The market is slowing in volume and it could retest support this week.

18.01.2024

The market is still slow and big companies sending BTC to exchanges and it is a matter of time before the sell-off starts.

Jake
TOP Trader

BTC:
INTRO: BTC pushing 43k resistance.

Technical analysis for the BTC/USDT chart:

Key Levels:

• Resistance: $43,000, $44,000
• Support: $41,500, $40,200

Strategy:

• Long: Buy at $41,500 with a stop loss below $40,000 and a target price of $43,000.
• Short: Sell at $43,000 with a stop loss above $44,500 and a target price of $41,000.

Range Description:

BTC/USDT is currently trading in a range between $41,500 and $48,000. The pair has broken into range during the day. However, there are signs that the pair is ready to make a move with possible retest of support.

On the upside, BTC/USDT is facing resistance at $43,000. And 43,000$ level has been tested today and if the price holds above on the daily close it will be confirmed as support. A break above $43,000 would signal a bullish breakout and could send the pair higher to $45,500.

On the downside, BTC/USDT is facing support at $41,500. This level is a previous resistance for the day and now holds as support. A break below $41,500 would signal a bearish breakdown, sending the pair lower to $40,000 or even $38,000.

BTC1D chart TW link: https://www.tradingview.com/x/LSeS25nP/

ETH:
INTRO: ETH pushing above 2500$ and needs to hold for bullish continuation.

Here is a technical analysis of the ETH/USDT chart:

Key Levels:

• Resistance: $2780, $2680
• Support: $2420, $2515

Strategy:

• Long: Buy at $2515 with a stop loss below $2400 and a target price of $2720.
• Short: Sell at $2680 with a stop loss above $2720 and a target price of $2400.

Range Description:

ETH/USDT is currently trading in a range between $2400 and $2700. The pair has broken into range during the day. However, there are signs that the pair is ready to make a move with possible retest of support.

On the upside, ETH/USDT is facing resistance at $2680. This level hasn’t been tested today and if the price holds above on the daily close it will be confirmed as support. A break above $2680 would signal a bullish breakout and could send the pair higher to $2720.

On the downside, ETH/USDT is facing support at $2420. This level is a previous swing low and has been tested multiple times in recent weeks as resistance. A break below $2420 would signal a bearish breakdown and could send the pair lower to $2220 or even $2000.

ETH1D chart TW link: https://www.tradingview.com/x/C9AmWO71/

XRP:
INTRO: XRP holding above 0.58$ and needs to hold up to catch up with BTC.

Here is a technical analysis of the XRP/USDT chart:

Key Levels:

• Resistance: $0.62, $0.67
• Support: $0.54, $0.58

Strategy:

• Long: Buy at $0.58 with a stop loss below $0.52 and a target price of $0.62.
• Short: Sell at $0.62 with a stop loss above $0.67 and a target price of $0.58.

Range Description:

XRP/USDT is currently trading in a range between $0.54 and $0.62. The pair has shifted into range during the day. However, there are signs that the pair is ready to make a move with possible retest of support.

On the upside, XRP/USDT is facing resistance at $0.62. This level has been tested today and if the price holds above on the daily close it will be confirmed as support. A break above $0.62 would signal a bullish breakout and could send the pair higher to $0.67.

On the downside, XRP/USDT is facing support at $0.58. This level is a previous swing low and has been tested multiple times in recent weeks as big support. A break below $0.58 would signal a bearish breakdown and could send the pair lower to $0.54 or even $0.48.

XRP chart TW link: https://www.tradingview.com/x/eO0BVtas/

LINK:
INTRO: LINK pushing high above 15$ resistance.

Here is a technical analysis for the LINK/USDT chart:

Key Levels:

• Resistance: $16.5, $16
• Support: $15, $14

Strategy:

• Long: Buy at $15 with a stop loss below $13 and a target price of $16.
• Short: Sell at $16 with a stop loss above $16.5 and a target price of $14.

Range Description:

LINK/USDT is currently trading in a range between $14 and $17. The pair has shifted into range during the day. However, there are signs that the pair is ready to make a move with possible retest of support.

On the upside, LINK/USDT is facing resistance at $16. This level has been tested today and if the price holds above on the daily close it will be confirmed as support. A break above $16 would signal a bullish breakout and could send the pair higher to $17.

On the downside, LINK/USDT is facing support at $15. This level is a previous swing low and has been tested multiple times in recent weeks as big resistance. A break below $15 would signal a bearish breakdown and could send the pair lower to $14 or even $13.

