Technically Speaking – March 6, 2024

Let’s take a peek at some charts. 🧿

Chainlink

LINKUSD Daily Chart – Click to enlarge.

$LINK‘s weekly chart looks ugly as hell for bulls – maybe. There’s plenty of the week left, but the weekly candlestick is Ugly with a capital U. Additionally, there’s a rising wedge on the chart. 

The rising wedge is arguably the most bearish common chart pattern that exists. Butas bearish as it is, when price action fails to collapse and instead breaks out higher, the move is often Dramatic with a capital D. ✅

Tron

TRXUSD Daily Chart – Click to enlarge.

I’m switching to the Ichimoku Kinko Hyo system here for $TRX. This one is simple for bulls: they’re waiting for a re-entry or to add when the daily closes above the Tenkan-Sen, almost smack dab on top of $0.14. 

Additionally, the Composite Index (note shown) is now in a historical support zone. ☀️

Shiba Inu

SHIBUSD 1-hour Chart – Click to enlarge.

Alright, some of you fine degen folks have e-mailed and messaged asking for a ‘faster’ time frame for $SHIB. Here’s the problem(s) with that:

  1. This newsletter goes out around 1700-ish EST. 
  2. By the time you read this, anything faster than a daily might be totally irrelevant. 
  3. People in the $SHIB, $DOGE, $PEPE, $BONK, and $FLOKI crowd are scary. 

So, just be aware that the hourly chart you’re looking at was done around 1400 EST. The closest white trendline near $0.00003550 is the first resistance zone bulls need to get above, followed by a close above the 0700 EST candlestick’s open. 

Upside potential might be limited to the next trendline, around $0.00004150. Any move to or below $0.00003130 and this idea is scratched. 

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BlockFi’s customers might finally feature a financial comeback, thanks to a deal with FTX and Alameda Research. 😍

How much? Up to $874 million, contingent on court approval. This settlement could be the lifeline for customers left adrift after the 2022 crypto upheaval.

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🔮 “Rich Dad Poor Dad” author Robert Kiyosaki forecasts Bitcoin hitting $300K by 2024: Citing the cryptocurrency’s rally past $69,000 following the introduction of spot Bitcoin ETFs and despite the recent 10% dip, Kiyosaki remains steadfast, advocating for investment in Bitcoin and praising its performance against the US dollar. Kiyosaki highlights its role against central banks and its potential to bring integrity back to money. Read it at Benzinga

🚫 Warren Buffett reaffirms his critical view of cryptocurrency, dubbing Bitcoin “rat poison squared”: The grumpy old man also said he wouldn’t spend $25 for all the Bitcoin in the world. Despite Bitcoin’s increasing acceptance, Buffett’s stance has been unwavering, viewing cryptocurrency as speculative and without tangible value. Yahoo! News has more

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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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