The court approved FTX to sell $744 million worth of Grayscale cryptocurrency trust shares. FTX has a need to sell assets to pay off debts, so naturally they will seek to raise the prices of the tokens they hold before selling, such as SOL. It may be worth paying attention to any unusual movements in the FTX token series.
Bitcoin:
With yesterday's BTC once again approaching $38,000, the fourth point of the rising wedge has also taken shape. However, the overall upward trend has not been broken, and it held at the support level of $37,400. There is a possibility of another upward movement in the next few days and a break through the wedge to trigger a short squeeze (possibly around $40,000).
Ethereum:
ETH is slightly weaker than BTC, but the upward trend is still intact. It is currently at the bottom of an ascending triangle, and there is a high probability of rebounding along with BTC.
Altcoin Market Analysis
PYTH
PYTH has broken through the downward channel, but the rebound is weak. If you entered the market yesterday, you can either break even or wait and see.
BLUR
Similar to PYTH, it has also broken through the downward channel but is moving weakly, although it is currently on the trend line. If you entered the market yesterday, it is necessary to set a stop loss at $0.47.
OCTA
It has retraced to the horizontal range and is on the trend line. If it falls below the upward trend line, short-term players can exit, while long-term players can ignore it.
QUICK
After breaking through yesterday, it retraced deeply. It is currently holding near the support level of $0.49. If it falls below this area (near $0.49), short-term players can exit, with a stop loss of approximately 5-6 points.
After talking about IOTA for a long time, yesterday it pulled a big bullish candlestick due to the news of launching a $100 million fund to promote DLT technology in the Middle East. Whether the trend can continue needs to be observed, but this position is suitable for partial profit-taking rather than chasing higher prices. The next targets are $0.36 and $0.58.
The Bitcoin ecosystem may be about to start a new wave. STX, RIF, BADGER, REN, and other currencies can be positioned accordingly.
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