Dear traders,
After a drop in inflation, we saw a spike up, but it quickly dumped hard to 26k. The market is still not ready for recovery. Will BTC follow ATLs bleeding?
Jake
TOP Trader
BTC dropped back after the daily close and stayed under the 50 MA, showing bearish continuation. It needs a stronger push up if the market wants relief. It is still a no-trade zone until 27k holds.
ETH pushed up above $1860 and needs to hold this level before the day ends to gain momentum and push back up. It is still in danger of falling to a lower price target.
XRP is still fighting to hold the $0.425 support. If it fails, a fast revisit to $0.37 could happen. It is still too early for shorts if the support holds.
LINK is still struggling with $6.45 but is getting closer to the $6 short target. Buy all dips under $7 in spot mode, as it will pay off in the future with LINK.
SOL is holding at $20 but is showing no strength, which could lead to a drop to the 17-18$ support range. Only short if the daily closes under $20.
The DXY is gaining bullish momentum and hitting the 102 resistance level.
Crypto/stock daily news:
BINANCE.US, YOU GOOD?
There’s new noise coming from Crypto’s Rumor Mill. So break out your saucers, here comes the tea…
Binance.US might be in trouble.
Why? There are two unusual things happening on the third largest exchange in the U.S…
1/ Bitcoin was trading at a $700 premium on Binance.US
If you wanted to buy BTC on Binance.US you’d have to pay ~$28,393. All other exchanges (like Coinbase) had it priced at ~$27,722. First my eggs, now my BTC.
Why? Many think it could be because of low liquidity. AKA the two scariest words for a crypto exchange. There are two theories going around as to why.
Theory A: Market movers know there’s regulation coming so they’re getting the f*ck out.
Market makers leaving = lower liquidity = price volatility (in this case, a ~2.4% increase)
Dun dun duuun.
Theory B: Fiat withdrawal issues. It’s tricky trying to off-ramp from Binance.US because it doesn’t doesn’t have a wire partner right now.
2/ Binance.US’s main staking wallet withdrew all its funds from staking pools
All the money was sent to the safety of hardware wallets where it could be used to… shore up liquidity perhaps. 👀
The cherry on top? The main Binance exchange was already struggling, for unrelated reasons.
It had to pause withdrawals twice on Sunday because the network was so congested (they’ve resumed since.) That memecoin mania though…
Jake Alert: Obviously don’t believe everything you read on the internet. But… where there’s smoke, there’s usually fire.
Be safe out there, Traders.
Final words:
ALTs are beading hard and BTC could follow in coming days and touch new support lines.
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Sentiment Is now BULLISH and real test for bulls are this week.
Not Financial Advice!
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Author
Jake
TOP Trader
