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Here’s What’s On Tap

We’re starting off with a quick look at Bitcoin’s performance today, followed by a Technically Speaking on ADA and FLOW.

On deck: crypto news in three sentences, Bitcoin’s halving countdown, and our cluster dates - which will be added to today or tomorrow.

Bitcoin, You Beautiful Bastard

The daily hasn’t closed yet, but as of 15:17 EST, Bitcoin’s parked at the $50k level and hit the highest level since December 28, 2021.

That’s nearly 29 months, 110 weeks, or 776 days.

Technically Speaking - February 12, 2024

Holy ten-pound bag of hot tamale Jolly Ranchers, today’s price action is hot - and it’s positioned some altcoins into some very nice (and some precarious) setups.

I’m just going to touch on two because they represent what a lot of the altcoin market looks like. Additionally, I always like to see what kind of after-Monday shenanigans occur. Tuesdays can often be a fade day, so let’s see if tomorrow shows follow-through or sell pressure.

Cardano

Cardano’s daily chart is currently (1330 EST) just a hair above the top of the Cloud (Senkou Span A). If it can close at or above $0.562, it will confirm the first Ideal Bullish Ichimoku Breakout since October 23, 2023. It should be noted that the Weekly Tenkan-Sen is at $0.563, just a hair above the daily’s Senou Span A.

The breakout, if confirmed, should be substantial, but any rally may fizzle near the $0.78 value area, which contains two powerful Fib retracement levels. $0.78 contains the 88.6% Fib retracement of the Dec 2022 low to the top of the strong back in May 2022 and the 61.8% Fib retracement of the all-time high the low of the strong bar in February 2021. 

FLOW

I’ve had this one on my radar/list to write about for a week or so, and it’s finally moved into a position where it’s a good time to talk about.

The daily for FLOW still has about 5 hours until the daily candlestick closes, but it’s currently above the Cloud. A daily close at or above $0.85 will confirm and Ideal Bullish Ichimoku Breakout.

However, while not shown in the image above, FLOW’s daily Composite Index is pretty top-heavy and is inside its historical resistance zone. Additionally, observe the current gaps between the daily candlestick bodies and the Tenkan-Sen. Don’t be surprised to see a pullback or a pause over the next few days.

Crypto News In 3 Sentences

Working At The SEC Is Like Getting An STD

The SEC's crypto division faces upheaval, with senior lawyers considering departure due to Gary Gensler's contentious leadership. Amidst this turmoil, the SEC seeks a record $2.4 billion budget to bolster its crypto enforcement team. And everyone is losing their cases. 🚪

SEC Bends Over For Coinbase And Ripple

James Murphy suggests the SEC might settle with Ripple due to election-year changes, differentiating XRP sales from traditional securities. Meanwhile, he predicts Coinbase will win against the SEC, citing the agency's prior approval of Coinbase's public listing and subsequent regulatory overreach. ⚖️

Good God, Faketoshi Won’t Stop

This guy is either the real Satoshi or a really, really good conman. Craig Wright faces Coinbase and others in a London court today over Bitcoin's whitepaper copyright. Wright's confidence clashes with accusations of document forgery - something kind of admitted to - and emotional courtroom moments. Despite controversies, Wright maintains he's Satoshi, amidst intense scrutiny over the authenticity of his evidence. 🔍

Not Surprised: Digital Currency Group Reports Strong 2023

Digital Currency Group (DCG) celebrates repaying over $1 billion in debt and Grayscale's GBTC ETF success in its 2023 report. Despite financial achievements, DCG faces legal hurdles, including a contentious Genesis bankruptcy plan and a broadened lawsuit by the New York Attorney General. 📈

Franklin Templeton File ETH ETF

I guess I don’t need to elaborate much more than what the headline says, but they filed for an ETH ETF.

Well, That’s Interesting

Bitcoin’s next halving is 64-ish days away. You can keep track with watcherguur’s handy dandy live countdown: https://watcher.guru/bitcoin-halving.

Cluster Dates

Derived from NASA's Jet Propulsion Laboratory data and analyzed through the lens of Gann Analysis, the ensuing date intervals warrant close observation, particularly when a market or specific instrument exhibits strong directional momentum. In such instances, there's a substantial likelihood of witnessing a sharp reversal in trend around these pivotal dates.

In other words: put these in your calendar in ALL CAPS and write something like PAY THE F*CK ATTENTION KK THNX.

May 17-28

July 15

August 14 -22

September 7-17

November 17-19