OVERVIEW

Prepare For Shenanigans

If the current position of the cryptocurrency market is hinting at anything, it’s that the weekend will likely be one of volatility. 😮‍💨

There are a tremendous number of bullish continuation setups across the board, but at the same time, those prices are sitting at vulnerable levels. Overall, things remain bullish, but the weekend is coming up, and that’s often when crazy stuff happens.

In today’s Litepaper, we’re looking at a lot of charts: Chainlink, Dogecoin, FetchAI, Internet Computer Protocol, and Algorand.

Also on deck: crypto news in three sentences.

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

STOCKTWITS
Trending Tickers

Here’s a collection of what’s trending on the Stocktwits app and cryptotwitter, or cryptoX (formerly cryptotwitter) or whatever it’s called now:

Bitcoin ($BTC), Shiba Inu ($SHIB), Jasmy ($JASMY), Internet Computer Protocol ($ICP), Ethereum ($ETH), Solana ($SOL), BOME ($BOME), ONDO ($ONDO), Celo ($CGLD), DATAcoin ($DATA), and Bismuth ($BIS)

TRADING
Technically Speaking

You’ll want to click on the images to get a clearer picture of the price levels traders and analysts consider important heading into the weekend. Unless otherwise stated, the entries that analysts and traders consider are contingent on a daily close. Or the weekly if it’s a weekly chart. You get the point.

Dogecoin

$DOGE bulls are looking for some continuation to the upside.

FetchAI

Given how much $FET and other AI-focused cryptocurrencies have moved, it’s possible that the first potential reversal zone, near $4.331, could be ignored if the sentiment is bullish enough.

But we should also take a look at Stocktwits’ Social Sentiment data:

The Sentiment score last week was 43 and yesterday’s was 40 - both bearish. If FET begins to move higher toward the upper trendline of the bull flag and sentiment remains in bearish territory, some analysts interpret that as a leading signal for probable and sustained bullish momentum ahead.

Internet Computer Protocol

$ICP might be one to pay close attention to in this broader crypto expansion phase. ICP led the market before, and it might do it again. A close at or above $13.80 would confirm one of the most sought-after bullish entry setups within the Ichimoku system: the Ideal Bullish Ichimoku Breakout.

Algorand

$ALGO’s weekly chart is interesting. First, ALGO broke out above the neckline to confirm an inverse head-and-shoulder pattern. And now we’re witness to a retest of that break. Aggressive bulls are likely looking at entries on the weekly close as long as Algorand closes above the neckline.

Chainlink

$LINK’s daily chart is similar to ICP’s in that LINK’s bulls are waiting for an Ideal Bullish Ichimoku Breakout. For that to occur, Chainlink needs to close on the daily chart high enough that the Chikou Span is above the candlesticks and in open space.

STOCKTWITS
Just An FYI

As we approach the end of March, I think it’s a good idea to review how the crypto market has historically performed 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%.

Overwhelmingly, it’s closed in the red. You can find it in the March 1 Litepaper if you want to read more.

Additionally, these chart images show why being uber-bullish can be dangerous in March. Time cycle analysis is an important component of technical analysis, and the warning signs have been there all month.

March 1, 2024, Litepaper.

March 15, 2024 Litepaper.

STOCKTWITS EDGE
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NEWS
News In Three Sentences - March 22, 2024

🌍 No Kwon Con Yet: The Montenegrin Supreme Court has halted the extradition of Terra founder Do Kwon to South Korea, overruling two lower court decisions. Kwon, arrested in Montenegro in March 2023 for using fake documents, will remain in the country until further decisions about his extradition are made. From CoinDesk

🔍 This fucking guy: SEC Chairman Gary Gensler criticized the cryptocurrency industry for evading public disclosure by not registering, likening the need for transparency in the crypto market to "disinfectant." Read more at BitcoinSistemi

💼 BlackRock’s Clients BTC Is #1: At the Bitcoin Investor Day, BlackRock's Robert Mitchnick shared that Bitcoin remains their clients' top priority, with minimal interest in other cryptocurrencies. BlackRock's spot Bitcoin ETF, $IBIT, has seen significant success, with net inflows for 49 consecutive days. BitcoinMagazine has the full story

🌐 No surprise here: A UN Security Council report reveals that North Korea funds up to 50% of its foreign currency earnings through cyberattacks on crypto firms, amassing around $3 billion. Despite economic sanctions, North Korea has continued its ballistic missile launches and engaged in sanctioned trade activities. The Bitcoinist has more

💡 New BTC Mining Technique?: Quantum Blockchain Technologies (QBT) claims a breakthrough in $BTC mining with its "Method C," which uses AI and machine learning to predict computation outcomes, potentially reducing energy consumption by 30%. QBT is in talks with leading mining rig manufacturers to integrate this technology and demonstrate improvements in its real-world efficiency. From Finbold

Links That Don’t Suck

👻 Fantom Leaps 14% Ahead of Sonic Upgrade as Bitcoin, Ethereum Struggle

🤙 Blackrock’s Robert Mitchnick: Bitcoin is The Number One Priority For Clients

🤬 EU Parliament Outlaws Anonymous Crypto Payments: Details

🪕 Musicians in Tennessee can now sue over AI-created impersonations, governor warns tech can 'destroy' industry

🤓 'It took a while, we know': Epic Games is introducing a first-person camera to Fortnite

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