Hey folks, it’s a wrap to yet another month in the 2023 calendar, and I’m guessing you know what that means - time for another episode in the “What To Trade” series. For December, I will be mapping out trade more cautiously as the market volatility often drops
Is the Crypto Season Back Now?
2023-06-29 • Updated
Exciting news from Mastercard: they are launching a Multi-Token Network (MTN) to explore the potential of tokenized bank deposits, stablecoins, and central bank digital currencies (CBDCs). The MTN will begin with testing tokenized bank deposits and will be available in beta mode this summer in the UK. They have invited banks and financial institutions to participate in the initiative. Mastercard aims to bring programmability and flexibility to regulated money by making bank deposits digital assets on the blockchain. This aligns with their blockchain analytics application, Mastercard Crypto Credentials, which ensures compliance with regulations like anti-money laundering. The MTN will enable cross-border transfers of value between banks, allowing for fast and flexible movement. Selected teams will be able to develop use cases powered by tokenized deposits and digital assets in an MTN Innovation Sprint happening in London this summer.
BTCUSD - W1 Timeframe
Bitcoin has had an interesting couple of weeks, with a remarkable, bullish recovery. However, BTCUSD is struggling to keep up the bull run due to selling pressure from the supply zone, as highlighted in the chart. The rally-base-drop supply zone is expected to yield some bearish pressure, potentially derailing the bullish intent. Here’s my take; wait to see a clear rejection from this supply zone from the Daily timeframe before proceeding to take a position on the commodity.
XRPUSD - D1 Timeframe
XRPUSD is sitting pretty in a well-cushioned area of demand - the likelihood of breaking this demand zone is minimal. First, we see the trendline support, then the bullish array of the moving averages, followed by the drop-base-rally demand zone, and finally, the 200-day moving average as support. All these confluences serve strictly to bolster the bullish sentiment on XRPUSD.
ETHUSD - D1 Timeframe
ETHUSD is yet another cryptocurrency pair that is also prepping for a bull run. So far, we’ve seen Ethereum react succinctly to the confluence of the 200-day MA, the demand zone, and the trendline support, leading to a price action that slightly broke above the previous high of the market structure. On this basis, I expect to see a seamless continuation of the same bullish price action from the 100-day moving average as an area of support.
The trading of CFDs comes at a risk. Thus, to succeed, you have to manage risks properly. To avoid costly mistakes while you look to trade these opportunities, be sure to do your due diligence and manage your risk appropriately.
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