Dear traders,
US inflation dropped to 4.9% and the market turned green. Will it come back strong and push back up?
Jake
TOP Trader
BTC pushed up in the green and is currently trading at $28,200. It needs a daily close above the 50 MA to continue its bullish trend. It is still in danger, so it is not safe to trade until the end of the
day.
ETH pushed up above $1860 and needs to hold this level before the day ends to gain momentum and push back up. It is still in danger of falling to a lower price target.
XRP is holding at $0.425 and requires a bigger buying push to break out of this pattern. Sell pressure could bring the price down to the range of $0.37, which is great for re-entering long positions.
LINK is holding and pushing back from support at $6.45, but it requires stronger buying pressure to push back up. Buy all dips under $7 in spot mode, as it will pay off in the future with LINK.
SOL pushed up from support to $21 and needs stronger buying pressure to push up even further.
DXY took a hit and is now pushing up from support at 101.
Crypto/stock daily news:
VISUAL OF THE DAY: ETH ACTIVE DEPOSITS AT AN 18-MONTH HIGH
There were 20K active deposits of ETH to exchanges on Friday. That’s the highest we’ve seen since November 2021, when ETH hit an ATH of $4,500.
Why? Pepe holders are going after that dough.
They started selling on Friday, sending the meme-coin plunging 50%. Over 640B Pepe (worth >$1.1M) was liquidated over the weekend, Coinglass said.
One whale was left $600K in the red. Ouch.
And sellers are converting these profits to… yep, you guessed it… ETH.
The Good News: ETH might be ready to hit $2K again.
Fingers crossed.
FAST NEWS:
• Brian Armstrong is in the UAE exploring where to launch Coinbase’s international hub. Coinbase’s world tour continues.
• Voyager Digital liquidates after Binance’s buyout falls through. A saga that has put Howie Mandel’s “Deal or No Deal” to shame.
• 60% of the ETH burnt since the Merge happened in the last month. The effects from the Merge are showing no signs of cooling off.
• Arbitrum’s total value locked (TVL) reaches an all-time high of 2.4B. The network remains strong 6 weeks after the historic airdrop.
Final words:
Good inflation numbers bring price in green but we need bigger push to make it bullish again.
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Good luck with trades!
Author
Jake
TOP Trader
