Bitcoin Revisits Its Golden Move: Last Time This Happened, BTC Price Soared +500%

Crypto News In 3 Sentences

Listen To This Taint Of A Human Being

Su Zhu, the controversial figure behind 3AC's collapse, shares an unusual take on his prison stint. Claiming it was an "enjoyable experience," Zhu's reflections come after 3AC's $3.3 billion debt debacle. 🔒From CoinDesk.

It’s Official: Cyborgs Will Start Taking Over

Ya, it’s not a crypto story, but Elon Musk posted on X that the first human trial of the Neuralink implant went ok. So far, the patient is only interested in ‘killing fleshy meat sacks’ and ‘needs a gun’. So far, so good. 🤖 From Coin Edition

Another Old Guy Says The U.S. Dollar Is Dead

Renowned financial analyst Richard X. Bove declares the U.S. dollar's days as the world's reserve currency are over. From his Tampa home office, Bove predicts China's economic rise and criticizes peers for not challenging the financial system. 💵 From CryptoGlobe.

BlackRock Overtakes GBTC

For the first time, BlackRock's spot Bitcoin ETF outperforms Grayscale's GBTC in trading volume. This shift indicates a slowdown in GBTC's outflows, with other spot Bitcoin ETFs seeing significant inflows. BlackRock has amassed over 52,026 BTC since its launch. 📈 From Bitcoin Magazine.

Uniswap's New Feature Enhances User Experience

Uniswap's latest web update introduces a feature allowing users to send tokens directly from the platform. This enhancement streamlines the process of swapping, sending, and managing assets. However, centralizing functionalities could increase the platform's risk of malicious activities. 💻 From Uniswap.

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Hold On To Your Butts

The image below is Bitcoin’s monthly chart, going from October 2009 to today.

The past two times Bitcoin has closed above its daily Cloud after a bear market, it has resulted in a significant rally.

The next 24 hours will be critical to see if this breakout will happen soon or if we’ll have to wait a little longer. What price levels should we be watching?

$42,267 and $42,230 are made up of the Kijun-Sen and Senkou Span A, respectively.

If January closes above those price levels, it will only be the third time in its history that has happened, and the first time nearly 42 months.

Technically Speaking - January 30, 2024

Today’s Technically Speaking will focus on a chart style known as Point & Figure. It’s the oldest form of charting price data we know of, predating even Japanese Candlesticks.

What makes Point & Figure different from American Bar charts or Japanese Candlesticks is the lack of a time component. Point & Figure is just price - the price action trader’s purist chart form. Let’s dive in.

Watch this video, which starts at 13:00ish to learn more about Point & Figure charting.

XRP

XRP’s $0.01/3-box chart currently shows one of the bread-and-butter patterns in P&F, the Pole Pattern. P&F traders and analysts look for a few things:

1. Long opportunities above 50% of the range.

2. Short opportunities on failure to move above 50% of the range.

$0.55 is the mid-point of this Pole Pattern. A common strategy aggressive P&F traders use to go long is placing a buy stop at $0.56 (one box above $0.55) with a three to four-box trailing stop and using Fibonacci retracements to plan their profit-taking strategies.

Tezos

XTZ's chart flashes a bullish signal with an Ascending Triple Top - a heavy hitter in stonk market P&F charting. For this setup, the playbook suggests a buy stop post a solid break above the double-top. Translation for Tezos: the buy stop at the time of writing is $1.03. I've sketched out the typical P&F trader approach on the screenshot.

That doesn’t mean you should do it, damnit. Good lord, if you don’t know what Point and Figure charting is, don’t just start willy-nilly throwing in trades because some dood on the interwebz sounded smart writing something down.

Aave

At first glance, AAVE’s $5/3-box chart shows the inverse of what we looked at on Tezo’s chart: Descending Triple Bottom. However, the current price suggests a 3-box reversal may occur soon, invalidating that short setup.

For bulls, the entry might not be ideal because it seems like it’s a good distance away. The pattern bulls are looking for is a Bearish Pattern Reversal. I’ll show the same hypothetical trade setup some P&F traders might take.