Hurry Up And Wait

Here’s What’s On Tap

Starting with a Technically Speaking on BTC’s condition of congestion is a cause of consternation and why HBAR’s daily chart looks hawt.

Crypto news in three-sentencesm BTC holdings by BTC ETF entities, 10-day RRG and important futures dates to watch.

Technically Speaking - February 6, 2024

With few exceptions, from a price action perspective a good chunk of the crypto market is still visiting the city of Suckville. But there are a couple altcoins that are showing some signs of imminent moves.

Bitcoin

Since January 18 BTC has traded some or all of the past nineteen days inside the daily Cloud. The same goes for the past five months: Since October 2023, BTC has traded all or some of that time inside the monthly Cloud.

How long will this continue? Well, on the daily chart, the next Kumo Twist doesn’t occur until February 16, so it’s possible that we ping-pong around in this misery for a little longer.

But if you want some really sucky news, the monthly chart has a whopper.

When is the next Kumo Twist on the monthly chart? November 2024.

The closest sign that there might be some reprieve from the consolidation is on the daily chart, where the Composite Index and Detrended Price Oscillator are returning to equilibrium. But until there’s a clear and solid breakout above the Cloud (on either time frame), hurry up and wait is the name of the game.

Hedera

Unless something dramatic happens between now (1400 EST) and the time this amazing newsletter reaches your inbox (1700-ish EST), HBAR’s daily chart looks like a bull in heat. Which isn’t that attractive now that I think about it. And bulls don’t go into heat either. Anyway.

Anyway, without going into a ton of detail, here’s why HBAR looks hawt:

1. DTO angle suggests it’s about to cross over the zero line.

2. The Composite Index’s angle suggests it’s about to cross over both of its averages.

3. The daily candlestick is a Bullish Engulfing Candlestick.

4. Not really a reason, but this chart is a good example of how the Chikou Span reacts to the same support and resistance levels as price. Notice how it’s hockey-sticked off of Senkou Span B? cool, eh ya hoser?

Crypto News In 3 Sentences

No Crypto At The Super Bowl

The Super Bowl LVIII ad lineup is absent crypto, along with no fintech companies booking spots. In 2022, FTX led the crypto charge, but this year, giants like BMW and Budweiser dominate. But BTC ETF ads are still going strong with Google. 🏈

Powell All But Said: Gov Is F*cking Things Up Bad

As inflation fears grow, investors turn to Bitcoin, seeing it as a modern alternative to traditional safe havens like gold. Fed Chair Jerome Powell's comments during 60 Minutes on the U.S. economy's “unsustainable path” have intensified interest in crypto. 💰

dYdX Making Improvements

dYdX announces its 2024 focus on Permissionless Markets and user experience enhancements. The DEX aims to streamline market creation and improve trade execution. Permissionless Markets will allow trading of any asset with oracle price data, enhancing the protocol's accessibility. 🔄

GoDaddy And Ethereum Name Service Team Up

Ethereum Name Service (ENS) partners with GoDaddy to link internet domains to ENS addresses for free. Users can now easily set up wallet identifiers using their GoDaddy domains, expanding Web3's accessibility. 🌐

Sam Lee Tries Another Scam Right After Being Charged For Fraud

Sam Lee, accused of a $1.7 billion HyperVerse fraud, is already promoting a new project, VEND, despite recent SEC charges. Hours after the charges, Lee appeared in a video, optimistically discussing VEND, a platform for promoting crypto projects. 🚩

Well, That’s Interesting

Holy cow, the amount of Bitcoin added to these ETFs continues to spike. +40% increases over two short weeks for Fidelity and BlackRock. Wild.

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.

What I interpret from this RRG is a bottom is either already in or close to in and bullish momentum is showing signs of returning as evidenced by FTM, ADA, IMX, BTC, DOGE, and others moving from the Lagging Quadrant into the Improving Quadrant.

Oh, and Chainlink is on drugs.

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