Candles, Fibs, crosses, EMAs---
it's the tools of the day trade.
Don't be a noob and trade on websites that don't give you BitBoy bonuses.
Click the link in the description to get set up on Bybit or Phemex
and get an insane signup bonus for being part of the BitSquad.
Leverage trade responsibly, but do it the right way on Phemex or Bybit.
Bonus details in the links below.
BitBoy Crypto Morning TA
Good morning, everybody. It's October 7, 2021.
My name's Piano Matty B.
That's Scaramoochies.
This is your morning TA.
a brief glimpse into the crypto markets
where the sun's shining
where the wind's blowing
all the humble opinion of this piano
Zamboni, bring in the data.
The FOMO index has climbed to 76 from yesterday's 68.
The FOMO is building up.
Bitcoin dominance is at 44.5%.
24-hour volume is at $146 billion.
The overall market cap is $2.3 trillion.
Give or take a hundred million.
Another day, another big green candle.
What a candle it was!
From $50K, our psychological barrier, all the way to $55.7K,
a nice little 10% banger.
We crushed the goldenest of golden average at $51K,
flipping it into support.
Will we ever test that support?
Maybe.
I mean, I'm hoping we don't,
but testing support levels is a good thing.
It hurts while we're doing it, but it ultimately reinforces our strength
and confirms the direction we intend on going,
which is up into the right.
That peak at $55.7K-ish will be our new level of resistance till we smash it,
flipping it into support.
After that, we should be heading up
to $56.3K,
then $57.4K,
and what I think might be the whale's new killing floor sell shop up at $58.3K-ish.
After that level, the air will get thin and the sounds will start to disappear
as we approach new all-time highs.
We're kind of in that space where the charts are like out-of-date maps from the 70s
that don't really show points of interest,
rather zoomed out grid from which we topographically ignore,
an only reference to confirm that we are still, yes, on planet earth.
Inceptioning down to the 4-hour chart,
we can see we're dancing with the Consolidatrix
up here at $54.5K/$55K level,
lagging indicators like the MACD telling us what we already know,
which we're losing a little bit of momentum.
The only rational support I can see and also optimistically hope for
is a possible retest of the 20 at $52.7K-ish.
Shut your mouth.
I can see some old habits dying hard around this level,
which is better than retesting $51K.
I just want to stay away from the golden pocket now.
It was fun and you got a lot of airtime.
Deservedly so.
But we're all ready to move on.
And see you on the grocery stands on the cover of the Where Are They Now Celebrags.
Those magazines I tell my girlfriend I buy for her because, well, I buy them for her.
I mean, I read them cover to cover,
but that's just to check if the paps have spotted me out on the town
with the latest Hollywood starlet.
I mean, I wouldn't want to bring that magazine home.
I'm a proofreader.
Yeah, a proofreader.
Anyways, it could moon to $59K by the time I'm done this editing,
so who knows?
We're just buckled in here listening to the methed out Carney scream,
"Do you want to go faster?"
And we screamed back, "Yes!"
"But, Piano Matty B, you're always talking about pullbacks.
What are you? Some sort of dad that errs only on the side of safety and caution
and never just relaxes and enjoys the ride?"
Well, yes, I suppose I am.
But I can have fun, too.
I just took two loads of cardboard boxes and a broken fridge to the dump last weekend,
so don't call me a killjoy.
And the talk of pullbacks is just to mitigate disappointment if it happens.
Jeez!
I want to bring levity to potential disappointment
when dips do and will occur.
But ultimately I am a wild and crazy dad that likes to watch parabolic runs
just like the rest of them.
Speaking of wild and crazy,
I'd like to finish off on the weekly
before I start loading up my trailer for this weekend's much anticipated trip to the dump.
I wanted to take a look at this line level that we broke in through.
And as the 20 and the 50 start curling up reacting to our recent pumps,
it stands to reason that we could see a ménage à trois
around this level right here.
Now, I know.
"Okay, Dad. Thanks for the last minute parade rain."
Go back into the garage and--
Yes, I will because that's where the secret stash of cigars and the 70s classic Playboys are.
And at the end of the day,
it's all about whale watching,
keeping us all informed where they are and what they're doing.
Because at the end of the day,
whales do what they want.
And as retail traders,
we do what we must.
So remember,
we're playing the same game as our psychopathic elected elites.
That's right. It's the long game.
So zoom out and have a fantastic day.
BitBoy Crypto Morning TA
Whoa!
Chachachaching!