Technically Speaking – February 21, 2024

My first Litepaper and first Technically Speaking since my short break and the transition to a new newsletter service have me swamped. 🥵

But there was no way I was not going to a Technically Speaking – so we’ll keep this one short and sweet. 

BTCUSD Daily Chart – Click to enlarge.

The sad fact is that nothing goes up forever – even $BTC. Eventually, people will take profit. At the time of writing this Technically Speaking (1500 EST), the Tenkan-Sen at $50,610 is holding as support, and, most importantly, the large gaps between the bodies of the candlesticks and the Tenkan-Sen are resolved. 

If the Tenkan-Sen fails to hold as support, the next support level is the Kijun-Sen at $46,414 – but after today’s daily close, it will probably shoot up towards the $48k value area. 

We’ll have much more to review on Friday, with more sexy charts and setups to look at. Damn, I’m glad to be back! 😁

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News In Three Sentences – February 28, 2024

Great Zeus’s Beard That’s A Lot: BTC ETF trading volume spiked over $7.5 billion, more than double its previous record. 😱 WatcherGuru has more

BlackRock Turns Bitcoin ETFs into Its Own Personal Money Printer: BlackRock’s ($BLK) massive $520 million infusion into $BTC ETFs, combined with Europe’s unrelenting buying spree and a nifty GBP arbitrage opportunity on $COIN, propelled Bitcoin past the $60,000 mark despite expectations of a pause. Short-sellers everywhere are now questioning their life decisions. 🚀    Read more from TrustNodes

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What Has Been Will Be Again

I wanted to add this to yesterday’s Litepaper, but there wasn’t enough room. 🪗

There’s a lot of folks on social talking about the monthly RSI and how it’s above the default overbought level of 70. That’s happened before. 

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