Retest of break up or nuke is still loading?

31.05.2023

Dear traders,

The market opened in the red after a bigger drop in BTC and CME gap filling. This could mean more downside if the support doesn’t hold.

Jake
TOP Trader

BTC dropped below support at $27,400 and is now trading at $27,000. This could be the beginning of the next leg down, targeting a short position at $25,200.

ETH hit a strong resistance and pushed back to the $1850 support. It needs to hold above this level for bullish continuation to remain in play. Significant bullish news is required for a strong breakout.

XRP made a strong push-up and hit strong bearish signs, and is now retesting the $0.5 level. It needs to hold above $0.5 for the next leg up. It is still showing strength.

LINK is retesting support at $6.45, and it looks good if it manages to hold above it. It remains a good opportunity for a spot-long position.

SOL strongly hit resistance at $21, and now it needs to hold above $20 for the next push-up.

EOS is showing weakness and dropped below $0.89, which was a strong resistance level. For bullish continuation, it needs to hold above $0.89 and push stronger.

LTC shows strong resistance at $93, and there is a possibility of further downside with a price target in the mid $70s. In 60 days, there will be a halving event in LTC, which suggests a significant price increase due to the reduction in mining supply. This presents a great investment opportunity to hold!

The DXY is holding above 104.3, and this could indicate the next push-up.

Crypto/stock daily news:

3 THINGS TO WATCH THIS WEEK

We get it – you TRADERS are busy people. The NBA playoffs are on. Summer is right around the corner. And my wife tells me there’s a new season of the Kardashians (lord help us).
It’s a crazy time.
But there are 3 things you need to keep an eye on this week in crypto:

1. Token Unlocks
Token unlocks are important, and every crypto trader needs to know about them.
Typically, when a token launches, there are early investors, employees, developers, etc that all receive tokens for cheap. Sometimes they even get the tokens for free.
But the tokens are “locked” for a certain period of time. This is so investors don’t immediately sell the tokens, take the profit, and run for the beach to sip on margaritas.
Well, there are a bunch of tokens unlocking this week:
• Optimism (OP) will unlock 386M tokens (worth ~$580M)
• Hedera (HBAR) will unlock 1.2B tokens (worth ~$68M)
• 1inch (1INCH) will unlock 250M tokens (worth ~$100M)
• Sui (SUI) will unlock 61M SUI tokens (worth ~$64M)
So what? Token unlocks are usually followed by one thing… price volatility.
And with some of these projects unlocking $100M+ in tokens, we expect prices to move up and down like it was the Drop of Doom at Six Flags.
2. Hong Kong opens crypto trading to retail investors
All eyes are on Hong Kong this week.
Why? Because starting on June 1st, crypto trading will be open to retail investors.
This means citizens will legally be able to buy/sell popular cryptocurrencies (like BTC, ETH, etc) on licensed exchanges. Gamechanger.
So what? This is big for 2 reasons…
• Many think this could start a mini-bull run. More traders = more volume = higher prices.
• If crypto trading goes well in Hong Kong, it could spread to other parts of China
China has a weird relationship with crypto… one day, it’s legal. Then it gets banned. Then it gets unbanned.
It’s a lot like my mom trying to decide what to order at a restaurant. She changes her mind 5 times and then just orders the first thing she saw.
Here’s what the crypto landscape in China looks like right now.

So, if the crypto trading experiment ends up running smoothly in Hong Kong it could end up being adopted in other parts of China soon too.
3. The U.S. will release its new labor report
Growing up sucks. You go from reading Captain Underpants books → reading government economic reports. (booo!)
The next important economic report coming this week? The U.S. monthly jobs report.
This gives a snapshot of important info like how many jobs were created during the month, how many people were unemployed, how many hours everyone worked, etc.
So what? The U.S. monthly job report is often the first major economic report released during the month.
Depending on the results, it can be a market-moving event and sets the tone for other economic reports that follow (like the Feds’ decision to hike interest rates or not.)
*Gulp*
Ladies & gents, brace yourselves for another busy week in crypto.