With a new war, new resistance is growing

09.10.2023

Dear traders,

BTC is facing strong resistance at $28,000 and needs to break through it, but the news isn’t good.

Jake
TOP Trader

BTC is facing strong resistance at $28,000, and the news in the market is not good. This could bring the price down. The question is whether it can sustain support above $27,200 on a daily basis, as doing so could lead to further upward movement in the coming days.

ETH, breaking down under $1,630, could lead to bearish continuation. It remains in a precarious position if this support level fails to hold, potentially leading to a larger downward correction.

XRP is breaking from strong resistance at $0.52 and continuing to dip to the $0.50 support zone.
It still needs a bigger buy volume to push higher.

LINK is displaying bullish momentum, but it must hold above $7.50 as a support level for a more substantial upward push. On a daily closing basis, it needs to overcome strong resistance at $7.50, which it is currently facing.

SOL is exhibiting bullish momentum and attempting to break through the formidable $24
resistance level. However, it still lacks the necessary buying pressure to overcome this strong
resistance.

EOS is still grappling with a strong resistance level at $0.60 and needs to hold above it to facilitate
a larger upward move. Achieving a sustained price increase depends on a significant surge in
buying volume.

LTC is currently holding in the mid-range at $65 and is struggling to gather enough buying
momentum to break through the $70 resistance line.

DXY is bouncing up from 106.2; could this mean a big push continuation.

Crypto/stock daily news:

THE U.S. VS SAM BANKMAN-FRIED

Day 3 of The United States vs. Sam Bankman-Fried (formerly-known-as-SBF, or fkSBF for short).
If I had to describe it in one word: snitchfest.
There were more tattle-talers than a kindergarten classroom…

There were 3 witnesses that took the stand: Adam Yedidia, Matt Huang, and Gary Wang.
WITNESS №1: Adam Yedida – fkSBF’s long-time friend and former FTX employee.
Adam’s testimony was a lot like a math textbook… full of big words that put you to sleep (just ask the jury member who actually fell asleep).
Here’s a quick sample:
Lawyer: In 2022 FTX had about 6 million users. Does this sound correct?
Adam: I have substantial uncertainty about how many users it had exactly, but it sounds about right, maybe within a factor of ten.
Judge: I’m sorry. I lost your answer.
Me too, Judge. Me too.
But Adam did provide some useful information:
He found a software bug that overstated how much Alameda owed customers.
This was when he realized there was ~$8B missing from customer accounts.
When Adam confronted fkSBF about it, his response was: “We were bulletproof last year, but we’re not bulletproof this year.” fkSBF encouraged FTX employees to use Signal and auto-delete messages.
Adam later found out, from another developer, that Alameda was using FTX customer deposits to pay back loans to creditors.
He resigned and hasn’t spoken to fkSBF since.
This was big because it shows that fkSBF knew there was financial trouble months before FTX’s collapse.
WITNESS №2: Matt Huang – co-founder of Paradigm and investor in FTX.
• Lost $275M investing in FTX.
• Claims fkSBF made investors believe that FTX customer deposits were always safe.
• He said fkSBF was “very resistant” to having investors join the board of directors.
Matt’s testimony was short, but it gave the jurors insight into how institutional investors and VCs were misled and also got burned.
WITNESS №3: Gary Wang – co-founder and CTO of FTX.
This was the highlight of the day.
Why? Because Gary alleges he not only saw fkSBF commit crimes, but they committed the crimes together.
• He knowingly committed fraud with fkSBF and other FTX executives.
• There was code written to give Alameda “backdoor” access to FTX customer funds.
• Gary wrote the code, but fkSBF told him what he wanted the code to do.
• This gave Alameda a $65B line of credit and unlimited withdrawals (!!)
BOOM! There it is.
Gary confirmed what we suspected all along… fkSBF had unlimited access to customer deposits.
It might still only be the first quarter of the trial, but the Defense is getting blown out.
We’ll see what Day 4 has in store.

FAST NEWS:

Jack Dorsey’s new crypto hardware wallet, BitKey, is launching soon. The new hardware wallet is shaped like a hexagon and looks like a small rock.
Ledger cut 12% of its staff due to “macroeconomic headwinds”. The move comes after the hardware wallet manufacturer raised $100M+ earlier this year.
Sui Foundation announced a new $51.3M ecosystem fund. The foundation will use the funds to support the DeFi ecosystem being built on the Sui blockchain.
Yuga Labs made a strategic investment in Hadean, a spatial computing startup. It’s unclear how much was invested, but Hadean will help Yuga develop its Otherside metaverse.
Mythical Games launched a new mobile drag racing game with licensed car NFTs. The game is available on iPhones and Androids and will include car NFTs from brands like McLaren, Aston Martin, and more.