Will the Monday market opening squeeze shorts?

21.08.2023

After a significant drop last week, the market could punish late shorts and experience a pump into
resistance before the next leg down.

BTC is trading above the $25k support and is currently consolidating before its next significant
push. The upcoming move might include a fake-out before a larger subsequent movement.

ETH is trading above the $1630 support and is consolidating before its next push. However,
caution is advised as it remains vulnerable before the next downward push.

XRP pushed the price above the $0.5 support and needs to maintain this level before the next leg.
Nonetheless, the risk of further downward pressure persists.

LINK secured liquidity at $5.6 and subsequently bounced back to the $6 zone. While momentum
may be waning, any price below $7 presents a favorable buying opportunity.

SOL is currently holding above the $21 support and needs to maintain this level for the next leg up.
Consider purchasing options when it’s priced below $20.

EOS is still struggling with the $0.6 resistance and is currently trading at $0.57. Breaking the $0.6
mark is crucial for the next upward push. It remains an attractive option for long-term investment.

LTC is still trading under the $70 resistance and needs to break through it for a more substantial
upward push. There is a significant risk of a more substantial downward push.

The DXY is still grappling with strong resistance at 103.5, which could signify the start of a bigger
push back.

Crypto/stock daily news:

WTF HAPPENED TO PRICES
Bitcoin crashed -10% in the span of a few minutes.
Over $1B in crypto was liquidated.
LAST week was a bloodbath. (and will forever be remembered as Red Thursday)

So, wtf happened? A mix of things…
• China Evergrande filed for bankruptcy in Manhattan. It’s the world’s most heavily indebted property developer and many fear that the recent real estate problems could spread into other parts of the economy.
• Rumors spread that SpaceX sold off all its Bitcoin (~$393M worth). The rumors were “unconfirmed” but ended up spreading like wildfire – adding more fuel to the sell-off.
• As prices kept dropping, it triggered over $1B in liquidations. In fact, yesterday saw more liquidations than when FTX collapsed.

Crazy day. But it’s just another reminder that crypto crashes are some of the fastest things out there.

With all the craziness going on, we wanna know… how are you feeling about the markets right
now?
a) extreme fear – “Help mommy, I’m scared!”
b) fear – I’m sleeping with the nightlight on during times like these
c) neutral – call me Switzerland
d) greed – Lovin’ the discounts! Keep em comin’
e) extreme greed – Fear isn’t in my vocab. I feast while others diet

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FAST NEWS:

New financial documents show Donald Trump owns ~$2.8M in ETH and made ~$4.9M from his NFT collection. Donald Trump: The ETH Apprentice?
PayPal is teaming up with Ledger to make buying crypto easier. Users will be able to buy crypto – like BTC, ETC, BCH, LTC, and more – directly through the Ledger Live app.
BlockFi has opened up crypto withdrawals for eligible U.S. users. Finally, some good news from a bankruptcy.
A U.S. federal judge says the SEC can file a motion to appeal the ruling that XRP is not a security.
The ball is back in the SEC’s court.
Polygon Labs is teaming up with SK Telecom to develop a web3 ecosystem in South Korea. SK
Telecom is the largest telecom company in S. Korea.