OVERVIEW

Not Dead Just Red

Red. Red all over. If this is your first time in crypto, these deep pullbacks are normal and can exceed 50%. Fundamentals remain strong, adoption continues to grow, and people will take profits—this is the way. 🥷

We hosted an AMAZING discussion on X today with Fundstrat’s Tom Lee and Bitwise CEO Hunter Horsley—scroll down to check it out.

Also on deck: today’s trending tickers, why the Litepaper didn’t go full-on bull mode, some crypto trade setups, the SEC getting slapped big time, and some of the current and future airdrops going on.

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:

Propy ($PRO), Dogecoin ($DOGE), Fantom ($FTM), Celo ($CGLD), Nuls ($NULS), Shiba Inu ($SHIB), Verge ($XVG), PICKLE FINANCE ($PICKLE), Bismuth ($BIS), BOME ($BOME), SLERF ($SLERF), and SMERF ($SMERF).

STOCKTWITS
The Litepaper Didn’t Go Full Bull-Mode Because…

Sometimes, people take profit, and sometimes, things pull back. That’s why I like time cycle analysis: At least I can get an idea of when a change could occur. 🧠

The image below is from the March 1, 2024, Litepaper.

In that Litepaper, Gann and time cycle analysis warned that a reversal or pause in the rally was highly probable.

And in last Friday’s Litepaper (March 15, 2024), I posted this 2-week chart of Bitcoin:

In that Litepaper, I returned to Gann and his focus on seasonal dates in time cycles. The image above shows all of the prior March 21sts for Bitcoin from 2010 to now on the two-week chart. Interpret it how you will. 🤔

STOCKTWITS CONTENT
Today’s Market-Moving Crypto Discussion 🤩

This afternoon, thousands of attendees joined us for a discussion with Tom Lee of Fundstrat and Bitwise CEO Hunter Horsley, covering all things crypto and markets.

We had an absolute blast and have highlighted some of our favorite quotes from the chat below. 👇

• Tom Lee on Bitcoin’s price: “People should be more imaginative about where prices could go. In the near term, our $150k year-end target may be too low, given that our initial forecast was based on more conservative estimates of ETF flows.”

• Hunter Horsley on Bitcoin ETFs: “This moment is essentially Bitcoin’s IPO. Many people have followed crypto or Bitcoin but have not had an easy way to participate in the asset class.”

• Tom Lee on crypto’s risks: “There is risk in crypto, but I think a lot of people overestimate the risk because of the visible flameouts and failures like FTX. Stocks famously have many flameouts—in the last 50 years, over half the universe of 44,000 stocks fell 90%, and half of those went to zero.”

• Hunter Horsley on crypto and AI: “AI is going to create a vacuum that demands the notary that blockchain provides.”

The quotes above barely scratch the surface of everything covered during the hour. If you missed it, listen to the recording here. 🎧🎶

TRADING
Setups With Support

Cardano

The weekly Tenkan-Sen at $0.629 is proving to be a difficult support level for $ADA bulls to maintain. If it fails, the next support zone is near the $0.53 value area where the daily Kijun-Sen and 61.8% Fibonacci retracement exist.

Algorand

$ALGO’s weekly candlestick is in the suckiest place in the Ichimoku system: the Cloud. It’s also stuck between the top of the Cloud (Senkou Span B) and the Tenkan-Sen.

If ALGO closes the daily candlestick like the screenshot above, it’s a powerfully bullish signal. Couple that with the proximity of the Kumo Twist (black vertical line), and aggressive bulls might not wait for a weekly close above the weekly Cloud. They might charge back in if ALGO closes the daily above the Kijun-Sen and the 61.8% Fibonacci extension around $0.25 but are probably excited to charge back in around the $0.256.

Polygon

$MATIC’s daily chart looks like it's getting some pretty good support from the Cloud, but long are probably waiting until there’s a daily close above the Tenkan-Sen and Kijun-Sen, both currently at $1.10.

Flow

Well, if the daily candlestick in the screenshot above is how $FLOW closes the day, that would result in one of the most bullish reversal candlestick patterns around: a dragonfly doji. Aggressive bulls might like the entry above the Kijun-Sen, but more conservative traders are probably waiting for a close above the Tenkan-Sen.

Jasmy

It’s a shitcoin - but $JASMY has a nice technical chart. Long story short, a daily chart at or above $0.02343.

NEWS
SEC Bitch Slapped

Oh man, this is just great. If you’re part of the crypto population that feels like regulators have been weaponized against the industry, well, this is a feel-good story. 😆

A federal judge just delivered a scathing rebuke to the SEC for its dubious tactics against Utah's DEBT Box ($DEBT.X), marking a rare moment of accountability for the agency. The SEC tried to freeze DEBT Box's assets with a story that quickly unraveled under scrutiny.

Admitting to "errors", the SEC's plea fell on deaf ears as Judge Robert Shelby highlighted their "bad faith conduct" and "gross abuse of power," ordering the SEC to foot DEBT Box's legal bills.

The SEC accused DEBT of a $50 million fraud, using a narrative of the company fleeing the country. However, the defense exposed the SEC as misleading, prompting a judicial review that revealed the SEC's manipulations. 🤡

AIRDROPS
Active & Upcoming Airdrops

Airdrops are like unexpected gifts from the crypto heavens, where digital tokens or coins are freely distributed to the wallets of active members within a blockchain network. It's the crypto world's version of finding money in your old coat pocket, but digitally and sometimes with strings attached.

Links That Don’t Suck

🐶 FLOKI Price Tumbles 30% with New Meme Coin Set for Exchange Launch

💰 FTX victims describe ‘irreparable harm’ ahead of Sam Bankman-Fried’s sentencing

🎓 MicroStrategy Raises $603 Million in Senior Notes to Buy More Bitcoin

🪙 Bitcoin Ordinals Buzz Pushes NodeMonkes Market Cap Above Bored Ape NFTs

🐂 Major Bullish Bitcoin Statement Made by Max Keiser – 'Hard Floor and No Top'

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