Dear traders,

Jake
TOP Trader

BTC is breaking resistance and aiming for a bigger push up to the $27,200 zone. Only a break and hold above $27,500 could lead to further upward movement. This could be a good short entry point before the next big move up.

ETH is pushing up from the $1630 support level and needs to hold above it for a bigger push up from this area. It still needs to make a bigger push to maintain its bullish momentum.

XRP is trying to break the strong resistance at $0.5 for a bigger push up. There is a lack of volume for stronger upward movement.

LINK is pushing strongly above the $6.45 resistance, and this could lead to a break above $7, potentially starting a bullish momentum.

SOL is making a strong move to break the $20 resistance, which could turn the momentum bullish.
There is a substantial likelihood of a larger pullback in the coming days.

EOS has fallen below the $0.6 support level and is losing momentum for a larger push upward. It remains an appealing option for long-term investment.

LTC is pushing towards the $70 resistance level, and a break above it could start a bigger bullish momentum.

DXY is holding above 105 and is ready for a bigger push upward.

Crypto/stock daily news:

3 REASONS THE BEAR MARKET COULD END SOON

Today, we’re gonna talk about 3 reasons the crypto markets could explode soon.
(I’m talking about a Mentos-In-Coca-Cola-type explosion)

We’ll explain why we’re excited and rate each reason on the Milk Road Hype-Meter.
1 = “It’s as exciting as ‘Picture Day’ in middle school”
10 = “Holy sh*t, it feels like Christmas morning”
Okay, let’s dive in.
REASON #3: BITCOIN HALVING EVENT
What’s happening: Every 4 years a big crypto event happens…
It’s called the Bitcoin Halving. It’s where mining rewards get cut in half to slow down inflation from the new Bitcoin being mined.
This will keep happening until all 21M Bitcoin have been mined. (expected sometime in 2140)
The next Bitcoin Halving is set to happen sometime in April 2024.
Why this is good: There have been 3 Bitcoin Halvings so far – each one has been a catalyst for big crypto rallies.
Just take a look (post-halving is shaded in pink)

The interesting part is that Bitcoin has seen price increases before and after the halving.
• In 2012, BTC rose 365% leading up to the halving, and +8,000% in the year following it.
• In 2016, BTC rose 142% leading up to the halving, and +284% in the year following it.
• In 2020, BTC rose 17% leading up to the halving, and +559% in the year following it.
In a nutshell, Bitcoin halvings → 50 Shades of Green for Bitcoin → A LOT of happy investors.
REASON #2: ETF APPROVAL
What’s happening: Big financial firms have been lining up to file for Bitcoin ETFs.
• BlackRock: $9T in assets under management (AUM)
• Fidelity: $4.5T in AUM
• Franklin Templeton: $1.5T in AUM
• Invesco: $1.5T in AUM
• WisdomTree: $87B in AUM
• VanEck: $77.8B in AUM
• ProShares: $65B in AUM
• GlobalX: $51B in AUM
• Grayscale: $50B in AUM
• Bitwise: $1B+ in AUM
• Roundhill: $1B+ in AUM
Side note: It’s funny how a lot of these firms said they wouldn’t touch crypto with a 10-foot pole a few years ago.
Now, they’re all doing that thing where you throw an invisible rope on someone and try to pull them in.
Why this is good: ETFs have historically led to price rallies for assets.
For example, let’s take a look at what happened to Gold.
The first gold ETF (SPDR Gold Shares) was listed on the New York Stock Exchange back in November 2004.
Within the first few days…the ETF saw $1B+ in inflows.
Within a few years…
• the price of Gold hit a record high.
• The SPDR Gold Shares briefly surpassed the S&P500 Trust ETF to become the world’s biggest ETF.

With all the institutions rushing to file for a Bitcoin ETF it’s becoming a matter of when one gets
approved to launch, not if.
The best bet? BlackRock.
The king of financial firms has a record of 575-1 when it comes to getting its ETFs approved by the SEC.
(BlackRock is like the Undertaker at WrestleMania – damn near unbeatable)

So, it’s only a matter of time.

REASON #1: CRYPTO’S FUNDAMENTALS HAVE GOTTEN STRONGER DURING THE BEAR MARKET

What’s happening: While prices have decreased, the overall value of crypto has increased.

I know that might sound confusing so let me try to explain with a quote…

“Valuation oscillates up and down around value” – Dharmesh Shah (billionaire and founder of Hubspot)

You see, value is often associated with the “valuation” (aka prices) of an asset.

The problem? Prices are subject to lots of different variables like economic crashes, high interest rates, forced liquidations, etc.

So although value and valuation are related, they aren’t the same thing.

For example, let’s take a look at ETH’s price.

The price of ETH is down. But does that mean ETH has become less valuable?

Short answer: No.

Long answer: Hell no.

If anything, ETH’s value has increased!

Okay, now back to the overall crypto market. How can we tell if the true value of crypto has gone up?

To answer, we created a simple formula last year.

(The number of people on earth who believe crypto is valuable) x (the intensity of that belief)

While the bear market has scared a lot of people away, there have been plenty of new (and familiar) faces that joined the party…

Shopify integrated stablecoin payments into its platform.

Visa partnered with Solana to make cross-border payments easier.

Telegram (800M monthly users) launched a whole crypto ecosystem including a blockchain, a crypto wallet, etc. – they’re going the whole 9 yards.

Grab (the Uber of Asia) created a new web3 wallet that lets users pay for stuff in crypto.

Twitter added NFT features to its app, and there are rumors that crypto payments could be integrated next.

Musicians and artists around the world have launched their work on the blockchain.

The list can go on and on and on.

Once you take a step back, it becomes clear as day… crypto’s fundamentals are at an all-time high.

And it’s only a matter of time before prices catch up.

Final words:

Market pushing strongly up to old resistance lines and need to sustain bigger push up.

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Not Financial Advice!

Good luck with trades!

Author

Jake
TOP Trader