BTC could retest 42k resistance to clear late shorts.
Jake
TOP Trader
BTC:
INTRO: BTC pushing into 42k$ resistance.
Technical analysis for the BTC/USDT chart:
Key Levels:
- Resistance: $41,500, $43,000
- Support: $38,500, $40,200
Strategy:
- Long: Buy at $38,500 with a stop loss below $37,000 and a target price of $41,000.
- Short: Sell at $41,500 with a stop loss above $42,500 and a target price of $40,200.
Range Description:
BTC/USDT is currently trading between $38,500 and $42,000. The pair has broken into the range during the day. However, there are signs that the pair is ready to make a move with a possible retest of support.
On the upside, BTC/USDT is facing resistance at $41,500. The $41,500 level has been tested today, and if the price holds above the daily close, it will be confirmed as support. A break above $41,500 would signal a bullish breakout and could send the pair higher to $43,000.
On the downside, BTC/USDT is facing support at $40,200. This level is a previous resistance for the day and now holds as support. A break below $40,200 would signal a bearish breakdown, sending the pair lower to $38,000 or even $37,000.
BTC1D chart TW link: https://www.tradingview.com/x/TltkEkhQ/
ETH:
INTRO: ETH testing support at 2200$.
Here is a technical analysis of the ETH/USDT chart:
Key Levels:
- Resistance: $2320, $2420
- Support: $2220, $2100
Strategy:
- Long: Buy at $2220 with a stop loss below $2100 and a target price of $2320.
- Short: Sell at $2320 with a stop loss above $2420 and a target price of $2200.
Range Description:
ETH/USDT is currently trading between $2200 and $2500. The pair has broken into the range during the day. However, there are signs that the pair is ready to make a move with a possible retest of support.
On the upside, ETH/USDT is facing resistance at $2320. This level hasn’t been tested today, and if the price holds above the daily close, it will be confirmed as support. A break above $2320 would signal a bullish breakout and could send the pair higher to $2420.
On the downside, ETH/USDT is facing support at $2220. This level is a previous swing low and has been tested multiple times in recent weeks as resistance. A break below $2220 would signal a bearish breakdown and could send the pair lower to $2120 or even $2000.
ETH1D chart TW link: https://www.tradingview.com/x/Qofn7ba4/
XRP:
INTRO: XRP holding above 0.5$ and needs to hold before the big nuke.
Here is a technical analysis of the XRP/USDT chart:
Key Levels:
- Resistance: $0.54, $0.58
- Support: $0.5, $0.52
Strategy:
- Long: Buy at $0.5 with a stop loss below $0.48 and a target price of $0.58.
- Short: Sell at $0.54 with a stop loss above $0.58 and a target price of $0.5.
Range Description:
XRP/USDT is currently trading between $0.5 and $0.54. The pair has shifted into the range during the day. However, there are signs that the pair is ready to make a move with a possible retest of support.
On the upside, XRP/USDT is facing resistance at $0.54. This level has been tested today, and if the price holds above the daily close, it will be confirmed as support. A break above $0.54 would signal a bullish breakout and could send the pair higher to $0.58.
On the downside, XRP/USDT is facing support at $0.5. This level is a previous swing low and has been tested multiple times in recent weeks as significant support. A break below $0.5 would signal a bearish breakdown and could send the pair lower to $0.48 or even $0.46.
XRP chart TW link: https://www.tradingview.com/x/udOqqUxe/
LINK:
INTRO: LINK pushing high above 15$ resistance.
Here is a technical analysis for the LINK/USDT chart:
Key Levels:
- Resistance: $15, $16
- Support: $13.3, $14
Strategy:
- Long: Buy at $14 with a stop loss below $13 and a target price of $16.
- Short: Sell at $15 with a stop loss above $16.5 and a target price of $14.
Range Description:
LINK/USDT is currently trading between $14 and $16. The pair has shifted into the range during the day. However, there are signs that the pair is ready to make a move with a possible retest of support.
On the upside, LINK/USDT is facing resistance at $15. This level has been tested today, and if the price holds above the daily close, it will be confirmed as support. A break above $15 would signal a bullish breakout and could send the pair higher to $17.
On the downside, LINK/USDT is facing support at $14. This level is a previous swing low and has been tested multiple times in recent weeks as significant resistance. A break below $14 would signal a bearish breakdown and could send the pair lower to $13 or even $12.
