Technically Speaking – January 17, 2024

In today’s Technically Speaking, we will examine why price action may seem a little wonky lately. 🤔

Crypto Total Market Cap

Total Market Cap Daily Chart – Click to enlarge.

If you’re looking for an idea of whether this market is about to move higher, lower, or flat. In that case, the Ichimoku system on the daily chart is warning of some continued sideways activity ahead. ↔️

The Chikou Span moving below or inside the candlesticks is the Ichimoku system’s warning sign that congestion is coming. If the market wants to avoid that scenario, then the Chikou Span will need to remain above the bodies of the candlesticks. 

Do note: it’s not uncommon for price action to ‘trick’ people into assuming consolidation is going to continue, only for the Chikou Span to unexpectedly move in a direction that will avoid that congestion. 

A key level bulls and bears are watching is the Volume Point Of Control at $1.613 trillion. Analysts interpret price action as bullish if price is above that level. Below it, bearish. 

Filecoin

FILUSD Weekly Chart – Click to enlarge.

If you’re an altcoin fanatic and you like to trade them, you’re probably frustrated with the big spikes higher and lower without any follow-through in any major direction. 🔄

From an Ichimoku perspective, the reason is probably that that altcoin, like $FIL, is inside its weekly Cloud. Get ready for some ticker spam here because the following cryptocurrencies are just some of the altcoins that look just like Filecoin and are inside their respective weekly Clouds:

$ALGO, $AXS, $BAND, $BAT, $BNB, $DOGE, $ETC, $FLOW, $FTM, $IOTA, $NEAR, $ONT, $SHIB, $UNI, $XTZ, and $YFI.

This annoying price action will continue until there is a clear breakout of the Cloud. 

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NFTs R Back?

Not much needs to be said here for this newsworthy event. 🤦‍♂️

Straight from the Gurg himself:

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So. Damn. Close.

Unless you’ve been sleeping off some horrible life decisions from last night, $BTC is insanely close to reaching its prior all-time high. 🚀

It’s probable that by the time you read this, new all-time highs might already be in. 

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