Donald Trump To Launch A New DeFi Protocol Next Week!

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📅 Today

🔍️ Market Outlook

• Overall Bias - Cautious 🙏 

• BTC broke the key $62,400 level, but failed to re-test and hold it as support.

• It also failed to hold $56,000, a crucial support zone.

• BTC is now trying to re-test these levels as resistance.

• $60,000-$63,000 is a big resistance area that BTC must break, or risk further consolidation otherwise,

• This level is the bull-market support band (20 Week SMA & 21 Week EMA)

• It is wise to not take any new leveraged positions till BTC closes above this band, and till BTC dominance reverses it’s uptrend.

Donald Trump To Launch A New DeFi Protocol Next Week ❗️ 

Former U.S. President Donald Trump announced the launch of his family's cryptocurrency platform, World Liberty Financial, on September 16th, promoting it as an alternative to traditional banking.

The project has already come under scrutiny amid reports that insiders will receive 70% of the token allocation, raising concerns about transparency.

Additionally, World Liberty Financial has encountered security issues, with scammers targeting over 70,000 users through fake crypto giveaways advertised on the platform’s Telegram channel.

eToro Settles With The SEC 🙏 

eToro has agreed to pay $1.5 million to settle charges from the SEC, which accused the platform of facilitating trading in certain crypto assets classified as securities.

However, the SEC order did not specify which tokens were involved. As part of the settlement, eToro will limit the range of crypto assets available for trading, although only about 3% of its customers' crypto holdings by dollar value are impacted.

The SEC's case against eToro is notable for not identifying the specific tokens deemed to be securities.

📕 Educational

The Bitcoin Stable Supply Ratio has touched the lower Bollinger Band for the first time since June 2022, pushing it into the oscillator’s support zone.

Historically, this level has rarely been bearish; it's usually marked a significant low or the cycle bottom.

A low ratio suggests that stablecoins hold substantial purchasing power, with funds waiting on the sidelines, ready to enter the market.

Apart from the 2020 black swan event, the ratio seldom drops this low, reinforcing the idea that a bottom may be forming.

Similarly, Bitcoin Puell Multiple has reached the 0.4 range for the first time since the end of 2022.

This Puell Multiple is nearing levels where it historically signaled buying opportunities.

Investors looking for a long-term accumulation phase might interpret the current Puell Multiple near 0.4 as a sign that Bitcoin is undervalued, or at least nearing a market bottom

📊 Stat of the day

📈 Chart of the day

Rationale & Confluences

• Triangle breakout.

• 1H Supertrend support.

• RSI showing momentum.

• Wait for a re-test and confirmation at $4.185.

• A quick 2% trade is possible on the long side.

• Source : Cointraction

🤣 Meme of the day

That concludes our update for today!

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Disclaimer : None of the content shared in the newsletter is financial advise. Always do your own research and analysis before investing.