Dear traders,
The market drops badly after bad news about banks in US, and after big drop, US Fed announced it will bail our banks and the same big reversal come back. Market is now at resistance and tomorrow we will have CPI results, so if they come bad, we will return to new lows.
Jake
TOP Trader
BTC:
BTC breaks under 20k and after good news on market push strongly 10% up. Now it is at resistance
and downtrend and next wave of buying is needed to continue grow. If resistance hold strong we
could see big push back. Don’t take new long until resistance is broken. This could be a bull trap.
ETH:
ETH makes a huge push-up and short squeeze. Now at 1600$ resistance and if break and hold we could
see a long target of 1800$. Still wait for new longs until market news comes.
XRP:
XRP turn opposite of market move when market move up XRP down when market down XRP. Still if
market show weakness it will follow back down.
LINK:
LINK make push frow low target but turn back under resistance 6.45$. Need more buy power to
push up. Trade with small leverage.
SOL:
SOL need to break 20$ to push more up. Don’t take longs until 20$ is broken and hold line. Still show
no strength and new lows are possible.
DXY:
DXY take hard hit after banks problems and barley hold above 103.8 support.
Crypto/stock daily news:
DOWN GOES SILICON VALLEY BANK
There’s no sugarcoating: things are bad…
On Friday, Silicon Valley Bank (SVB) was forced to shut down by U.S. regulators. SVB was added to
the “Failed Bank List” and ~$175B of customer deposits were seized by the Federal Deposit
Insurance Corporation (FDIC).
It’s one of the worst bank failures since 2008. That’s right, it hasn’t been this bad since Twilight
came out.
Why is this such a big deal? SVB has been the go-to bank for Silicon Valley tech startups for the
last decade. In fact, ~50% of all U.S. venture-backed tech & life sciences companies used SVB to
hold their funds.
Well, turns out SVB mismanaged those funds and now thousands of companies have lost their
money and don’t know if they can meet payroll or continue running their businesses.
On top of that, only ~3% of all deposits into SVB are FDIC-insured. For reference, the average bank
in the U.S. has about ~50% of deposits FDIC insured.
Damn, our expectations and trust in traditional finance were already low, but this takes it to
another level…
So what’s next? It’s hard to predict how far the SVB contagion will spread or how long the effects
will last, but buckle up because things will get rocky.
It isn’t gonna affect just the stock market & startup world either, it will bleed into crypto too. And
we’re already seeing it begin…
Circle, issuer for the USDC stablecoin, announced it has $3.3B of its reserves stuck on SVB. USDC
has depegged from $1 over the last 24h as panic has caused a sell-off
Coinbase announced it’s temporarily pausing USDC: USD conversions over the weekend. What is
this, a traditional bank?
Blockfi, the bankrupt crypto lender, has $227M stuck on SVB.
These might be the first companies to make announcements about their exposure to SVB, but
certainly won’t be the last.
This is like if FTX and Enron had a kid – it’s gonna cause more havoc than Dennis the Menace…
Here’s how people on Twitter are reacting:
Final words:
Show big V drop and back shape. And big news comes this week, this could easily break lower.
Be careful with your shorts, we could see more UNO reverse this week.
Copy trade TrendRiderV2 start trading and make 5% in day and coming back with great PROFIT.
Stay online and join FREE channel powered by Top Trader Jake and get premium data and bot setups to grow your account and catch big PROFITS.
https://t.me/+rBI2IFMrLUhmOTJi
Sentiment Is now BULLISH and real test for bulls are this week.
Not Financial Advice!
Good luck with trades!
Author
Jake
TOP Trader
