Dear traders,
As you all watched BTC pump and lead crypto market to before FTX resistance line. Sentiment is strong.
Jake
TOP Trader
BTC:
Pump after market close in Friday with start of buying from single buyer with 4 billion $ to buy and start of big pump. With this pump top resistance before FTX collapse was hit and consolidation and retracement is on for today and US stock market don’t work today. Broke and hold above 21.500$ will continue market in uptrend movement. If 18.300 $ is broke we are back to bearish sentiment with 14k target. At moment every push back under 20k is good buying option.
ETH:
ETH pump and hit previous top resistance and make more 7% push back from top and now it is consolidating and aiming for breaking of top resistance.
XRP:
XRP show strength and broke few times 0.4$ but turn back in consolidation zone. Break and hold will show XRP continuation pattern.
LINK:
LINK break resistance and try to regain 7$ but push back to support. Now consolidating for next move still not clear direction but sentiment is bullish.
SOL:
Sol break all resistance and try to break 25$ but get push back at 23$ who act like support. Broke of this support will test nex support at 18.5$ but next leg up is more possible. If it break above 25.5$ and hold.
DXY:
DXY show no strength and touch this morning last support line before full break down. If bounce from this point it will nuke all market but still show no strength. All eyes are on next big move of DXY watch carefully.
Crypto/stock daily news:
Costume of the day: Miss El Salvador wore a costume during Miss Universe 2023 complete with a gold Bitcoin-themed prop. El Salvador became the first nation in 2021 to adopt Bitcoin as a legal tender.
Rumor Mill: Genesis owes creditors $3b, so DCG is offloading assets to pay that debt. Their portfolio includes over 200 crypto-related projects, such as exchanges, banks, and custodians.
Job cuts: Crypto.com cuts 20% of the workforce due to “significant damage” to the industry. Hey, they still got the naming rights to the Lakers Arena. Speaking of arenas …
Arena of the Day: A federal bankruptcy judge terminated FTX’s deal with Miami-Dade for the Miami Heat arena naming rights. Until a new sponsor is found, the Heat will call their stadium, “The Arena.”
NFT mint: Yuga Labs, the creators of Bored Ape Yacht Club, announced a new free, skill-based NFT mint.
Final words:
Market pump strongly after market close day and hit pre-FTX collapse resistance. Market price action cooled down and looking for pull back and getting new strength for next push. All eyes are on DXY what is on last support before nuking. Today is no trading day in US so market will move slow.
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I’m still bearish in structure only a clear hit and hold above 21500$ on BTC will show me a bullish bias for the next realise rally on crypto!!!
Not Financial Advice!
Good luck with trades!
Author
Jake
TOP Trader
