OVERVIEW

Crypto Market Wants You On Blood Pressure Medication Before The Weekend

New all time high for Bitcoin! Then Coinbase crashes, along with price, followed by a very tenuous recovery - that's where we're at going into the weekend. 🫤

And my God, Coinbase. You break down more than Solana, which breaks down more than the Minnesota Vikings in the playoffs. 

Here's what's in today's Litepaper: two lucky SOBs in a stupidly hilarious named memecoin, BTC in with gold allocations (maybe), and a Technically Speaking over MINA and Chainlink

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

MEMECOINS

You Lucky SOBs

This is such a typical memecoin story (and they pop up quite a bit during bull runs), and this one involved Dogwifhat ($WIF). 🐶

Some dood turned $1,750 into $11.2 million. He bought 5.1 million WIF in November and then spent who knows how many sleepless nights this month figuring out how to cash out on his lottery ticket. 

If that wasn't enough to make you angry with envy, someone else turned $310 into $4 million. Still waiting for this to happen to me. 🚀

STOCKTWITS CONTENT
Trends With Friends Macbook Pro Giveaway

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: The growth drivers, risks, and behavior behind Bitcoin’s historic rally 🤩

• Fiat Alternatives: Exploring the relationship between Bitcoin and precious metals 🪙

• Markets: What the bond market and oil are saying about inflation 🌡️

• Giveaway: One lucky subscriber will 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!

NEWS
Bitcoin Allocations Matched With Gold?

Will Bitcoin ever match the gold in investors' portfolios? 🏅

JP Morgan ($JPM) thinks that for Bitcoin to rub shoulders and match the allocation of gold in investor portfolios, its market cap would need to skyrocket to $3.3 trillion.

That's a price tag that would see Bitcoin's value more than double. But don't hold your breath; JP Morgan analysts believe cryptos volatility is 3.7 times more volatile than gold—which keeps it from reaching such lofty heights. They suggest a more grounded future where Bitcoin's market cap could shrink to $0.9 trillion, pegging its price at $45,000. 🤬

TECHNICAL ANALYSIS
Technically Speaking - March 8, 2024

I'll keep the details short and simple here because time is running out, and if I'm not done on time for pizza night with the kids, my wife will be very mad. 🍕

I almost wrote she'd kill me, but if I did that, there'd probably be a SWAT team and an army of social workers making sure I'm ok.

Oh man, $MINA is playing some sneaky sneaky bear trappy games here. At least, that's what it looks like. It's already fallen below the bottom trendline of the triangle, but bulls keep pushing up against it. 

Analysts and traders on the bullish side are looking for a daily close at or above $1.50, which would put MINA above the triangle and above the prior swing's close. With the RSI in neutral conditions, any breakout might have a lot of room to run.

Oh boy, oh boy, the image below is hawt. Using Stocktwits Social Data is such a powerful tool - check out One Way To Use Stocktwits’ Social Data Tools as an example of how analysts and traders use the Stocktwits Social Data in their analysis and trading. 🔥

That MINA is pressing up against some near-term resistance, with a flat RSI, and the Sentiment and Message Volume are flat to bearish... Barring any broader weekend crypto shenanigans (which are incredibly probable), bulls be frothin at the mouth. 

Chainlink

This guy's been stuck against that $20 value area since the middle of February. Bulls cracked above the resistance level at $20.83, bears slid it back down, and price action keeps ping-ponging against that resistance level. 💣

Similar to MINA above, $LINK's RSI is in almost neutral conditions. Given how close the daily candles are to that resistance level, it looks like bulls want to give a move higher another go. 

And here's an interesting little piece of on-chain analytics from Stocktwits user lhollemoney1; he wrote: there are 2.48 long positions for every short position among top traders by account at this time.

the volume of LINK in long positions is 3.95 times the volume in short positions among top traders at this particular time. 

Finally, I just want to reshare this analysis from last Friday because, yes, everything looks uber-bullish. Still, you'd be silly not to be cautious with crypto going into a weekend, which is when most price action shenanigans occur. ⛔

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LET’S GET SOCIAL
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Links That Don’t Suck

😎 Cardano founder throws shade at Solana in response to SOL Vs. ADA price comparison

💫 The impact of the recently approved spot Bitcoin ETFs on the cryptocurrency market

☘️ GoPlus security wraps up its Private II+ funding round for more robust Web3 experience

🤦‍♀️ Newsweek doxxed Dorian Nakamoto as Satoshi and made him millions

💹 Terraform labs’ Do Kwon to be extradited to South Korea, details here

Get In Touch

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