Bitcoin: Play With My Heart, But Don't Hurt It

Here’s What’s On Tap

I am starting today with some analysis on BTC, ADA, LINK, and VET.

Oooo, and most important: I added some juicy Gann price and time stuffs. Check out the end of the newsletter for that hawt content.

You know what? I’m dropping the news in three sentences because if you want crypto news, well, you can Google that and find all the lazy A.I.-generated content you want.

Why? Because technicals lead fundamentals.

Technically Speaking - February 13, 2024

In yesterday’s HODL My Beer, I opened up the Technically Speaking with, “… 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.”

And that is exactly the kind of behavior that’s going on right now.

Today, we’ll look at the near-term support levels of some of the biggest names and one crypto that is prepping for its own breakout - if it can do it.

Bitcoin

Bitcoin’s daily chart shows a price action behavior within the Ichimoku system that is also present on several of the more recent altcoins we’ve looked at: large gaps between the bodies of the candlesticks and the Tenkan-Sen.

What does that mean? The TL;DR version is it is out of equilibrium. Price moving back to the Tenkan-Sen is the most frequent way equilibrium is reestablished, but don’t be surprised to see BTC hangout around the 49k to 50k level while the Tenkan-Sen creeps back up.

Also, note the Kumo Twist. Kumo Twists are when the Cloud changes color - when Senkou Span A moves above or below Senkou Span B. Kumo Twits are a huge benefit because they give traders and investors a warning: if an instrument is trending strongly into the period of a Kumo Twist, watch for changes in direction.

Near-term support for Bitcoin is the daily Tenkan-Sen at $46,350.

Cardano

ADA’s daily chart of why the Cloud is a horrible place. Did you watch the price action yesterday into the close? Ichimoku shenanigans all over the place. Cardano’s price action yesterday is a perfect example of why we avoid trading things inside the Cloud and wait for confirmation. Despite ADA giving every hint that it was going to close above the Cloud, last-minute douchery took over.

Near-term support is between the Tenkan-Sen at $0.52 and the Senkou Span B at $0.525.

Chainlink

LINK is having some difficulty moving into and staying above a strong reversal zone that was identified in the January 29 HODL My Beer. Notice anything else going on?

If you said, “OH HAI DA GAPS” you’d be right. The same gaps we just looked on Bitcoin’s daily chart are developing on Chainlink’s weekly chart.

Near-term support is the weekly Tenkan-Sen at $16.57.

VeChain

I was going through my list, and this one popped out at me. VET looks primed for its own confirmed Ideal Bullish Ichimoku Breakout. Bulls are getting ready to charge if the daily closes at or above $0.032.

However, similar to FLOW’s analysis from yesterday, the oscillators for VET aren’t the greatest. The Composite Index and the Detrended Oscillator are both at historical resistance levels. Combined with VET struggling to cross above the top of the Cloud (Senkou Span A), don’t be shocked to see it move down a little.

Near-term support is a shared price level at $0.029 made up of the Tenkan-Sen and Senkou Span B.

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

Gann Stuffs

The following dates and prices come from Gann’s Square of 9. The Square of 9 was one of Gann’s tools that he used to identify when and at what price levels major changes in an instrument could occur.

Pay special attention if Bitcoin trades at any of the price levels on/near any of those dates, especially if they share the same degree.

For example, if Bitcoin is trading near 52,441 on March 30, 2024 (both are 180-degree levels), watch for major moves to occur.