Resistance is too strong for a break-up; the next leg down is loading.

30.08.2023

Dear traders,

Resistance is still intact and needs to be broken on a daily basis for a bigger push-up.

Jake
TOP Trader

BTC has hit strong resistance and is now retreating to 27k, with a possible bigger pushback. In the coming days, if it doesn’t sustain the push, it could retreat to new lows and continue the breakdown.

ETH hit strong resistance at $1750 and now needs to break it on a daily basis before the next leg up. It is still in danger before a bigger pushback.

XRP is pushing back to the $0.54 resistance, grabbing liquidity. Only if it breaks and holds above $0.54 on a daily basis, could it make a bigger push upwards.

LINK is pushing back hard to the $6 support and losing strength for a bigger push up. Despite the waning momentum, any price below $7 presents a favorable buying opportunity.

SOL is retesting the drop and encountering resistance at $22. There is a significant possibility of a bigger pushback in the coming days.

EOS is retesting the resistance at $0.63 and needs a strong push to break above it. It remains an attractive option for long-term investment.

LTC is retesting the resistance at $70 and needs to break it on a daily basis to continue the push.

The DXY is losing support at 103.5 and needs to hold it for a bigger push up.

Crypto/stock daily news:

BLACKROCK – THE KING OF BITCOIN MINING?

There’s been one name dominating the crypto news over the last few months…BlackRock.

It applied for a Bitcoin ETF

The CEO (Larry Fink) has been on an “I Love Crypto” media tour calling Bitcoin the next big thing

Well, turns out the largest asset manager in the world has also *quietly* been buying up shares of Bitcoin mining companies…

The result: BlackRock is now the second largest shareholder of 4 out of the 5 top Bitcoin mining companies.

The craziest part? BlackRock is also a top shareholder of some of the other majority shareholders of the Bitcoin mining companies.

For example…

Riot Blockchain is the biggest Bitcoin miner in the world

BlackRock owns ~6% of it

Other Riot Blockchain shareholders include Vanguard, Geode Capital, Invesco Capital, and SSgA Funds

BlackRock is a majority shareholder of each of those companies (i.e. it owns 13% of Vanguard, 15% of Geode Capital, 8% of Invesco, etc.)

Just in case it’s still confusing, allow me to explain with a diagram…

In simple words: BlackRock has a piece of everything. And now, it has its eyes set on crypto.

But the million-dollar question is… how good is this, really?

To help answer let’s play a game called Good Cop, Bad Cop.

GOOD COP: BLACKROCK IS GOOD FOR THE FUTURE OF CRYPTO

BlackRock joining crypto will bring in a wave of other traditional investors.

If there’s one entity the U.S. government will give regulatory approval to, it’s BlackRock.

Regulatory approval can unlock massive growth and make big players more comfortable playing bigger games.

In a nutshell: BlackRock in crypto = better chance for regulations = more investors joining the space = prices go up.

BAD COP: BLACKROCK IS BAD FOR THE FUTURE OF CRYPTO

Arthur Hayes (founder of BitMEX and former crypto billionaire) recently dropped a blog post where he brought up some valid points about the recent “TradFi takeover”…

BlackRock doesn’t care about decentralization – in fact, it’s made a trillion-dollar business based on centralizing assets.

The traditional finance system is struggling, so now finance giants are looking toward the antidote to inflation (crypto) and want to control it.

Traditional finance giants are trying to become the “crypto gatekeepers” and only want to get into the space to charge egregious fees to buy/sell crypto.

In a nutshell: Bitcoin was created as an alternative to the traditional financial system, but if all the big TradFi players end up taking over the space (i.e. buying up tokens, becoming majority shareholders of the biggest miners, etc.) then aren’t we back at square one?

But we’re curious… how do YOU feel about it? Vote below by clicking on your answer! We’ll share the results later this week.

Is BlackRock good or bad for the future of crypto?

Good – this will help unlock mass adoption

Bad – it’s everything Satoshi stood against.