Dear traders,
Market woke up in the red and touched old low points. Are alts bleeding strongly? Will they bounce back from support?
Jake
TOP Trader
BTC filled the wick at $25,850 and grabbed liquidity for a push up. It is still in play, with a short target at $25,200 and lower.
ETH made a bigger drop but is still holding strong at $1,800. However, it remains bearish from a larger time perspective.
XRP is still fighting with $0.46 as support, and a bigger drop back is still possible. It needs to maintain a daily hold above this level to make a bullish push up.
LINK dropped below the $6.45 support and is currently showing a strong bearish trend towards $6 support. However, it still lacks the strength for a significant upward push, and there is a lack of volume. Buy all dips below $7 in spot mode, as it will pay off in the future with LINK.
SOL dropped to the lower $19 range and is aiming for $18. There is no volume and a bigger push in the market. A further drop to the $18 support is still possible.
EOS dropped quickly to $0.82 and showed no strength at $0.86. There is a possibility of a bullish uptrend, but it is still in sell-off mode and requires a stronger push to break out bullish.
LTC is still fighting with the $80 range and hit $84 as the lower point. It needs to hold or $70 is the next level to retest. 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 broke $104, which is strongly bullish and ready to target $104.3 as the next resistance.
Crypto/stock daily news:
BINANCE REPORTEDLY COMMINGLED FUNDS
Crypto’s a lot like high school – you KNOW drama’s always gonna drop.
The latest drama? According to a recent Reuters report, Binance allegedly mixed customers’ funds with company revenue.
That’s right, Binance got caught “commingling” in the bathroom.
Here’s what Reuters is alleging:
- Binance commingled users’ money with corporate accounts held at Silvergate Bank (now-bankrupt.)
- Binance commingled funds daily in 2020 & 2021.
- The total sums were in the billions. $20M from a corporate account was mixed with $15M in an account that received people’s money in just one day.
- The good news: no funds were lost or stolen.
So what did Binance say? User funds & corporate money are kept on “separate ledgers.” Binance pulled an “I didn’t do anything wrong, Teach”
And those accounts weren’t intaking people’s money – they were used to process user purchases (like BUSD, Binance’s stablecoin.)
Binance’s communication chief posted a long-ass Twitter post calling the whole report a conspiracy.
Pic:binance
Reuters cited three anonymous sources in their findings. So who knows.
But where there’s smoke, there’s fire. And the last time we heard about the commingling of funds was with FTX.
We all know how that turned out…
FAST NEWS:
Ledger’s CEO confirmed they’d hand over sharded private keys if subpoenaed. There are more Trust Issues than Drake back in 2011.
Solana integrates a ChatGPT plugin that reads on-chain data. Crypto 🤝 A.I.
Bitcoin Conference attendance fell 50% this year. There were more people at your local spelling bee…
Bitcoin passes SOL to become the 2nd most popular blockchain for NFTs over the last 30 days. Bitcoin Inscriptions have really left their mark.
Final words:
BTC dropping with target of 25k bigger uptrend is expected after drop.
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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
