Technically Speaking – November 17, 2023

This Technically Speaking article is long as we review some of the various charts we’ve looked at over the past four to six weeks. 

Included in today’s Technically Speaking are: Chainlink, Uniswap, Monero, and Ethereum.

New to the Ichimoku Kinko Hyo system? You can read our 101 on it here.

Chainlink

Let’s take a peek at $LINK first. The image below is from the October 27 Technically Speaking article, which highlighted a strong resistance cluster made up of two Fibonacci levels and the Chikou Spans resistance level. 

October 27, 2023 LINKUSD Weekly Chart – Click to enlarge.

Over the last few weeks, Chainlink has made some major moves but got halted right up against that resistance zone in the $15.50 – $17.30 value area. 

LINKUSD Weekly Chart – Click to enlarge.

A big gap now exists between the bodies of the weekly candlesticks and the Tenkan-Sen, indicating LINK is out of equilibrium. From an Ichimoku perspective, a return to equilibrium is increasingly likely. 

Near-term support: The weekly Tenkan-Sen at $11.37. 

Near-term resistance: Top of the Cloud (Senkou Span B), where the Chikou Span would hit at $17.30.

Uniswap

We last looked at $UNI‘s weekly chart in the November 3 Technically Speaking article. Below is that chart:

November 3 UNIUSD Weekly Chart – Click to enlarge.

Uniswap was able to close above the Tenkan-Sen, and last week, it closed above the Kijun-Sen for the first time since late July 2023. 

UNIUSD Weekly Chart – Click to enlarge.

Since then, UNI’s pulled back this week and is struggling to hold onto the prior resistance-turned-support at $5.13. Price action could be fairly choppy given the Cloud is just above and the Tenkan-Sen and Kijun-Sen just below. 

Near-term support: Kijun-Sen at $5.13.

Near-term resistance: Senkous Span A at $5.92 and Senkou Span B at $6.58.

Monero

The October 20 Technically Speaking looked at $XMR‘s weekly chart and how close it was to a breakout above the Cloud, something that hasn’t happened in over two years.

October 20 XMRUSD Weekly Chart – Click to enlarge.

It’s been almost a month and Monero did close above the Cloud on its weekly chart – but not without some strong attempts by bears to push XMR down. 

XMRUSD Weekly Chart – Click to enlarge.

Since closing above the Cloud in the week of October 23, prices have dropped, and the Tenkan-Sen has been tested as support for the past two weeks. 

The only major resistance level remaining for Monero is the top of the Cloud (Senkou Span B), where the Chikou Span would hit at $191. 

For support, there’s a boatload of it. Between $145 and $157, the VPOC and all of the Ichimoku levels sit – that’s some heavy support structure.

Near-term support: Tenkan-Sen at $157.

Near-term resistance: Senkou Span B at $191. 

Ethereum

$ETH fulfilled all the requirements for an Ideal Bullish Ichimoku Breakout two weeks ago but is finding some difficulty this week moving higher. 

ETHUSD Weekly Chart – Click to enlarge.

From an Ichimoku perspective, the position of the Chikou Span is one reason for the choppy price action this week. Why? Because the Chikou Span responds to the same behavior as price. 

It’s (Chikou Span) is stuck inside the Cloud, so the irritating ups and downs and whipsaw all around are expected. Only when the Chikou Span leaves the Cloud will there be some semblance of ‘normal’ movement. 

But that’s a tall order for the rest of this week and next. In order for the Chikou Span to break above the Cloud, it will need to close at or above $2,834. 

The lowest the top of the Cloud gets for the rest of 2023 is at $2,235, not until the very last week of December 2023.

Near-term support: Kijun-Sen and Tenkan-Sen at $1,828.

Near-term resistance: Senkou Span B at $2,834.

More in   Crypto

View All

🔎 ADA to Accelerate?

CZ_221 secured today’s Stocktwits Spotlight with an ambitious chart of $ADA.X. CZ writes

“$ADA.X Last cycle when the 20 EMA crossed over the 50 on the weekly, we rallied over 3,800%.  

Read It

Technically Speaking – February 26, 2024

Bitcoin hit $54,000, bla bla bla, and Ethereum hit $3,200. Yes, that’s awesome, but if you’re like me, I want to know what hasn’t moved yet or is about to break out or, even more importantly, what might be hitting some profit-taking/reversal zones. 💡

Also, if you want to learn, check out our Ichimoku 101 article here, or watch this instructional video here

Read It

From Flood to Trickle: GBTC’s Outflow

Grayscale’s recorded its lowest daily outflow since becoming an ETF, with just $44.2 million on February 23. 💧

The decrease in outflows marks a potential turning point for GBTC, which has experienced a total of $7.4 billion in outflows to date. In contrast, other funds like Blackrock and Fidelity have seen substantial inflows, totaling $6.6 billion and $4.7 billion, respectively.

Read It