Are the Biggest Airdrops Yet to Come?

Next 5-figure Opportunities

I realize this newsletter issue is a bit of a pivot, but after the recent Arbitrum airdrop, it’s hard for any crypto enthusiast to ignore the power of these opportunities. So I set out to find the next potential ‘Big One’ and turned up a few compelling results.

Bear in mind that hype can die quickly and there is no guarantee of huge payouts from participating in any of these. Think of it like trading. You don’t always win or win big, but when you do it can be incredibly rewarding.

1. ZkSync

2. Scroll

3. Fuel

I’m personally farming for airdrops in these ecosystems, and will share more in the future if there’s enough interest.

Latest Economic Data

US Initial Jobless Claims

  • 198K vs 196K consensus and 191K prior

US Continuing Jobless Claims

  • 1689K vs 1697K consensus and 1685K prior

US DGP Growth Rate (Q4 Final)

  • 2.6% vs 2.7% consensus and 3.2% prior(Consumer spending was revised down to 1% from 1.4% in the prior estimate)

US PCE Prices QoQ

  • 3.7% and 4.3% prior

US Core PCE Prices QoQ

  • 4.4% vs 4.3% consensus and 4.7% prior

Economic Outlook

These latest numbers show a stubbornly tight labour market, yet a slowdown in consumer spending which was revised downward. GDP was also considerably lower than the initial estimate. PCE prices saw a considerable downtick, while Core PCE remains somewhat stubborn.

Fed funds are now pricing in more than 50% chance of one more 25bps rate hike in either May or June. This indicator has been as volatile as the price of Bitcoin lately. Consensus is changing by the day…incredible!

Expect tomorrow’s February PCE numbers to shake things up once again.

Sponsors Corner

It’s no secret I’ve been bullish on this project for a while, and the $ROSX IDO is going live in the next few hours! I’m going to be holding my IDO tokens for at least the next several months and will continue to provide my ongoing support to the project. Exciting times ahead!

IDO details here: https://roseon.world/project/roseonx/

Technical Analysis Corner

Bitcoin Daily Chart

On the daily chart, Bitcoin just closed a candle with a moderate bearish divergence in the local area of resistance of 28-29k. Price is still holding above the white diagonal, which is around 27k. A close below would bring decent chance of a test of the prior swing high around 25.2k.

OBV is still floating sideways, which means from a volume standpoint bulls and bears are evenly matched at the moment. If bulls do squeeze, the top end of the range going back to May-June 2022 (31-32k) can come into play.

Bitcoin 4H Chart     

The 4H shows lack of direction and price may continue to wander between range low & high of 26.5-28.8k. Until a breakout materializes, particularly with high volume, look for these levels to be respected. Throw-overs can also occur so it’s best to wait for the 4H candle close.

ETH 4H Chart

To me, ETH is the key to understanding the next move on altcoins. Price action has been absolutely miserable despite BTC strength. I don’t see alts taking off until ETH shows strength.

$1820 has been a trouble are, with price unable to maintain above it. Similar to BTC, I would be looking for a strong breakout with volume. Until then, price will continue to consolidate and may even tap the falling diagonal again.  

S&P500 3-Day Chart

I told you guys not to give up on the S&P500, as the levels were lining up for a bounce and bears never got follow-through on the brief break below the 50MA. Next level is the ascending 200MA (red line) and then 418.31, above which a break of structure occurs.      

Jay Charles

Editor in Chief, The Trading Tank.

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