Dear traders,
Monday open strong and SPX hit resistance and pull back. Looking this week to break resistance what would make market go up more. If resistance hold it will turn market back to new lows. Careful with leverage we are at crucial point.
Jake
TOP Trader
BTC:
BTC is still in trading range of 5% and looking for push up. If 23.300$ holds today it will push back BTC for retest of support. Trade with low leverage we are still at big resistance and rejection can make new lows.
ETH:
ETH retest support at 1580$ and come back to trading channel. Still consolidation before next big leg up.
XRP:
XRP still pumping into 0.45$ and showing strength. Retest of break is possible and take small leverage before 0.45$ is broken.
LINK:
LINK retest 7$ support and push lower and come back to 7$ on daily now loking for next push up. Still in big resistance zone small leverage use.
SOL:
SOL retest 23$ support and turn back to 24$ with strength looking for next push up. Trade with small leverage SOL oscillate +5% on daily.
DXY:
DXY show no strength and gives market strength to pump. Closing to critical supports and breaking that’s support will make market push higher. Still turning back no power.
Crypto/stock daily news:
SETTING $4.6B ON FIRE
2,846,703 ETH has been burned over the last 18 months. That’s ~$4.6B worth of ETH gone from the supply. Forever.
And don’t worry, Vitalik Buterin didn’t become the Joker.
Billions have been burned all thanks to EIP-1559. No, that’s not the name of R2D2’s cousin. An EIP is an Ethereum Improvement Proposal.
EIP-1559 made changes to how gas fees are structured and how miners are rewarded. It went into effect back in August 2021.
You see, before EIP -1559 happened, Ethereum users would get into bidding wars with each other in order to get miners to complete their transactions. The highest bidder would get picked first, everyone else would have to wait.
EIP-1599 changed this by implementing a base fee. It’s a standard price users pay to get their transactions completed at that time. The goal? Get rid of the big bidding wars.
It also introduced a new burning mechanism. The base fee is burned and is taken out from the total ETH supply. (i.e. it’s sent to a wallet that no one can access)
So whenever there’s any Ethereum transaction (buying/selling NFTs, sending ETH to a friend, etc.) a portion of it gets thrown into the EIP-1559 bonfire.
The craziest part? A little less than 4 ETH has been burned every single minute for the last 536 days.
Burn, baby burn!
Final words:
Us stock market hit resistance line and new data is coming this week and it will show us where will market turn next. Trade with small leverage all market can be rejected from resistance line and push back.
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Sentiment Is now BULLISH and real test for bulls are this week.
Not Financial Advice!
Good luck with trades!
Author
Jake
TOP Trader
