Market still driving in the red, will we see some relief soon or more nuke loading?
BTC is hitting $26,600 as a new resistance and needs to hold above it on a daily basis for a bigger relief up to $28k. This could be the last leg up before a big drop to $24-25k.
ETH is hitting resistance at $1820 and needs to break and hold above $1850 for a bigger relief pump. However, it remains bearish from a larger time perspective.
XRP is holding above $0.46, which is a good bullish sign for a bigger push up. It needs to stay above $0.46 on the daily close for a bigger upward movement.
LINK shows bullish momentum and a retest of $6.45 is likely to happen soon. This is a good opportunity for a small long position, aiming to break up above $6.45.
SOL is still trading in the $19 range, and there is a possibility of a retest and touch of $20, which is a great short entry. There is no volume and a lack of significant upward movement in the market. A further drop to the $18 support is still possible.
EOS has received a big bullish signal on the daily chart for a pump up. The first target to break is $0.86, and if it fails to break, it will likely pull back with a target of $0.79, which is the next support level.
LTC is showing strength with a higher low on the daily chart and could push up to the $90 range soon. In 60 days, there will be a halving event in LTC, which suggests a larger price increase after the reduction in mining supply. This presents a significant opportunity to invest and hold!
DXY, as predicted 50 days ago in my TA, is hitting resistance at 104.3 and now shows resistance before the next target is updated.
Crypto/stock daily news:
HERE COMES FTX 2.0?
Ladies & gents, get your popcorn ready. Crypto might be getting a blockbuster sequel that no one saw coming…
FTX 2.0. I know, terrifying. Sounds like the next movie for The Evil Dead trilogy.
The director? John Ray III (the current FTX CEO.)
According to recent documents, John Ray III and the FTX bankruptcy team have been working on a plan to potentially restart the exchange.
Here’s a behind-the-scenes peek at what’s been done for FTX 2.0 so far:
So, what would this mean for creditors? It might be one of the best shots for everyone to get their money back.
And it has support from some FTX creditors so far.
But even though it might be best for creditors, it’s still a long shot.
The core FTX product is FLAWED. It has:
- Coding issues
- Poor performance
- Software bugs
Plus Ray would need to raise a sh*tton of capital. Tribe Capital (VC firm) did say it’d put up $100M for the endeavor.
But it’d be a lot cheaper to just launch a new exchange without that tainted af FTX name…
VISUAL OF THE DAY: STABLECOIN TRADING VOLUME AT YEARLY LOW
The stablecoin market cap is the lowest it’s been since September 2021.
And trading volumes have fallen 40%+ in May – that’s the lowest levels on CEXs since December.
So what’s going on? A combo of 2 things:
1/ Crypto prices are Stable (with a capital S)
When crypto prices are stable → stablecoin volume goes down.
When crypto prices are volatile → stablecoin volume goes up.
Well, recently crypto prices have been playing ping pong. BTC can’t break through $30K, ETH can’t surpass $2K (both are significant levels.)
That hurts trading volume for stablecoin asset pairs.
2/ A couple of major stablecoins have taken a beating this year
- Paxos stopped issuing BUSD.
- Circle (issuer of USDC) had $3B in the SVB collapse. It caused a panic that made USDC depeg.
Example No. 743,719 why they shouldn’t have named these things “stablecoins.”
It is weekend and we could see shorts close and price pump up before next week continuation.
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Sentiment Is now BULLISH and real test for bulls are this week.
Not Financial Advice!
Good luck with trades!