_{Here’s What’s On Tap}

Today’s going to be heavy into the voodoo wizardry chicken bone magic 8-ball technical analysis stuffs.

First, the Technically Speaking covers several altcoins ready to board the USS Pampy McPamp’s Alot. Second, a ‘how to’ over profit targets in as easy a way to do it as possible. I think.

Oh, and some three-sentence or fewer snippets of news. Because that’s important too.

Technically Speaking - February 2, 2024

Cardano

Yup. It’s in the Cloud. Walk away? Yes. Well, sort of. This is where a set-it-and-forget-it or a park-and-bark trade come in.

Long story short, the criteria to fulfill an Ideal Bullish Ichimoku Breakout when the daily candlestick closes above the Cloud, and the Chikou Span is in ‘open space’ (a condition where it won’t intercept the bodies of any candlesticks, horizontally, over the next five to ten periods).

Entry level: $0.584 until Feb 7, $0.563 after Feb 7

Stellar

XLM gives a great opportunity to look at the benefits of a chart style like Point & Figure vs. Japanese candlesticks. First, let’s look at Stellar’s daily chart, specifically the highlighted date range between August 2023 to today:

Now, compare that with the $0.005/3-box Point & Figure chart below:

Only ten columns vs. 170 daily candlesticks of crazy-ass wicks, whipsaws, and misery. From a Point-and-figure perspective, XLM’s chart can be summed up into one word: dookie. It’s dookie for bears and bulls.

However, the bulls do have an opportunity. As long as another O doesn’t develop on the chart, XLM’s P&F chart is primed for a Bearish Fakeout Pattern. That’s something bulls are getting hopeful about and something bears are getting anxious about.

Entry level: $0.125, voided if another O develops in the current column.

Internet Computer

This one is short and sweet. Aggressive Ichimoku bulls are likely taking any daily close above the Cloud, but more conservative bulls are waiting for the Chikou Span to close in open space.

Entry level: Aggressive bulls like anything at or above $11.806, conservative bulls like any close at or above $13.94.

Polkadot

Like ICP, DOT’s analysis is short and sweet. A close above Senkou Span B on the weekly chart is enticing for aggressive bulls, but more conservative traders will wait for the confirmation of an Ideal Bullish Ichimoku Breakout, which can only happen with a weekly close above the Tenkan-Sen

Entry Level: Aggressive bulls at or above $6.96, conservative bulls above $7.52

Chainlink

Did you miss Chainlink’s move? Well, if you were reading the January 29, 2024 HODL MY Beer, you wouldn’t have. LINK hit the entry above the $14.41 zone and continues to climb. So when and where might it stop?

Bulls might look at the $21.25 zone - it contains the 50% Fibonacci retracement from the 2020 low to its all-time high, the 38.2% Fib retracement of the July 2021 failed rally, and the 50% Fib extension of the current major swing - watch the video on identifying profit targets to see how that 50% extension was reached.

Finding Profit Targets

I made a short, under 3-minute video going over how to do this in TradingView because it’s so much easier than writing a wall of text and taking so many damned screenshots.

Crypto News In 3 Sentences

By Jupiter’s Taint, That’s A Lot Of Volume

Jupiter's airdrop of its native token JUP sees over $450 million in trading volume, showcasing Solana's network durability. Despite initial hiccups, Solana processed up to 1.4k transactions per second, which, honestly, is a shock for a network that breaks down more than a New Year’s resolution at a Chinese buffet. 🚀

Alleged Sex Trafficker Andrew Taint Crypto?

Andrew Taint, once a vocal crypto critic, hints at launching his own token, backed by $100 million. Despite a history of disavowing crypto and facing legal troubles, Taint’s proposal for a personal coin has stirred mixed reactions online. 🪙

Larry David’s FTX Regret

Larry David candidly regrets his FTX Super Bowl ad following the exchange's dramatic collapse. Despite seeking advice, David now faces a class action lawsuit and financial losses, as part of his payment was in crypto. 🏈

Coinbase’s Zero To Hero Plan

As Binance exits the US market, Coinbase aims to expand its dominance, now targeting high-volume traders with enticing zero-fee trades. This aggressive strategy aims to solidify its position as the top exchange in the US, especially with Bitcoin ETFs now available. 💼

Gotta Catch 'em All

Speaking of failure and FTX: three individuals charged with a SIM-swapping scam allegedly stole $400 million from FTX, exploiting vulnerabilities to access the exchange's funds. This sophisticated attack involved manipulating an FTX employee's phone account, leading to one of the largest crypto thefts. 📱

Repubricans And Demurcruts Unite

Bipartisan congressional leaders are rallying to repeal the SEC's controversial crypto custodian accounting standards, SAB 121. The SEC's stance, aimed at mitigating risks, has been met with criticism for bypassing the Congressional Review Act. Also, Gensler is a tool. 📜

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