What you should know, though what is knowledge, really:
- Bitcoin, bored by its own ennui, heaved itself heroically past the Ichimoku cloud on April 23, promptly sprinting into six figures. Somewhere, a banker choked on his tea.
- In a display of copycat enthusiasm or perhaps existential dread, DOGE, XRP, ETH, and SOL followed suit. Are they to be congratulated, or simply pitied? 🤔
Technical musings, penned by a certain Omkar Godbole, beset with charts and a faint echo of despair.
Two weeks vanished, much like my youth, since my last rumination upon bitcoin’s spirited leap above the so-called Ichimoku cloud—a term as mysterious as my uncle’s poker debts. Back then, I merely postulated bitcoin’s dash to $100,000. This week, it actually obliged. If only my old dog had listened this well.
Not to be outdone—or perhaps out of a sense of peer pressure—DOGE (the memecoin of our time), XRP (preferred by those who like their coins with bureaucracy), Ethereum’s ether (the currency of idealists), and Solana’s SOL (fast, some say, but at what cost?) also clambered magisterially above the cloud, each beaming bullish signals, like students raising their hands for a question they don’t understand. 🐕✨
This Ichimoku contraption, dreamt up by a pensive Japanese journalist in the 1960s, offers glimpses into support, resistance, trend changes, and the possibility of minor existential crises. It has five lines—Leading Span A, Leading Span B, Tenkan-Sen (T), Kijun-Sen (K), and a lagging line so slow it may arrive next Thursday.
The “cloud” is merely a gap—and don’t we all have those?—between the first two lines. Should the price meander above the cloud, the market is bullish; below, it turns sullen and whispers of doom are heard in Telegram chats.
Look above: DOGE and XRP, having crawled out of their clouds, now peer down at us from a dizzying altitude, pondering whether to soar or faint. In the case of XRP, resistance forms a barricade at 30 cents, a frontier more stubborn than a Russian winter. DOGE, meanwhile, circles its bear market trendline with the anxious energy of a gambler nearing zero, eyeing $3.02, the site of its last dramatic swoon.
As for ether, its big breakout unlocks entry to the sacred chamber of the 200-day moving average—$2,700, should the gods allow. Meanwhile, Solana may soon smash into resistance at $218, a Fibonacci retracement that serves as a cold reminder of the January to April sell-off. Will it break through, or merely encounter new kinds of disappointment? Only the tickers know, and they are not talking.
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2025-05-09 16:08