Resistance to strong market pull back!

22.02.2023

Dear traders,
Crypto market is stopped at resistance and push back. Today we have FOMC meeting and news
about the rate increase will come. Market is preparing for the bad news.

Jake
TOP Trader

BTC:

BTC strong resistance at 25k pushes back the price to 24k range. More rejection could move back to 21k
range of BTC. The next big swing is loading. Stay safe, and trade with small leverage.

ETH:

ETH is push back from resistance and now 1650$ act as resistance. Unable to break resistance will
lead to new lows. Trade with small leverage.

XRP:

XRP try to push into 0.4$ but gets rejected. Still no power for the next push and price consolidate at
0.39$. Still big sell-off XRP is still on.

LINK:

LINK make round back and show no strength with 7.7$ support. Not looking good and 7$ support
looking like short target. Market is dangerous now use small leverage.

SOL:

SOL hit resistance and push back to support. After support is break new lows are possible with target
of 20$. Trade with small leverage.

DXY:

DXY holds support and aiming for next leg up. Still show no strength for push to 105 zone. After
FOMC meeting will push hard up or fall back under 100 range.

Crypto/stock daily news:

HONG KONG’S NEW PROPOSAL MIGHT LET RETAIL INVESTORS BUY CRYPTO
Hong Kong just dropped a massive crypto proposal. In a 361-page document, Hong Kong’s Security
and Futures Commission (SFC) proposed some new rules for crypto trading platforms.

Lucky for you, the Milk Man spent all afternoon reading the proposal so you wouldn’t have to.
Here are the highlights:
– Crypto trading platforms will need to apply for a special license. The proposal outlines that any
person or business that provides crypto-related services will need to apply for a license from the
SFC. (Currently, there are only two exchanges that are licensed to trade.)
– Crypto trading could open for retail investors. Exchanges might soon be able to offer crypto
trading services to retail investors. First, though, the SFC is looking for comments from the public
on whether it should be allowed or not.
– Investors would only be able to trade “large-cap tokens.” The crypto exchanges would only be
able to list tokens that are “included in at least two ‘acceptable indices’ issued by at least two
independent index providers.” This could potentially include cryptocurrencies like BTC and ETH.

The new set of rules will take effect on June 1st.

Why this matters: If Hong Kong does end up allowing retail investors to trade crypto, it could be
big for adoption in mainland China.

China’s relationship with crypto has been complicated, to say the least. One day, crypto is banned;
the next day, it’s unbanned. (As of this newsletter, it’s banned again.)

But things are different in Hong Kong because it’s a Chinese SAR, or special administrative region.
Since 1997, Hong Kong has enjoyed separate governing and economic systems from the rest of
mainland China. (Or “one country, two systems,” per China’s constitution.)
Here’s what the crypto landscape in China looks like right now.

Will Hong Kong’s moves have any impact on mainland China’s position on crypto? We’ll see.

Final words:

BTC push back with bad market moves. Today we have FOMC meeting in US about the rate increase so
there will be big swings on the market. Trade with careful!!