Welcome to the first installment of Charter’s Digest in 2023: a weekly newsletter highlighting a handful of crypto charts and featuring Ichimoku clouds.
With the new year comes new opportunities. The slate is clean.
Unless otherwise noted, these charts will always be the USD pair. Cloud settings are doubled: 20/60/120/30. For a guide on Ichimoku cloud settings, I recommend this video. You can add a preset cloud indicator with these doubled settings to TradingView here. Let’s get into it.
1. BTC 4h
Bitcoin is going for the 4h edge-to-edge cloud move to kick off the year. Completing that move would target $17.3k or so. If trad plays ball tomorrow with the yearly open, I think BTC goes for this immediately. If trad pukes, I wouldn’t be surprised if we go for a three tap around $16.4 (look at those other two wicks) before trying for the cloud entry again.
2. LTC 1D
We’re revisiting Litecoin yet again because this is one of the best daily charts I’ve found. Everything here is bullish: tenkan over kijun, bullish cloud, and price just blew through the local S/R level. I’m now targeting a retest of that ~$73 level, which would likely align with the tenkan, in the next few days. Especially as LTC halvening conversations heat up, I expect this to be an outperformer.
3. SWISE 12H
One of the hottest narratives heading into 2023 is “Liquid Staking Derivatives” (LSD). This is why Lido has been such a hot name. But one under the radar alt in this bucket is an undervalued gem called Stakewise. From a technical standpoint, the price just erupted through the 12h cloud, with a 50% move in the last two days. So it’s likely not worth buying until it cools for a minute. But with that said, this thread from Karl (definitely give him a follow) shows why SWISE might be the most undervalued alt in the LSD narrative:
Plus vesting shouldn’t be an issue for the immediate future. From a fundamental standpoint, this is one to monitor.
4. APT 12h
Aptos has tended to fly under the radar in recent weeks, especially with Solana drawing much of the L1 attention for poor performance. Over the last week though, APT has been one of the better performers. And it might be on the cusp of a trend breakout dating back to its initial major listing date in October. From a 12h cloud standpoint, a logical new short entry would be a test of the kijun. But given the rampant shorting on the way down, I wouldn’t be surprised to see this squeeze a bit. Another one to keep an eye on early in 2023.
5. ETC 4h
Barry’s in the news again given the Gemini-DCG drama, so here we are looking at Barry coins . We have another great tweet from Karl below explaining why ETC should be top of the list for potential Barry-induced price action. From a 4h cloud standpoint, the edge-to-edge move here would target $17 or so. But given the potential Barry fallout, I’m more interested in a potential short if the cloud entry is lost, which would trigger around $15.50.
Bonus: BONK
I’d be remiss to not conclude this Charter’s Digest edition with a shout-out to Solana’s hottest new meme culture coin, BONK. It’s taken Solana by storm since it was airdropped to a bunch of OG NFT communities on Christmas. I have no idea where this BONK could go and given its parabolic PA, I would caution anyone buying with short-term targets at these levels. But with that said, Bonk has created the most excitement for Solana that I’ve seen in a long time, which is reflected in its unique holder number at nearly 80k. You can chart it here on Birdeye. And here’s a great thread showing how it’s already been integrated across a ton of projects in the ecosystem.
That’s it for this week. Let me know if there are any narratives or charts you want to see highlighted next week. Follow me on Twitter @TeddyRoosevalt and subscribe below if you want this delivered to your email inbox next week.
Cheers, Teddy.