Never-ending consolidation – when will it finish?

15.08.2023

Dear traders,

The crypto market is undergoing a strong consolidation phase, characterized by a lack of volume and anticipation of significant price movements in the near future.

Jake
TOP Trader

BTC is still confined within a range of $20,100 and $29,500. A notable wick is forming, and it is expected to materialize in the coming days.

ETH continues to trade within the mid-$1800 range, requiring a substantial push or drop to break out of this trading channel.

XRP is holding at a crucial support level of $0.62. Sustaining this support is of utmost importance; otherwise, a more substantial decline remains possible. This presents a favorable opportunity for long-term buying.

LINK is rebounding from the $7 support and needs to maintain this level for a stronger push. It remains a robust option for long-term buying.

SOL is exhibiting bullish momentum, surpassing the $24.2 support level. Its ability to sustain this level on the daily chart holds significance.

EOS remains above the $0.7 support level, yet a more significant push is necessary to breach the resistance at $0.79. It continues to be an appealing option for long-term buying.

Following the halving event, LTC dropped below the $88 support level, which acted as a pivotal point. While new lows are conceivable, it remains a favorable option for long-term buying.

The DXY is undergoing a robust surge, breaking through the 103 resistance level. Currently, it is attempting to breach the 200MA on the 1D chart.

Crypto/stock daily news:

EVERYTHING YOU NEED TO KEEP YOUR EYES ON THIS WEEK

Everyone knows there’s never a dull moment in crypto. And we have another action-packed week coming up.

It’s gonna be filled with product launches, token unlocks, and retail data. (aka The Holy Trinity of Price Volatility)

Shibarium (Shiba Inu’s new blockchain) is set to launch on August 15-16. There are also rumors that centralized exchanges could be listing tokens from the Shiba Inu ecosystem this week.

The SEI token is set to go live on August 15. SEI is a new Layer 1 with a lot of hype and major exchanges like Binance and Kraken will be listing the token starting tomorrow.

THORChain is launching its new lending protocol. Borrowers can deposit collateral and acquire debt at a market-determined collateralization ratio. New features include zero expiries, zero interest, etc. (P.S. – THORChain’s native token, $RUNE, is up 50% over the last week)

Token unlocks: ~$200M worth of tokens will be unlocked this week – including SAND (unlocking 16% of supply), APE (unlocking 4% of supply), INJ, and more.

Macro data: Retail sales data and initial jobless claims are being released later this week.

Earnings reports: Big retailers like Walmart, Home Depot, etc. have their earnings calls.

The key thing we’ll be keeping a close eye on – retail data. Both sales data and retail earnings have been key in determining trends in consumer spending.

Buckle up Traders, with all the token unlocks, macro data, and products launching this week we’re forecasting crypto gets hit with the Fog of Uncertainty.

Tread lightly, there’s a 100% chance of volatility.

SBF GOES TO JAIL

Ladies and gents, Sam Bankman-Fried has been arrested.

On Friday, a judge ruled SBF violated his bail by:

Tampering with witnesses (at least twice).

Leaking Caroline Ellison’s private diary to the New York Times. SBF allegedly sent over 100 emails and had over 1,000 phone calls with members of the press.