the daily degen 🦍(12sep23)
handle.fi daily trooper update
todays markets
market news
FTX looks to offload billions in crypto.
friend.tech TVL tops $20M weeks after being declared ‘dead.
arbitrum’s fraud proofs haven’t been used in the two years since it launched.
crypto companies form texas blockchain group to advocate for clear regulations.
japanese yen forecast: USD/JPY slips after BoJ talk, EUR/JPY eyes ECB rate decision.
crypto fear and greed index
around the X-verse… (formerly the twitterverse)
liquidity leaving the market 📉…
taking down altcoins ☠️…
meanwhile, back in defi “clown town” 🤡…
trader tips
in trading, “support levels” often serve as a “floor” where the price can bounce back upward after touching it. however, it's crucial to note that the more a support level is tested, the more likely it is to eventually give way. imagine a trampoline: it may withstand repeated jumps initially, but over time, the material weakens. similarly, the more a support level is tested, the weaker it may become, increasing the odds of a price breakdown.
this is what we have seen on the BTC/ USD chart. price tested support at ~25.4k three times over the last 3 weeks. each time there was a bounce but on the fourth test today, it could no longer hold.
exercise caution and use proper risk management strategies when observing these patterns.
trade ideas
trade: long SGD/ USD
USD/ SGD had been contained below ~1.362 since december 2022.
a few days ago price broke above resistance and has since returned to that level to retest it as support. traders could play the ‘breakout trade’ from here by initiating a LONG with the target being the next resistance at ~1.386. if price is unable to hold above this level then it could be a failed breakout and the trade idea is invalidated.
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