Here’s What’s On Tap

Today we’re starting off with a dig at Solana, followed by a Technically Speaking look at Tezos and Litecoin. I wanted to add ICP and IOTA, but life is life.

Also on deck: crypto news in three sentences, new crypto metrics on TradingView, cluster dates, and last but not least, a deep dive into prior HODL My Beers and Technically Speakings to look at how prior analysis and setups have panned out.

And The Winner Is…

In case you missed it, Solana was down. Again. For the eleventh time in two years. This time for five hours.

Technically Speaking - February 6, 2024

HBAR was a hell of a fun one from yesterday - the good news is that there are other altcoins out there with similar, highly probable bullish breakouts.

Tezos

With an extremely thin Cloud (weak resistance) and the Tenkan-Sen and Kijun-Sen close together, bulls and bears are equally interested in XTZ’s current price action.

However, momentum to the downside for Tezos isn’t there, and the Composite Index and Detrended Price Oscillator show conditions are primed for a breakout. Aggressive bulls are likely eyeing any daily close above the Kijun-Sen, even if the Chikou Span isn’t in open space yet.

The oscillator levels are so much like HBARs from yesterday that I literally copied/pasted the graphic arrow and text overlays.

Litecoin

When I teach my son and daughter about the lessons of disappointment, Litecoin will be one of those examples.

But that doesn’t mean opportunity doesn’t knock on this one-time king. Aggressive Ichimoku traders have their eyes on any close above The Kijun-Sen, while more conservative Ichimoku traders want to see the Chikou Span in open space, which would require a close at exactly $73, but by Friday, that threshold drops to $72.07.

Crypto News In 3 Sentences

Big: Wood For Bitcoin Over Gold

Cathie Wood of ARK Invest notes Bitcoin's rising use amidst regional bank issues in 2023, suggesting a shift towards digital currency for security. Wood predicts this trend will persist as Bitcoin becomes a preferred economic safe haven. 💰

Another Bank Bites It

Vast Bank, once a trailblazer for integrating crypto with banking, retreats from the cryptocurrency sector. Regulatory pressures and the recent crypto market turmoil, highlighted by FTX's collapse, prompted Operation Choke Point 2.0, which ultimately killed it. 🏦

The Epic Screw Job Of FTX Customers Continues

FTX’s bankruptcy bosses are giving creditors $18 per SOL. Instead of returning some or all of the entire crypto asset, the $40 million in legal fees a day entities are milking customers and creditors like cows the lawyers think they are. ⚖️

Well, That Was Fast

Polkadot's parachain, Unique Network, sets a new NFT minting speed record, minting 4930 NFTs per minute. This achievement, part of a stress test, involved minting Bounty Hunter Tickets for the game Forever Has Fallen. 🎮

SEC Temper Tantrum Against Ripple Continues

Ripple is compelled to disclose its financial records for 2022-2023. This court decision allows the SEC to scrutinize Ripple's institutional XRP sales post-complaint. Ripple's resistance, citing the request as irrelevant, was overruled. 📚

Well, That’s Interesting

I was personally thrilled to see this update on TradingView today: CoinMetrics’ data is now available on the TradingView platform. They track all sorts of, um, metrics like Newly Created Addresses, Total Fee’s Paid, The Sum Value Of The Current Float (current supply), and a myriad of other interesting metrics.

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

A Look Back - February 6, 2024

Let’s look at some past HODL My Beer and Technically Speaking articles and see how the theories, analysis, and projections have played out so far.

Specifically, we’ll look at prior analysis from January 20, 2024 to January 24, 2024 that dealt with daily charts because enough time has passed to see what happened.

January 20, 2024 HODL My Beer (Link)

Bitcoin

Synopsis: Falling wedge and oscillator data showed a high probability of strong push higher.

Result: It did just that.

January 24, 2024 HODL My Beer (Link)

Dogecoin

Synopsis: Waiting for a move above the Cloud.

Result: Still waiting.

TRON

Synopsis: Bulls likely waiting to hit the entry zone at $0.11.

Result: The entry zone was hit on January 25, with the Potential Prift Zone around $0.124 getting hit just today.

Ethereum

Synopsis: This is not a daily chart, but the $0.20 Point & Figure chart identified a Spike Pattern with an entry at $2,260.

Result: Entry triggered, moved up $120 before pulling back then moving up again where it’s currently at: $2,340.

And that’s all for today! Tomorrow, we’ll start at the next series of daily chart analysis, beginning with Cardano’s in the January 26 HODL My Beer.