OVERVIEW

Bears Gotta Eat, Too

The morning US session looked like a blood bath, but the rest of late morning and early afternoon saw crypto recover… then the EOD selloff began. 😞

But we’re heading into the weekend. Between Friday evening and Monday morning, crazy stuff usually happens in crypto, so keep those eyes peeled.

In today’s Litepaper: how Stocktwits Sentiment Data looked today, a Technically Speaking on BTC and ETH, a genius ex-IMF official, and a peek at silver’s crazy monthly chart.

By the way, if you've been following us on Stocktwits, you can now follow us on X @StocktwitsCrypt. We’ll see you over there! 🫡

Here's how the market looked at the end of the trading day:  

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STOCKTWITS
Stocktwits Sentiment Data

Profit-taking and pullbacks all over, but how are people feeling about it? Let’s look at a few:

Bitcoin - all in all, it’s looking pretty healthy so far - just sitting at Normal despite a -10% drop the past couple of days.

Cardano - You’d think after hitting $0.80 and then a collapse to $0.69, the sentiment would be at least neutral, but the bulls are still all in sentiment-wise.

Ethereum - Similar to Bitcoin here, message volume up, but not surprising since the Dencun update and big drop in L2 fees.

Shiba Inu - from the most recent swing high on March 5, SHIB’s moved down nearly -41%, so it’s not surprising to see sentiment in bearish territory.

STOCKTWITS CONTENT
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Beluga Founder Sonny Singh will be joining as well to moderate this marketing-moving conversation. Save your spot by clicking here.

TECHNICAL ANALYSIS
Technically Speaking - March 15, 2024

If you want a more detailed Technical Analysis, like the Ichimoku Kinko Hyo system, click here, which will take you to the web version of the Litepaper.

Bitcoin

I don’t know about you, but those trendlines seem like they’re getting more and more extreme, right? At some point, gravity takes over. But hey, if this is the start of a parabolic move, then all common sense and rationality get thrown out the window because parabolic moves are the definition of a market on drugs.

If $BTC does drop from here, then the first trendline’s support level is in the $60,000 value area.

Ethereum

It's the same story here for $ETH: crazy steep trendlines. If it breaks the nearest trendline, then the next level of trendline support is at $2,750.

COMMODITIES
We Need To Look At Silver’s Chart

If March were to close today on Silver’s monthly chart, it would be the highest monthly close since July 2021. 🥈

It’s testing the neckline of an inverse head-and-shoulder pattern. But I have one more chart to show you: the Gold/Silver ratio chart.

There’s a bear flag on the XAG/XAU chart that is showing some signs of breaking down, especially given how bullish Silver’s monthly chart looks. Historically, the ratio of silver to gold has been anywhere between 20 to 30 ounces of silver for every 1 ounce of gold.

Silver is still at 80+ ounces per 1 ounce of gold, but that ratio might drop soon. ✨

NEWS
Well, No Shit Sherlock

GASP an ex-IMF official (you know they’re credible now) says the US is on an unsustainable path. 🤦‍♂️

In a fiscal spectacle worthy of a facepalm, the U.S. has added a jaw-dropping $474.93 billion to its national debt in just over two months, rocketing the total to $34.465 trillion. The Treasury Department's latest reveal makes it like watching a financial train wreck in slow motion.

Desmond Lachman, an ex-IMF deputy director turned soothsayer, is sounding the alarm in technicolor. Writing for the American Enterprise Institute, he spells it out: the U.S. is on a fiscal joyride to disaster. With the economy supposedly in its heyday, we're instead looking at a 6% GDP deficit—a far cry from the balanced or surplus budget expected. 🤦‍♀️

ICHIMOKU
Ichimoku Kinko Hyo - March 15,2024

This is where you’ll see the ‘old’ school analysis in our prior Litepaper. There will be more here tomorrow!

XRP

Even though this thing got slapped in the face by a sock full of nickels this week, the setup here is one of the best potentially crazy bullish breakouts on the weekly charts.

Note two major things pointing to a bullish breakout on the weekly:

1. Very thin Cloud.

2. Proximity to the Kumo Twist.

If bulls close $XRP at or above $0.63, we could see some major fireworks ahead.

Bitcoin

Not Ichimoku, but a Gann thing. Seasonal dates matter, and March 21st, the first day of Spring, is one of those dates. You might have to click the image and zoom in or pinch if you’re on a phone, but the image below whos all of the prior March 21sts for Bitcoin from 2010 to now on the two-week chart.

To me, it looks like there’s a good chunk of major moves that begin right around that seasonal date, but that’s just me.

STOCKTWITS CONTENT
Your Final Days To Enter 🚨

Stocktwits co-founder Howard Lindzon chops it up with pals JC Parets and Phil Pearlman every Thursday on "Trends With Friends."

In this week's episode, the friends discuss:

• Crypto: Meme coins as an established asset class and crypto ETF action hitting records 🤑

• Traditional Markets: Precious metals on the move as money rotates into consumer staples and energy 🛡️

• Social: The changing social media landscape, creator economy, and taking control of personal data 🤳

• Giveaway: Secure your chance to win a Macbook Pro on March 17 by entering here 🚨

Watch it now on YouTube and Spotify, and subscribe to catch each episode when it goes live!

CRYPTO NEWS
Crypto News In Three Sentences - March 15, 2024

🔒 Speaking of sentences: US prosecutors are advocating for a 40 to 50-year prison sentence for former FTX CEO Sam Bankman-Fried, describing his actions as part of "one of the largest financial frauds in history." The sentencing, set by Judge Lewis Kaplan, is aimed at deterring similar financial misconduct, contrasting with the defense's plea for a much shorter sentence of 63 to 78 months.

📈 Even broken things can move higher: Solana's market capitalization has soared to a new all-time high, with SOL reaching its highest point since December 2021, now trading at $181. Solana is now the fifth-largest digital asset by market cap.

💰 USA USA USA USA: The United States led the world with an estimated $9.36 billion in cryptocurrency gains in 2023, according to Chainalysis, as global crypto gains surpassed $37.6 billion. The US in the crypto market is far outpacing the UK's $1.39 billion in gains, with middle-income countries like Vietnam, China, Indonesia, and India also seeing substantial profits.

 📊 ETH ETFs could outperform BTC ETFs?: VanEck portfolio manager Pranav Kanade suggests that Ethereum ETFs could outpace Bitcoin funds in demand and significance once approved by the SEC, despite Ethereum's transition to a Proof-of-Stake protocol. Kanade argues that Ethereum's fee-generating potential makes it an appealing asset, potentially attracting a broader investor base than Bitcoin ETFs, which have already seen inflows exceeding $11 billion within two months of their launch.

Links That Don’t Suck

🏨 Paris Hilton’s Roblox experience has driven $60M in media ad equivalency

🪙 Bitcoin SV Down 22% Since Court Ruled Craig Wright Isn’t Satoshi

🐶 Meme Coins Going Legit Is the Worst Thing for Meme Coins

🎮 'I cannot get enough of this game': the actor behind Super Earth's most melodramatic spokesperson has been playing Helldivers 2 nonstop

🤖 Pentagon’s first chief AI officer leaves after two years

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