LINK chart TW link: https://www.tradingview.com/x/dJ7hh8bD/
SOL:
INTRO: SOL fighting with 100$ resistance.
Here is a technical analysis of the SOL/USDT chart:
Key Levels:
- Resistance: $100, $90
- Support: $79, 75$
Strategy:
- Long: Buy at $79 with a stop loss below $75 and a target price of $100.
- Short: Sell at $90 with a stop loss above $100 and a target price of $90.
Range Description:
SOL/USDT is currently trading between $75 and $100. However, there are signs that the pair is ready to make a move to push strong resistance at $90.
On the upside, SOL/USDT is facing resistance at $90. This level has been tested today, and if the price holds above the daily close, it will be confirmed as support. A break above $90 would signal a bullish breakout and could send the pair higher to $100.
On the downside, SOL/USDT is facing support at $79. This level is a previous swing low and has been tested multiple times in recent weeks as significant support. A break below $79 would signal a bearish breakdown and could send the pair lower to $70 or even $60.
SOL chart TW link: https://www.tradingview.com/x/9hpPPMkE/
CRYPTO NEWS:
WHY DUMP!
So, what’s going on?
1/ FTX dumped $1B+ worth of GBTC.
- According to CoinDesk, FTX’s bankruptcy estate dumped 22M shares of GBTC.
- This added ~$1B in selling pressure over the last week.
Crazy, I know. FTX collapsed back in November 2022…
14 MONTHS LATER, the market is still paying the price.
The good news? FTX no longer holds any GBTC.
So, theoretically, the selling pressure should calm down.
2/ Leveraged positions are getting liquidated.
When investors get greedy, they open up leveraged positions.
- Leverage can be 100x your gains when prices go up.
- Leverage can amplify gains up to 100x when prices rise.
However, it can also amplify losses by the same factor when prices fall.
Currently, it’s the latter…
Prices have dropped, leading to the liquidation of approximately $300M in leveraged positions over the last 24 hours. This, in turn, caused prices to drop even further.
Milk Road Rule #37: Live by leverage, die by leverage.
3/ U.S. stocks are attracting a lot of attention right now.
The Dow Jones Industrial Average closed above 38,000 for the first time.
The S&P500 hit a new all-time high.
Additionally, it’s earnings season, and some of the biggest companies in the world are releasing their quarterly numbers this week…
Trader Jake’s Take: With stocks pumping and multiple sell pressures happening at the same time, we expect the crypto market to be choppy in the near term.
Be careful when trading, and remember, sometimes the best thing to do is… nothing.
Pro tip: if you’re struggling to resist the urge to trade in a volatile market, there’s a game I used to play in college that might help… Edward 40 Hands.
Here are the rules:
- Tape a 40 oz beer to each of your hands (no free hands = no crypto trading).
- You can’t update your hands until you’re done drinking (80 oz of beer = too drunk to see straight = no trading).
Problem solved. You’re welcome.
FAST NEWS:
Global ownership of digital assets grew by 34% in 2023. The user base increased from 432 million in January to 580 million by the end of the year.
Terraform Labs filed for Chapter 11 bankruptcy. According to the press release, the move was “a strategic step that will enable it to continue its operations and support for the Terra community and ecosystem.”
Alameda Research dropped its lawsuit against Grayscale. Alameda initially alleged that Grayscale had collected $1.3 billion in management fees, violating its trust agreement.
Binance and the SEC are facing off in court. Both parties were met with questions from the judge about why certain cryptocurrencies should be considered securities and subject to the SEC’s rules.
Some crypto executives believe Hong Kong could approve its first spot Bitcoin ETFs by the middle of this year. Bitcoin ETFs are like Pitbull – Mr. Worldwide.
Kaspersky warns of a Mac exploit targeting Bitcoin and Exodus wallets. According to the cybersecurity firm, hackers are tricking users into downloading a fake, malicious version of their software.
Final words:
Market clean late longs and now cleaning late shorts. Take care of your trades.
GROW BOT UPDATE:
Copy trade GROW 0.1->10k$ since 18.03 we got +215.0% PROFIT!
GROW CURENTLY:
TRADING COIN: BTC/USDT
SETUP: SHORT
TAKE PROFIT: /
SAFETY ORDERS: /
Liquidation: /
Not Financial Advice!
Good luck with trades,
JAKE
