Will the market continue to move bearish while holding above resistance?

23.11.2023

Dear traders,

Bitcoin is pushing above resistance and needs to maintain this position for a larger push upward.

Jake
TOP Trader

BTC broke above the $37k resistance and needs to hold it on a daily basis for a significant upward push. However, there is still a danger of a more substantial push down, and significant consolidation is ongoing.

ETH is pushing from a strong resistance and retesting $2000 as support. It remains at risk of a larger drop if the $2000 support doesn’t hold firmly.

XRP is losing momentum and retracing below the $0.62 channel. It requires a robust push with increased buying volume to propel the price upward. However, $0.62 exhibits strong resistance, and a breakthrough above it will indicate a bullish continuation.

LINK is testing the $14 support and must maintain it for a bullish continuation. A significant, robust push is still required to overcome strong resistance.

SOL has pushed above the $57 support and needs to maintain it; otherwise, a retracement to $47 may occur soon.

EOS is currently holding just above the $0.662 resistance and needs to sustain this level for a more significant upward push on the daily chart.

LTC is currently contending with the $70 resistance and must secure a position above it for a more substantial upward push. However, it remains susceptible to a potential downtrend and a more significant push downward.

The DXY dollar pushed from the 103.5 support and now needs to push strongly up.

Crypto/stock daily news:

CZ STEPS DOWN, AND BINANCE SETTLES FOR $4B+
After a multi-year-long investigation, the U.S. government and Binance have reached a settlement.
Here’s everything you need to know:

– Binance’s CEO, Changpeng Zhao (aka “CZ”), has resigned. Richard Teng will step in as the new CEO, formerly Binance’s head of regional markets.

– Binance has to pay approximately $4.3 billion in fines, marking the largest penalty in U.S. Treasury history.

– CZ has pled guilty to money laundering violations and faces up to 18 months in prison, with prosecutors leaving open the possibility of requesting a stiffer penalty.

– CZ is required to pay $200 million in fines, including $50 million in criminal fines and $150 million in civil penalties. Despite the substantial sum, considering CZ’s net worth of $10 billion+, it’s akin to a $20 parking ticket for him.

– Binance will make a “complete exit” from the U.S. market. The U.S. government will monitor the crypto exchange over the next 5 years to ensure compliance, with access to Binance’s systems and records during that time.

Why you should care: Crypto has experienced back-to-back-to-back Black Swan events over the last year…

Terra collapsed. Then Celsius. Then Three Arrows Capital. Then FTX.

With everyone fearing that Binance could be next… but following yesterday’s settlement, it appears that the worst is behind us, at least for now.

Here’s how the rest of the crypto community is reacting to the news:

FAST NEWS:

A new uranium-linked token called Uranium3o8 has just launched on Uniswap. The Uranium3o8 tokens are backed by uranium sourced from the publicly-listed Canadian exploration and development firm Madison Metals.

Celsius Network is pivoting to Bitcoin mining after declaring bankruptcy. The initial restructuring plan involved the company earning ‘staking’ fees by validating blockchain transactions and managing its legacy portfolio of cryptocurrency loans. However, these plans changed after Celsius received ‘feedback’ from the SEC.

Wintermute Asia executed its first options block trade through the Chicago Mercantile Exchange (CME). The BTC/USD block was traded between Wintermute Asia and TP ICAP (another TradFi firm).