ALTs leading way up!

18.04.2023

Dear traders,

ALTs are pumping from support and showing strength after yesterday’s push back.

Jake
TOP Trader

BTC:

BTC is retesting its uptrend support line with a price target of $29,100 where big liquidity holds. It has now pushed back into resistance at $29,800. Breaking this resistance is necessary for continuation to the $31k price range.

ETH:

ETH is trading in the $2,100 range and looking good for the next push up. It needs to break $2,140 and hold above it for the next leg up to lead alts for a big pump.

XRP:

XRP is still consolidating at the $0.5 zone and needs to break $0.54 for a big push up. It’s good only for spot trading at the moment.

LINK:

LINK is pushing hard towards the $9 resistance and is finally showing buy volume after a big consolidation range. It’s good for a long-term spot buy.

SOL:

SOL is trading at the $25 range and now looking good for the next push up to $27 resistance. It’s good for a spot long position in the longer term.

DXY:

DXY has pushed back from a big push up but is still showing strength for the next leg up.

Crypto/stock daily news:

2 THINGS WE’RE WATCHING THIS WEEK

I cleared my schedule this week to watch one thing… NBA Playoffs Regulatory Hearings.

I know I know, boring as f*ck. I’d normally rather watch paint dry than watch old, grumpy people argue about regulation but….

There are 2 hearings happening this week that could play a big role in the future of crypto:

1/ Tuesday, April 18 – Oversight of the Securities and Exchange Commission

This will cover the regulatory developments, rulemaking, and activities that the SEC has made since October 2021. (AKA – it’s gonna be a long ass meeting)

But there’s one specific topic we’re interested in: the SEC’s attempt to change the definition of “exchange”.

With the proposed change, the SEC is trying to expand “exchanges” to include things like decentralized crypto trading platforms and other DeFi services.

Why this matters? If this ends up happening, the SEC would gain oversight over a lot of decentralized services. And they’re known for one thing… making it rain regulations.

Gary Gensler (the head of the SEC) will be the star witness at Tuesday’s hearing and all eyes will be on him as he defends the proposed rule change.

Btw – the SEC and Gary G remind me a lot of my little cousin playing basketball – they want easy dunks, and when he can’t they change up the rules and lower the rim. *tsk tsk tsk*

2/ Wednesday, April 19 – Understanding Stablecoins’ Role in Payments and the Need for Legislation

There’s one goal for this hearing: review the 73-page draft for a new bill on stablecoins.

It establishes requirements for stablecoin providers, sets up standards for reporting, and also calls for a 2-year delay in issuing new stablecoins until the U.S. Treasury can complete an assessment.

Why this matters: This is the first comprehensive proposed law for stablecoins and it will play a big role in shaping how they are handled in the U.S. *gulp*

Crypto leaders like Jake Chervinsky (Chief Policy Officer at the Blockchain Association), Dante Dispate (Chief Strategy Officer at Circle), and others are set to testify.

That’s right ladies & gents, crypto has 2 big hearings covering 2 of the biggest topics in crypto: DeFi and stablecoins. But don’t worry, the Trader Jake has his suit packed and is headed to D.C. to listen in on the action.
We’ll make sure to give you Roaders a regulatory round-up later this week – so keep an eye out on your inboxes!