BitBoy Crypto Morning TA
Good morning. It's July 15, 2021.
My name is Piano Matty B.
And this is your morning TA.
a brief window into the crypto markets where the sun's shining
where the wind's blowing
all the humble opinion of this piano
Well, yesterday, at the Bitcoin poker table of life,
we saw price action raise a three-soldier pattern or three-drink minimum preflop.
And I mean preflop metaphorically speaking,
but you knew that already.
I don't have to tell you these things.
But a quick refresher on the three-drink minimum,
it's when we see three green candles in a row.
It's a bullish continuation pattern.
Then we see price action call the three-drink minimum
and then throw out not one,
not two,
but three shooting stars.
And although there's a slight bullish ring to a shooting star,
I think because it's always shouted out in glee and wonder,
"Hey, Dad. It's a shooting star!"
"Quiet! Barney Miller's on!"
"It's the only time I get to relax around here for the love of L. Ron Hubbard!"
it's actually a bearish candle and historically speaking means price action is facing a lot of selling pressure.
Now, one shooting star is usually enough to signal a reversal.
Two is a great confirmation.
But three?
Three,
we don't usually talk about a Tri-Delta-Gamma shooting star pattern around here anymore.
That and the fact that we couldn't get over the 20-day moving average,
well, that, my friends, is a confluence of events that we know and lovingly refer to as a quadzilla.
But it's not all sunshine and good news, no.
What we're seeing now is price action forming a three-crow pattern.
And this is the opposite of a three-drink minimum.
Three-drink minimum is three green candles.
Three-crow pattern is three red candles, a bearish continuation pattern.
But wait, there's more!
The second red candle said, "Knock, knock," on our triangle support level.
And our triangle support level looked through the peephole and said,
"Who is there?"
in a weak and battered voice
like old Mrs. Nussbaum in 3C who believes everybody's out to get her.
And I always tell her, "Don't worry, Mrs. Nussbaum.
No one's out to get you.
Except the government.
They're out to get you and steal all your money, but that's neither here nor there, Mrs. Nussbaum."
Price action says, "It's me, price action.
I'm here to break your support
and maybe take a little hope away from you as well, if that's okay."
And at that point, Mrs. Nussbaum opens the door and lets price action break her support
continue out of our triangle of self-doubt again.
And if you can remember, on Tuesday,
I said we don't want to see price action come up and test this level and get rejected again
because beyond the quadzilla and the three-crow pattern,
and Mrs. Nussbaum rolling over the support,
it's a real psychological mind
that shakes the confidence and doubles down on any bearish sentiment that might have been growing.
It's basically the equivalent of the market saying, "See? I knew it."
And I say, "Oh, what did you know?
Oh, you knew it would break support again?
Oh, your crystal ball told you?
Oh, you must have made a real killing on that trade."
Needless to say, there's a lot of bearish signals on this four-hour chart.
Now, let's look at some signals over on the daily chart.
Zamboni, bring in the daily chart.
Yesterday, we saw price action take a whipping down to the 23% Fib level of $31.5K before saying,
"Uh-uh. Not today. I'm fighting back up and inside our triangle"
to finish the day at $32.8K
forming a hammer candle,
a bullish candle that tells us there's a lot of buying pressure,
and although the buying pressure fought back
all the way up to $33.2K
and of course it's fallen, broken out and down of our triangle of self-doubt and reflection.
modulation
Now, I think we could see a quick test of $31.8K
or even $31.5K if you're so darn tootin',
but there's some high probabilities of it hovering around our triangle support level of $32.5K
because price action is a showboat,
and the real fireworks will start tomorrow
because tomorrow's Friday.
And we know that Bitcoin loves to party on the weekend, doesn't it?
Yeah, it does.
So remember,
we're playing the same game as our psychopathic elected elites.
The long game.
So zoom out.
Have a fantastic day.
BitBoy Crypto Morning TA
Chachaching!