Slow market move before next push?

25.04.2023

Dear traders,

The market is consolidating before the next push up/down. On the bigger time frame, BTC is still bullish, but locally it is at a bearish support. The next swift move is loading.

Jake
TOP Trader

BTC continues to consolidate in the range of $27,200-$27,800 and is preparing for the next move.
On a smaller time frame, the market is bearish, and the short target is still $25,200. There is a possibility of a push-up to $28,800, which could be a good spot for a short. The market is still slow with a small volume.

ETH dropped to support at $1850 and touched $1800, which is still bearish, and a possible bounce could be in the range of $1700. The price needs to hold and reclaim $1920 for bullish continuation to be possible.

XRP is trading around $0.45 and the next drop is expected to be locked at $0.4, which is a bearish retest of the breakout. For bullish continuation, XRP needs to break the $0.5 level.

LINK dropped to the $7 support level and is currently consolidating. It does not look good for the next push-up, and the volume is still weak. However, on a bigger time frame, it is still a good buy option.

SOL is slowly dropping to the $20 support and needs to reclaim $22 for a bigger pushback. There is still no big buy volume on SOL.

DXY is still fighting with 101 and pumping to break 102. There is still no power for a breakout.

Crypto/stock daily news:

VISUAL OF THE DAY: LIDO’S STETH MARKET CAP HITS $12B

Total value locked on liquid staking platforms rose by ~10% in the last week. The market now has a cumulative $17.06B TVL.
And Lido’s leading the pack. Lido’s staked Ethereum token (stETH) is now the 8th largest digital asset by market cap.
It hit an all-time-high of over $12B last week. That put it ahead of Solana, Polygon, & Dogecoin.

So what? Well, listen, we don’t like to brag.
But we wrote a few weeks ago how Ethereum’s Shapella upgrade on April 12 would:
1) Make liquid staking protocols super popular and
2) Lead to an increase in staking, not a decrease
And that’s exactly what’s happening.
Liquid staking is when you stake your ETH without locking it up. Instead, you get a token you can use elsewhere (like stETH.) More places to deploy ETH = more places to earn yield It’s been just 12 days since Shapella started letting ETH stakers withdraw. And it looks like they’re already re-staking via liquid staking big-time.
More like “The Great Re-Staking,” am I right?

FAST NEWS

An auction for bankrupt lender Celsius is slated for Tuesday. Three entities are trying to buy it:
NovaWulf, Fahrenheit, & Blockchain Recovery Investment Committee.
FTX’s legal team filed a court order to allow SBF’s parents’ phones to take a photo of the user every five minutes. That was part of new bail conditions.
The Chinese city of Changshu is trying to pay civil servants & public workers with digital yuan in May. The city’s been using it to make overtime payments to employees since June 2022.
Fantom dev Andrew Cronje hinted that he might be working on a crypto-friendly bank. He said on Twitter it might be available to the public sometime this year.

Final words:

Market slowly bleeding and now closing to crucial support lines for next push up or bigger drop take
you trades with care. Don’t FOMO and wait for best opportunity for next swing.

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