The Cursed Range Continues

18.10.22 12:14 AM By Stormrake

Crypto market volatility remains unusually subdued, however this doesn't mean we don't have trades available to us. We're currently watching a potential Arbitrum airdrop and the launch of a new chain called Aptos.

The information contained here is for general information only. It should not be taken as constituting financial advice. Stormrake is not a financial adviser. You should consider seeking independent financial advice prior to making any personal investments.

Aptos chain officially launched

Earlier today the Aptos blockchain went live. Being a Layer 1 smart contract platform, it aims to be the fabled "Ethereum Killer". It's more likely to be a "Solana Killer" in the sense that it will compete aggressively with other L1s with the added advantage of a fresh price chart.
The launch itself has been fraught with issues. Aptos is looking like a ghost chain already with very little activity through very few channels. The Discord has already been disabled.

For the savvy crypto investor, the Aptos token is a short term play in the hopes that you can catch a listing pump on a major exchange. Be mindful though! You will be going up against notorious VC token dumpers and they're ready to fire into voracious bids and scrape a win in what has been an underperforming year.

Arbitrum airdrop

We recently published an in-depth review of a potential Arbitrum airdrop. You can read all about it HERE. After an extensive review, the Stormrake research team is confident that the Arbitrum ecosystem will continue to thrive, although if a token gets airdropped, the price may not be reflective of the network activity. For those of you with enough resources and acumen, you can airdrop farm, otherwise you will be pleased to know that Stormrake will be providing immediate access to an Arbitrum token, if and when it goes live.

BTC/USD key levels

Yet another update with us trading at $19,560 USD. This level has become an absolute magnet for price action, to the extent where if you get a 5% move in either direction, it wouldn't be a bad idea to fade it back up or down to $19,560. For now the momentum remains to the upside and we're looking for a retest of $20,554. If we fail to reclaim $19,560 then expect a quick move back down to $18,549.

ETH/USD key levels

Ethereum is in a similar god forsaken range, back to its usual level of $1,333 USD. This level has been mentioned numerous times in our Morning Note. The play right now is very simple, a break and close above $1,333. we can expect a retest of the $1,400 - $1,472 pocket. To the downside, if we fail to reclaim $1,333 then we'll retest the zone between $1,241 and $1,190.

No Advice Warning

The information in this newsletter is general only. It should not be taken as constituting professional advice from the author - Stormrake PTY LTD.

Stormrake is not a financial adviser and does not provide financial product advice. You should consider seeking independent legal, financial, taxation or other advice to check how the information relates to your unique circumstances. Stormrake is not liable for any loss caused, whether due to negligence or otherwise arising from the use of, or reliance on, the information provided directly or indirectly, by this newsletter.

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