Will Friday end with a dump or a pump?

21.07.2023

Dear traders,

The market slows down, and the US dollar is showing strength for the next push up.

Jake
TOP Trader

BTC is still retesting support at $29,500 and showing weakening buy pressure, which could indicate a momentum shift. The market is still choppy for trading.

ETH is still holding above $1,870 as support and showing no buying pressure for the next leg up.

XRP’s short signal is looking to pay out, and the next leg down is loading after buying pressure stops.

LINK broke above $8 and is now showing a strong short signal with a possible push back. This still presents a good spot for a long-term buy entry price.

SOL is currently trading at $25, and a touch to the $24 support is still possible, which is a good long entry point. It still looks strong if the price holds above $24.

EOS is still trading below $0.79 and needs to hold above the 50MA on a daily basis for bullish continuation in price. It is still a good spot for a long-term buying option.

LTC is still fighting at the support level of $88, which is a good spot for a long-term buy entry price. Additionally, in 15 days, LTC will undergo a halving event, which is expected to result in a notable price increase due to a reduction in mining supply. This presents an excellent long-term investment opportunity!

DXY shows signs of life and is now pushing up from the 101 support, attempting to break the 100.5 resistance.

Crypto/stock daily news:

ROBERT F. KENNEDY: LET’S BACK THE U.S. DOLLAR WITH BITCOIN

Presidential elections remind me a lot of middle school ones. The candidates all bring out the smooth talk and wild promises.

Back in 6th grade, this kid Larry promised us no homework, extended lunch, and Capri-Suns in every classroom if we voted for him. (Dude won by a landslide.)

Well, this year’s U.S. presidential race just saw its own set of crazy promises.

Who made them? Robert F. Kennedy.

He’s the nephew of JFK, a Bitcoin maxi, and the most ripped 70-year-old I’ve ever seen.

And here’s what Kennedy promised at an event earlier this week:

1/ Bitcoin profits will be exempt from taxes

Kennedy said that his administration would “exempt the conversion of Bitcoin to the U.S. dollar from capital gains taxes.”

He said that would do a few things:

Protect people’s privacy because you don’t have to report non-taxable activity

Help crypto innovation

Get more investment into the space

Keep companies in the U.S. instead of growing their business elsewhere

2/ He wants to back the U.S. dollar with Bitcoin

Kennedy said his plan would be to start out small by backing 1% of issued Treasury bills with a hard currency like “gold, silver, platinum, or Bitcoin.”

He says this would:

Save and grow the strength of the U.S. dollar

Get inflation under control

The Milk Road Take: A candidate’s promises are just promises until they win. And even entering office doesn’t guarantee they’ll see all their goals through.

Remember how I told you Larry won the middle school election with his crazy promises? None of them happened.

The Principal said no to his changes, and now we call him Lyin’ Larry.

We’ll have to wait and see if RFK ends up as “Reliable Rob” or “King-of-Broken-Promises Kennedy”.

FAST NEWS:

A dormant whale transferred $116M worth of ETH to Kraken. It’s unclear whether it will be sold off, but that’s a big a$$ payday.. From $20M in 2014 → $116M in 2023.

Société Générale secured the first crypto license in France. France’s third largest bank is now licensed to provide custody, exchange, and trading services. #LicensedToTrade

Doodles is launching a “shop-and-play” camp in Chicago. It’s described as “part toy store, part party venue, part immersive theater space”.

Polychain Capital announced it has raised $200M in funding. It’s the VC’s fourth fund and says it plans to raise another $200M.