LINK chart TW link: https://www.tradingview.com/x/X7ZON1Y8/

SOL:
INTRO: SOL fighting with 100$ resistance.

Here is a technical analysis of the SOL/USDT chart:

Key Levels:

• Resistance: $107, $120
• Support: $90, 100$

Strategy:

• Long: Buy at $100 with a stop loss below $90 and a target price of $120.
• Short: Sell at $107 with a stop loss above $120 and a target price of $100.

Range Description:

SOL/USDT is currently trading in a range between 100$ and 126$. However, there are signs that the pair is ready to make a move to push strong resistance at 120$.

On the upside, SOL/USDT is facing resistance at $107. This level it has been tested today and if the price holds above on the daily close it will be confirmed as support. A break above $107 would signal a bullish breakout and could send the pair higher to $126.

On the downside, SOL/USDT is facing support at $100. This level is a previous swing low and has been tested multiple times in recent weeks as big support. A break below $100 would signal a bearish breakdown and could send the pair lower to $90 or even $80.

SOL chart TW link: https://www.tradingview.com/x/5E1tOlEI/

CRYPTO NEWS:

3 MAJOR HEADWINDS IN CRYPTO

Crypto is battling a 3-headed monster right now. Each “head” represents a selling pressure that is affecting crypto prices.

Today, we’re gonna give you a quick rundown of each one and why people are worried.

1. Celsius sell pressure

Celsius is a crypto lender that went bankrupt in 2022.

Last week, the bankruptcy estate announced it will be rebalancing assets to ensure creditors get their money back.

This includes ~$1.6B in staked ETH holdings. And the process has already begun.

Why this matters: Many people speculate that once the ETH is unstaked, it will lead to a massive sell-off.

This is why investors are tracking Celsius wallets like a hawk.

The good news? The staking queue is currently ~14 days long, so the sell-off won’t happen all at once.

2. GBTC sell pressure

The Grayscale Bitcoin Trust (GBTC) is one of the largest Bitcoin holders in the world. (Fun fact: they hold ~5x more BTC than Microstrategy).

But up until recently, most GBTC investors couldn’t sell their shares.

On January 11, that all changed. GBTC successfully converted into a spot Bitcoin ETF and investors were finally able to redeem their shares.

The result? Hundreds of millions of dollars worth of BTC are being sold.

Many investors speculate this continued sell pressure has been one of the main reasons BTC’s price has stalled since the ETF approvals.

3. Other random sell pressures

On top of Celsius and GBTC sell pressures, there are others like…

• Mt. Gox – after a 10-year wait, creditors are finally seeing the first reimbursements.

• Bitcoin miners – whenever prices fall or stall for a while, BTC miners are sometimes forced to sell off their BTC reserves to break even on mining costs (i.e. at the end of December, BTC miners sold off $130M worth of BTC as prices decreased).

…. that are also adding fuel to the fire.

Trader Jake Take: It’s unclear how these various sell pressures will play out, but we anticipate prices might continue to bleed in the short term.

Either way, we’re here for the long haul. So we’ll keep calm and HODL on.

FAST NEWS:

Solana Mobile is launching a second phone. The new phone will include the same features as Saga — including a built-in crypto wallet, dApp store, and custom Android software — but will use different hardware.

JPMorgan says it’s seeing significant capital rotating from existing crypto products into new spot Bitcoin ETFs. Even without new capital entering the market, JPMorgan thinks the new ETFs could still attract inflows of up to $36B.

Jupiter announced it will launch its native token (JUP) on January 31, 2024. Jupiter is the largest decentralized exchange (DEX) on Solana and many are expecting this to be one of the bigger airdrops we’ve seen.

The U.S. Internal Revenue Service (IRS) announced that businesses can hold off on reporting crypto, for now. The IRS “intends to prescribe regulations, to provide additional information and procedures for reporting the receipt of digital assets.”

The number of transactions on the Ethereum network just hit a multi-year high. These are levels that haven’t been seen since November 2021.

Animoca Brands is teaming up with Magnus Carlsen to launch a new decentralized chess game. The game lets players solve daily chess puzzles. By completing daily challenges, users can win Orbs of Power game assets for in-game utility and unlock new puzzles for more rewards.

Final words:

The market is still slow and could push strongly in both directions. Take care of your trades.

GROW BOT UPDATE:

Copy trade GROW 0.1->10k$ since 18.03 we got +214.0% PROFIT!

GROW CURRENTLY:

TRADING COIN: BTC/USDT
SETUP: SHORT
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