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. 

Make sure to check out the screenshots, too, because there are price levels of importance that analysts and traders have identified as important. 

yearn.finance

YFIUSD Daily Chart – Click to enlarge.

If you want to go dumpster diving for treasure, this might be one. On Saturday, $YFI looked poised to complete the first Ideal Bullish Ichimoku Breakout on the daily chart since October 23, 2023. However, it failed to close above the Tenkan-Sen. 

Yesterday, the same thing happened. Bulls are likely looking for anything close above the daily Tenkan-Sen, but because of a strong confluence zone of Fibonacci levels in the $8,441 value area, above that might be more attractive. Also, note the Kumo Twist that occurs between March 16 and 17. If YFI is trending strongly around that date, look for a change in direction. 🔦

Stocktwits Social Sentiment Data for YFI
Click to enlarge.

Mina

MINAUSD Daily Chart – Click to enlarge.

$MINA‘s daily chart shows a great example of a developing continuation move. The only thing missing is a daily close above the Tenkan-Sen and Kijun-Sen. 

The Composite Index has crossed above its fast average, and if the momentum continues, it will move above its slow average as well – all of this after developing a hidden bullish divergence. 

Additionally, the Detrended Price Oscillator’s angle suggests it’s about to cross above the zero line. Confirmation is key, and things only look good if bulls can pull off a close at or above $1.344. 

Upside potential may be limited to a prior resistance area near $1.54. #️⃣

Stocktwits Social Sentiment Data for MINA
Click to enlarge.

Injective Protocol

INJUSD Daily Chart – Click to enlarge.

It’s easy to forget that this monster of a mover gained $2,880% and was 2023’s best performer. It’s easy to forget because $INJ‘s been in a long consolidation zone since Christmas. 

INJ is positioned perfectly for an Ideal Bullish Ichimoku Breakout – I mean it’s one of the most perfect setups you can find. However, the same thing happened on February 18, but without any follow-through from buyers. 

Will this time be any different? The proximity to the Kumo Twist suggests the answer is: yes. Complimenting the price action on any confirmed close at or above $36.63 are the Composite Index and Detrended Price oscillators, which would support any strong breakout. 👍

Stocktwits Social Sentiment Data for Injective Protocol
Click to enlarge.

More in   Crypto

View All

Bitcoin in March: A Data Dive into Historical Performances

Here are some interesting stats on how Bitcoin performed historically in March. 📚

Bitcoin closed March in the green four times versus eight times in the red.
In the green months, Bitcoin showed off with an average percentage gain of +48.91%.
On the downside, the average percentage loss during the red months was -15.62%.

Read It

Bitcoin Blasts TF Off

Alright, now we know this is primarily an equity-focused newsletter. But speculation in the market has been building extensively through the last few months, and there’s no better vehicle to visualize that than one with no intrinsic value. 😆

Ok, you had to let us get one joke in there. After all, we just said what we were all thinking but wouldn’t say out loud. Let’s dive into some wild stats. 👇

Read It

Dear. God. Those. Liquid. Ations.

When bulls get liquidated, bears get excited. When bears get liquidated, bulls get excited. 😁

I have no idea what happens when everyone gets liquidated. From Glassnode’s Liquidation Heatmap, here’s this insane look.

Read It

Community Charts – March 6, 2024

GetRichSlow shows off a beautiful logarithmic $BTC chart, hinting at $200k in Q1 2025. 

His Fibonacci expansions highlight a series of projected price levels along with vertical blue bars highlighting when the RSI crosses 70. 

Read It