TGIF, everyone! 😄 

We’re happy to have you this evening after a, frankly, long week.

Following the market’s retracement, we’re here to give an insight into what’s coming next!

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This Week’s Juice 🧃

• 📞 TON network experiences outages 👀 

• 🇷🇺 Russia to start using Crypto for Cross-Border payments 💰️ 

• 🇨🇳 China’s largest bank sends a “love letter” for BTC & ETH 👀 

• 🏦 Economy: GDP Growth Rate QoQ @ 3.0% (expected 2.8%) 🔥 

• 🏦 Economy: Core PCE Price Index MoM @ 0.2% (expected 0.2%) 🚀 

Getting up to speed! ⭐

This week’s Economic Reports 📊 

These are the key economic reports for the week as the market prepares for September’s Interest Rate decision. 👀 

TON network experiences outages 👀 

Following the CEO of Telegram, Pavel Durov’s arrest in France, there have been multiple outages in the TON network where no transactions were processed for hours!

Despite this, the TON token has remained fairly stable.

These outages have supposedly been due to excessive minting of a DOGS memecoin which overloaded the network and is irrelevant to Pavel Durov’s arrests.

It seems that the TON network has not been fully optimised to support such a large volume of transactions, similar to what we saw with Solana a few years ago.

We do believe TON will make the necessary adjustments to fit new demand, however, further outages would raise concern about the blockchain’s integrity and may cause instability in the TON token.

Keep a lookout.

China’s largest bank sends a “love letter” for BTC & ETH 🇨🇳 

China’s largest bank, ICBC, published a report praising the potential of cryptocurrencies, especially BTC and ETH.

This is a massive shift in sentiment given China’s mixed views on crypto in the past few years. 👀 

• Bitcoin was compared to Gold due to its scarcity of supply. 🔥 

• Ethereum was referred to as “Digital Oil” as it powers the largest networks and EVMs.

ICBC is one of the largest banks in the world too, so this report only improves the legitimacy of blue-chip cryptocurrencies and is extremely bullish.

This also suggests potential large institutional investment in crypto by the Chinese!

Russia to start using crypto for cross-border payments 🇷🇺 

Starting from 1 September 2024, Russia is starting to test crypto transactions for cross-border payments.

This is an attempt to circumvent sanctions imposed by the West for international transactions, and a key move to remove reliance on the US Dollar for international transfers.

Following this, we would likely see the Moscow and St. Petersburg Exchange establish regulated crypto platforms as soon as next year! 🚀 

This is a key move for crypto as we see governmental adoption which may lead to further waves of institutional investment.

Not only this but a U-turn from Russia’s crypto ban in 2022! (Very much like China’s move)

It’s clear that governments won’t be staying away from crypto. It’s not a matter of if, but when the first (Top 10 GDP) country adopts it as a strategic reserve.

Market Analysis ✨

Things are getting shaky as we don’t get what we love all at once. And what we love is a never-ending pump! 🔥 

Tago Ratio Update: Our ratio shows a downward momentum which usually signals a short-term down trend. As this begins to reverse, we will see another retracement to the upside with retests of key resistance above. A take profit level would have been a day after the gradient has begun to decrease which would have marked the top of our current range 👀 .

BTC Analysis

• Following a retracement from key resistance back into the previous range, we are looking at further uncertainty in the market as we failed to find support at the top of the range (Failed Auction)

• While Cumulative Volume Delta has formed a lower low, the price has not, this could again position us towards a short squeeze, similar to the one we had the other week. 🔥 

• However, due to market instability coming up next month due to Interest Rate cuts, we may continue to range for a longer period before breaking out to the upside, e.g: October/November may be the time for crypto 👀 

Looking at the upside 📈 🚀 

• Liquidation Magnet Levels 🧲 @ 61.5k, 63k, 65.5k

• Primary Targets 👆️ @ 60.3k, 61.4k, 64.2k

• We’re looking for a retest of ~ 60.3k in the next few days which is our monthly VWAP — if we fail to take this we will be looking at a bias towards the downside

• If we manage to close above this on two consecutive 30m candles, we’ll be targeting 61.9k minimum.

Looking at the downside 📉 👀 

• Liquidation Magnet Levels 🧲 @ 57.5k → 55.8k

• If we fail to hold our local low, we may see a flash crash below 56k, with a likely next target of 53/54k

• Following 53k, any further drops would lead to an SFP of the low @ 49k 👀

• These are all buy opportunities, however, any longs should have clear stop losses below the current local low e.g: ~57.5k ⭐️ 

Ethereum Analysis

• Not much has changed for ETH given its underperformance, apart from it forming a lower range compared to the previous one.

• However, with the current lows, ETH looks much more attractive for Spot Longs given a ~5% discount from the previous range.

• Key Levels to the Upside 👆️ @ 2600 (weekly retracement), 2700, 2775, 2900

• Key Levels to the Downside 👇️ @ 2450, 2340, 2120

Altcoin Analysis

• As we target BTC Dominance @ ~60%, we are looking to see further altcoin underperformance, including blue chips such as Ethereum

• Despite allocating more funds to altcoins via our Strategy Allocations, we are sticking to short-term positions with tight stop losses!

• When we say tight stop losses, we mean tight! 🤣 

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