Monday dump should continue this week

24.07.2023

The market is slowing down, and the expected dump is playing out, which could continue this week.

Jake
TOP Trader

BTC dropped under the support line and is now trading at 50MA on the daily chart, showing it as support. A break below this level will indicate a bigger bearish continuation. The next significant support is at 28k, and if it doesn’t hold, we could see an even bigger drop.

ETH is currently trading at the breakpoint of $1830, and a break below this level will push the price lower, with bearish momentum potentially pushing it further down.

XRP’s short signal is working, and it is now approaching the support line at $0.67, which could be a great long entry point if the price holds.

The bearish signal for LINK is playing out, and this could push the price to the $7 support level, which is a great entry point for long positions. This still presents a good spot for a long-term buying opportunity.

SOL is showing bearish momentum and is heading towards a major support level at $22. It needs to hold above this level; otherwise, significant bearish momentum could come into play.

EOS is still trading below $0.79 and needs to stay above the 50MA on a daily basis to sustain a bullish continuation in price. It remains a good option for long-term buying.

LTC is still fighting at the support level of $88, which is a good spot for a long-term buying entry price. Additionally, in 10 days, LTC will undergo a halving event, which is expected to result in a notable price increase due to a reduction in mining supply. This presents an excellent long-term investment opportunity!

DXY shows signs of life and is now pushing up from the 101 support, attempting to break the 102 resistance.

Crypto/stock daily news:

BITCOIN’S BOOMING IN JAPAN & TURKEY

Every once in a while, we need a reminder of what crypto was made for in the first place…
An alternative finance system.
One that isn’t controlled by a centralized government, unlike the current systems… (**cough fiat currencies and FedNow cough**).
And while many fiat currencies around the world are drowning from record-high inflation and interest rates…

There are a handful of markets that are looking to Bitcoin as a solution.
1. Japan
• Bitcoin trading volume on Japanese exchanges rose from 69% → 80% in the first six months of 2023
• Total trading volume was $4B in June – that’s a 60% surge year-over-year
• Why? The yen is depreciating like crazy. People there want to put their money into something that won’t plummet in value. Enter Bitcoin.
2. Turkey
• BTC prices hit a new ATH against Lira on exchanges. BTC was trading ~1.3% higher on Turkey’s largest exchange than it was in global markets
• Why? The nation’s local currency (the Lira) lost ~30% of its value against the U.S. dollar since January
• Turkey also raised its interest rates to 17.5% this week to try to curb its whopping ~40% inflation rate. Yikes
Trader Jake equation No. 38: Inflation = rise in Bitcoin use.

FAST NEWS:

The European Blockchain Convention kicks off on October 24th. The largest blockchain event in Europe takes place in Barcelona, with one day left to get a discounted price on tickets.*
Trend Watch: Telegram bot tokens are almost at a $100M market cap. These are automated programs that make crypto trading as easy as sending a Telegram message. (And business has been boomin’!)
Solana Labs dropped a new compiler called Solang. It lets developers use Solidity (the main Ethereum programming language) on Solana. So-Long, Ethereum.
Kuwait has imposed an “absolute ban” on crypto. No crypto trading, no crypto payments, no crypto mining. Nothing. Zip. Nada.
OpenSea launched a new NFT trading feature called Deals. It lets people offer NFT trades to each other, in a secure way.