BitBoy Crypto Morning TA
Good morning, everybody. It's July 8, 2021.
My name is Piano Matty B.
This is your morning TA.
A brief glimpse into the crypto markets
where the sun's shining
where the wind's blowing
all the opinion of this humble piano
Well, my friends,
looks like we've broken out of our bear flag and down,
staying true to its historical statistical probabilities.
This bearish continuation pattern,
she's played herself out.
So what can we expect?
Where's she going to go?
Well, let's ask old Uncle Fibonacci, our favorite number curmudgeon.
The uncle that never bought you a birthday or Christmas present because he said
he was giving you the gift of delayed gratification,
and you'd thank him later.
Yeah, thanks.
Let's pull a Fib extension
down from our channel top of $41K down to our breakout zone of $34,200,
which, would you look at this?
It's also our Fib retracement level of 38%.
Yeah, he's always there through the good and the bad.
He's like a tow truck driver.
He's either coming to help you out of a problem
or he's here to repossess your car because you don't believe in paying parking tickets.
And neither do I,
so we're on the same page.
Because I mean,
parking ticket people, would even want that job?
It's also where our 20-day moving average is crossing our bear flag support line.
So that's another bearish confirmation.
Now, upon breaking out of this channel or bear flag,
we see price action immediately head down to our first Fib level of support and hope
of 23% or $32,400.
Now, if your unpaid parking tickets are a lot more than you'd like to acknowledge,
our next stop down will be the Fib level of support and hope
of 38% or $31,700.
Historically, this is a strong line of support,
so we could likely see a bounce back from here.
But if your unpaid parking tickets are really bad,
there's more than crumpled up in your back seat than there are empty bags in McDonald's,
which we also don't acknowledge or talk about,
then we can see price action head down and test the Fib level of 61% or $30K,
which also happens to be this Chop Suey's channel of support and hope.
Am I saying support and hope a lot? Yeah.
I think it's just something that sounds good today.
It makes this piano sound a little more optimistic and in tune, you might say.
I also like to check the volume to confirm the strength of the sellers,
and, yup,
she's strong.
I almost wish I hadn't seen that one.
It's like accidentally walking in on Uncle Fib when he's on the toilet.
For the love of L. Ron Hubbard, Uncle Fib, lock the door.
So here we are, my friends, and we've been here before.
If you're a day trader sniping in and out,
it's probably the best two months of your life!
And if you're in the HODL, the shimmy shimmy Bitcoin HODL,
it's just another day of numbers on papers.
Life wouldn't have changed if it broke up.
Life doesn't change when she breaks down.
Because we're playing the same game as our psychopathic elected elites.
That's the long game.
So zoom out.
Have a fantastic day.
BitBoy Crypto Morning TA
Cha cha ching!