Will the significant resistance ahead be broken this week?

26.10.2023

Dear traders,

BTC is consolidating below $35k and showing a slowdown in momentum. Will altcoins follow BTC’s lead?

Jake
TOP Trader

BTC is still in consolidation under $35k, preparing for its next major move. There is still a possibility of a retest at $31,500, which is a strong support level, followed by a continuation of the bullish push if the price manages to hold.

ETH is currently grappling with a substantial resistance at $1830. To continue its bullish trend and return to the $1900 channel, it needs to break above this level. Caution should be exercised if a significant volume of selling pressure pushes the price lower.

XRP has successfully broken a strong resistance at $0.54 and is now approaching the older resistance at $0.585. To ensure a strong bullish upward push, it needs to maintain levels above $0.54.

LINK has broken the old resistance at $9.5 and is now gearing up for a significant upward movement, aiming to re-enter a wider trading range. Sustaining levels above $9.5 is essential for significant bullish momentum.

SOL is showing bullish momentum and has breached the $29 support level. This level must be maintained for a more substantial upward push. The bullish momentum can only continue if the $29 support level remains intact. A major resistance at $33.5 needs to be strongly pushed above for bullish continuation.

EOS is still struggling with a formidable resistance level at $0.6. Maintaining levels above this resistance is crucial for a more extensive upward movement. Achieving a sustained price increase depends on a significant surge in buying volume.

LTC is currently breaking into the $70 resistance level, and only a push above it, along with holding that level, could drive the price higher. There is still a risk if the price doesn’t stay above $70.

DXY is losing momentum and must maintain levels above 106.2 to sustain its bullish trend.

Crypto/stock daily news:

MEET THE CRYPTO COMPANIES OUTPERFORMING BITCOIN…

Bitcoin is a lot like the quarterback of a football team…

It’s the good-locking jock that always gets the media’s attention and makes the cheerleaders (or crypto nerds) all giggly when they walk by.

But even though Bitcoin is up 106% this year, it actually hasn’t been the best player on the crypto team this year…

And today, we’re gonna give credit where credit is due. Here are some other crypto players who are having MVP-type seasons this year…

Coinbase: +144% YTD

Microstrategy: +193% YTD

Grayscale’s Bitcoin Trust (GBTC): +220% YTD

And then there’s the Bitcoin miners…

The average return of the top 11 public mining companies is +150%.
All but 2 public mining companies have outperformed Bitcoin this year.

Bitcoin might still be the quarterback, but it looks like Bryce Young – a little short.

THE WORLD BANK BLOCKCHAIN TECH

he list of companies using the blockchain to tokenize assets is growing every day…

The latest addition: The World Bank.

Yesterday, the World Bank issued a $106M digital bond.
It was issued using the Corda blockchain.
The digital bond is available to trade on the Luxembourg Stock Exchange.
Citi Bank, TD Securities (an investment bank), and Euroclear (a European company that settles securities trades) were all involved in the process.

Why this matters: The biggest financial firms in the world have been experimenting with blockchain technology and tokenized assets over the last few months…

JP Morgan. BlackRock. Barclays. You name it.

Well, it doesn’t get much bigger than the World Bank using it.

FAST NEWS:

Constellation Network is allowing developers to build application-specific blockchains with unlimited scalability. Accompanied by a focus on interoperability, a vibrant community, and NO gas fees.*

Nym Technologies launches its new Innovation Fund program. It’s a $300M fund that will provide financial support for Web3 creators, developers, communities, and privacy proponents across all stages of project development.

Grayscale is teaming up with FTSE Russell to launch a new crypto indexes business. There will be five indexes that track the performance of different crypto sectors, including currencies, smart contract platforms, financials, consumer and culture, and utilities and services.

dYdX released the open-source code for its new blockchain, dYdX Chain. The new chain is a Cosmos-based protocol that is secured and governed by dYdX token holders.

Mastercard is exploring ways to collaborate with self-custody wallets. The financial giant is in talks with popular wallets like MetaMask and Ledger.

FTX has attracted several bids for a potential company restart. A decision could come by mid-December. (fingers crossed)