Dear Altcoins: That Wasn't Powdered Sugar On Your Doughnut

Crypto News In 3 Sentences

This Chic Needs To Be In The Progressive Commercials For How Old Her Ideas Are

You’ll have to read this op-ed piece for yourself. FT’s Jemima Kelly’s opinion on crypto is reserved for Progressive’s Dr. Rick to work on to prevent her from becoming her parents. Spoiler: She doesn’t like crypto. 😏 From the Financial Times.

SHOCK: Karen Who Faked Race To Become Teacher And Senator Still Hates Crypto

Coinbase's 'Stand with Crypto' group unveils a significant shift in the political landscape, with several senators vocally supporting cryptocurrencies. Leading the pack, Senator Cynthia Lummis has introduced eight crypto bills and made 184 public statements. Despite opposition from senators like Elizabeth Warren, this pro-crypto stance reflects the growing acceptance of digital assets in politics. 💼 From Bezinga.

Interesting: Interest-Bearing BTC ETFs Attract Interest

A new wave of interest-bearing Bitcoin ETFs is catching investors' eyes, offering dividends alongside Bitcoin exposure. Firms like Grayscale hint at yields around 5%, while others promise even higher returns. Investors are drawn to the potential yields, but the trade-off is a cap on Bitcoin's price appreciation. 📈 From Protos.

Google's Crypto Advertising Policy Update

Google's set to update its policies, opening the door for certain crypto products like Bitcoin ETFs to be advertised. The change could bring a significant influx of interest to Bitcoin ETFs, leveraging Google's massive daily search volume. However, the policy remains vague on what qualifies as a "cryptocurrency coin trust." 🌐 From Cointelegraph.

Technically Speaking - January 29, 2024

In addition to taking a look Bitcoin’s daily chart, we’re going to look at some possible breakouts in the altcoin market.

Bitcoin

Bitcoin’s daily chart has had a nice run over the past seven days, but its biggest test to further upside potential is happening right now. The final resistance cluster on the daily chart comprises the top of the Cloud (Senkou Span A) at $43,115 and the Kijun-Sen at $43,749. If we get a daily close above the Kijun-Sen, we might see fireworks soon.

The only ‘warning’ on further upside potential is the Composite Index hitting its historical resistance level. That isn’t enough to go, “OMG, THE TOP IS IN,” but it is a warning that momentum may slow down as we move higher.

Zcash

If there’s one crypto that can’t seem to catch a break, it’s Zcash. I mean, shitcoin doesn’t begin to describe this piece of shit. I don’t know what you’d call it. And compared to other altcoins, Zcash is old.

If it were a dinosaur, it would be called Dookie-seratops or Shits-a-saurus Rex. Or something with poop. Poop-a-saurus. I made myself giggle.

How bad is Zcash? Well, on the weekly chart, it just made a new all-time lowest close on the weekly chart, is about to make the lowest close in its history on the monthly chart, and just made the lowest daily close ever on January 9th ($18.28).

Without going through any other charts or identifying any other technical data, the weekly and daily RRGs show strong signs that ZEC’s bottom is close being in and that positive momentum is creeping in. Whether this turd of an altcoin is something you want to touch that’s up to you, but there’s some massive reward vs. the risk at play.

Solana

If you want to see an Ichimoku chart that is close to completing one of the most sought-after bullish entry setups, an Ideal Bullish Ichimoku Breakout, Solana’s is it.

Ichimoku traders are waiting for one more thing to happen before the Ideal Bullish Ichimoku Breakout is confirmed: the Chikou Span in open space.

Today that would require Solana to close at or above $107. By Wednesday, the Chikou Span would need to close above $105.86. But bulls should be aware that the monthly Kijun-Sen at $137.74 might bring an early pause to any bullish breakout.

Chainlink

This one is short and sweet. Take everything that I wrote about Solana and the Ideal Bullish Ichimoku Breakout, and you can apply it to LINK’s daily chart.

What are bullish Ichimoku traders waiting for on Chainlink’s daily chart? A close above the Cloud (at or above $14.41).

RRG? Ya You Know Me

If you’re unfamiliar with how to read/interpret the Relative Rotation Graph (RRG), that’s cool. Not many people are familiar with it. But to avoid a wall of text, refer to this prior HODL My Beer, which has a good explanation for you.

Below is a 15-day RRG.

Here’s how I interpret what’s going on, your own may be different:

1. Litecoin moving into the Leading Quadrant from the Improving Quadrant may show an improvement in its price action is coming soon.

2. Zcash might be at or near a low. Bulls may be looking at ZEC as a good long opportunity.

3. Bitcoin Cash and Bitcoin both moved up into the Improving Quadrant from the Weaking Quadrant, which means bullish momentum has returned.