6/6/23 Bitcoin-Binance Blunder


Markets opened the first full week of June to a wall of sellers.

Markets declined on Monday, giving up some of Friday’s gains … but not too much.

The indexes all ended the day red.

  • Dow Jones -0.6%
  • Nasdaq -0.1% 
  • S&P 500 -0.2%
  • Russell 2000 -1.3%
Image from the Crypto Basic

Bitcoin’s price tumbled after the SEC announced a slew of charges against Binance, the world’s latest cryptocurrency exchange, and its founder.

  • The SEC called Binance’s operation “an extensive web of deception”
  • At writing, 1 bitcoin cost about $25,700 – a 5% decline since the news broke
  • We remain long Bitcoin and bullish on its long-term usefulness

Sector Round Up

Despite weakness in the indexes, 4 of the 11 sectors ended Monday with gains.

At the top…

  • Utilities (XLU) +0.5%
  • Healthcare (XLV) +0.4%
  • Consumer Discretionary (XLY) +0.3%

At the bottom…

  • Technology (XLK) -0.6%
  • Energy (XLE) -0.7%
  • Industrials (XLI) -0.7%


Despite Monday’s selling, the Nasdaq remains grossly overbought.

QQQ Daily Candles – Chart by thinkorswim

The market is looking very toppy right now and some selling is warranted.

Markets seek balance, and eventually, things always balance out.

Your latest readout…


It’s slated to be a boring week in terms of scheduled news…

Welcome to summer.


*Low Float
^Open Position

*UTME support at $2
*WLDS support at $1, resistance at $2
*RMTI on watch
*VIRI support ta $1.40
*GSIT support at $6.50
INOD support at $11, resistance at $12
AEHR support at $40
AMTX support at $5
EFTR on watch
NNOX support at $20
OPRA on watch
BHVN support at $20
APLD support at $9
OMER support at $7
^PLAB support at $20 / $21
KOPN support at $1.80 / $2
^AI support at $30
CNVA support at $15
NVTS support at $8
MRSN support at $8

Secondary watchlist—float 100+ million

EVLV support at $6
GENI support at $5.75
ZUO support at $11
LTCH support at $1.20
OSCR support at $8
^IOT on watch
^MVIS support at $4.50
^PLTR resistance at $15

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