BIG swing market is back?

27.04.2023

Dear traders,

Yesterday, BTC traded with big swings, experiencing a 10% move in both directions due to significant market manipulation. BTC swing from 27k to 30k in a single day, which we haven’t seen in a long time. Whales sold BTC when it touched 30k, and bad news in the market about paying back BTC wasn’t helping.

On a daily basis, BTC is still looking bullish and moved up with the market after the significant swing. However, on a 4-hour time frame, it is still in a downtrend and needs to break it before the next move up. On a bigger time frame, there is a visible head and shoulders pattern in the making, which could potentially break BTC down further.

ETH followed BTC’s lead and dropped below 1800$, but it pushed back to the mid-range and is now trading around 1900$. There is still no power for ALTs to pump as BTC dominance is increasing.

XRP experienced a swing to a lower price range of 0.43$, but it still holds above 0.45$ with strong support. However, it is still in danger of another drop if bad news comes to the market.

LINK made a big drop to the 6$ range but managed to hold above 7$ and now holds significant support. It is still good for a long-term buy.

SOL dropped to 20$ but pushed back to 22$. It is now looking bullish if it holds above 22$, and buying volume returns.

DXY is holding at 101.5 and still consolidating before the next big leg up.

Crypto/stock daily news:

BANKS DOWN, BITTY UP

When we say Bitcoin’s on a rollercoaster…

It went from $30K 2 weeks ago → $27K earlier this week → $29K yesterday before falling to $27K within hours. ~$80M in BTC shorts were liquidated.

And now it’s back to $29K. Someone pass the vomit bag…

But let’s talk about why it rose to $29K yesterday in the first place.

It was all because of a little help from a friend. An unlikely friend.

First Republic Bank (FRB).

Who? This is the bank that:

Has been struggling since March, when JP Morgan, BOA and others stepped in to bail it out for $30B following SVB’s collapse
Reported in its earnings on Monday that deposits plummeted $100B last quarter and it will need to lay off 20%+ of their employees
Is now expected to go into government receivership (way to avoid bankruptcy)

Its stock price crashed by ~50% Tuesday. And another 30% yesterday.

Why should I care? Bad news for banks usually means good news for Bitcoin.

Bitcoin jumped more than 8% in a few hours. And just like when SVB was going down, all eyes turned to Bitcoin once FRB started to crumble.

So why the dip back to $27K that same day? Who knows.

Six Flags ain’t got nothin’ on Bitcoin’s price.

A BITCOIN WHALE PAID $5 FOR A $10M TRANSFER

Listen y’all, sometimes we’ve gotta remember why we’re here.

It’s all about that financial inclusion & decentralization. You can see yourself out, cartoon jpegs…

Well, here’s a nice reminder of that: it cost just $5 for a BTC whale (big crypto wallet holders) to transfer 400 BTC in 1 instant transaction.

Yep, that’s right folks – they paid the cost of a Crunchwrap Supreme to move more than $10M.

So what? It should be this easy to move your own money!

We’re not saying crypto doesn’t have a high gas fee problem – nothin’ like paying ~$12 to send $36 of ETH. -_-

But with TradFi banks like Chase charging a flat ~$30 per transfer with $10K – $100K daily limits & days-long wait times…

I like my money transfers like I like my UberEats delivered: lightning fast. #notanad

FAST NEWS

A new memecoin called Floki Inu was listed on Binance Monday & jumped 50%+. It’s sitting at No. 3 after DOGE & SHIB. Memecoins gonna memecoin

Ethereum DEXs saw the highest number of traders since 2021 last week. All those noobs tryna get rich quick off memecoins

Binance pulled out of a $1B deal to buy bankrupt lender Voyager’s assets. First FTX tries to save Voyager, then FTX implodes, then Binance steps in, then a court vetoes that, now Binance exits. What a ride

The ex-head of digital assets of Signature (shut down crypto-friendly bank) is joining a trust. He’s bringing 3 others that worked on Signet, the real-time payments network, with him.