionaire”. You start sweating in places you’ve never sweat before.

Well – have no fear, the Trader Jake is here.

With the weekend coming up (AKA primetime crypto debate time), we figured it’d be a good idea to give you some ammo just in case you get asked the million-bitcoin question.

And check it out, we just found a cool database of use cases. It’s called The Value Prop.

Here’s one cool use case we came across:

TOKENIZED CARBON CREDITS

I won’t lie to you, we aren’t environmentalists and had no idea what carbon credits actually were so we did a little research… here’s how I’d explain it to a first-grader:

Global warming is getting bad. (Real bad, Michael Jackson).

The good thing: There are a ton of smart people out there building solutions to try to save us.

The bad thing: The smart people trying to save the world don’t get much funding.

So in order to solve this, a carbon credits market was created. This is how it works:

Every time a project successfully removes 1 ton of carbon from the atmosphere, they get 1 carbon credit.

These carbon credits are then sold to individual companies.

The companies buy carbon credits to reduce their carbon footprint and meet regulatory requirements.

Companies try to buy 1 carbon credit for every 1 ton of C02 they create from factories, trucks, etc. (It’s an “offset”).

But there’s another issue: these transactions are slow and mostly done over the counter.

That’s where the blockchain comes in. By tokenizing the carbon credits and putting them on a blockchain, it makes the market more transparent, liquid, and accessible.

Big corporations get to say they’re net-zero and the environmental projects get some funding. It’s a win-win. Gold stars all around.

Here are a few companies that are doing this today:

Nori
KlimaDAO
Coorest
Andes

Crypto gets a ton of hate for hurting the environment, so it’s good to see a few projects all tackling environmental problems here.

FAST NEWS:

Five years ago, CNBC said it was having a funeral for Bitcoin. BTC was $6,027 at the time – now it’s at $30K+.

Microstrategy turned profitable yesterday with its $4B in Bitcoin. Michael Saylor’s company is in the green with BTC higher than Microstrategy’s average purchase price of $29,803.

Pepe (memecoin) came back to life and jumped 35% in one day. Bitcoin’s rally & major accumulation is behind the rise.

Binance is being investigated in Brazil over pyramid scheme allegations. Parliament will decide soon if Binance Brazil’s chief will testify.