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BitBoy Crypto Morning TA
Good morning, everybody! It's December 9, 2021.
My name's Piano Matty B.
That is Scaramoochies.
And 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 is at 29 from yesterday's 28.
Bitcoin dominance is at 39.9%.
24-hour volume is at $102 billion.
The overall market cap is $2.33 trillion.
Give or take a hundred million.
Groundhog Day No. 2,
Rocket Shirt Day 14,
we're a smidge weaker than yesterday.
Today, our grasp on $50Ks seems a little less.
It's just our nostrils above the water
as the car slowly fills up.
We're seeing some selling pressure right now at the bottom of our descending channel.
We said yesterday that if we humor this continuation pattern down,
we should find decent support at $48K
and again at $46.7K.
I wanted to take a look at the market cap chart
because with all this low volume and dropping market cap,
I wanted to see if there was a correlation in price fractals.
Well,
she isn't pretty.
But we're here to discuss potential outcomes,
so let's do that.
Are you with me, Scaramoochies?
Now, the last time we hit market caps of $2.33 trillion,
we had some decent subsequent selloffs.
Back on September 6, the market cap at $2.33 trillion,
we had a selloff from $52K down to $41K.
There was even a $39K wick kicker to boot.
That's a 20% selloff.
Back even further on May 10,
market cap at $2.33 trillion,
we saw the biggest selloff so far, from $59K down to $30K,
which was also the beginnings of the daily $30Ks,
where we channeled here for three months.
"Piano Matty B, why you gotsta, buddy?"
"Why you gotsta?"
I gotsta because that's the data.
I care not for bulls.
I care not for bears.
I just compare data. That's it.
Now, there is a caveat to this doomy gloomy.
This isn't a fun cartoony dad's scenario!
And that is, both previous times, we rallied up to $2.33 trillion.
They were market peaks.
And this time, we've rallied down to $2.33 trillion.
So rallying up, we were overbought based on the MACD and the RSI.
And now, we are a hella oversold based on both said indicators.
So that's the difference between the three scenarios.
And I'm hoping that's the friendly monkey wrench that invalidates this pattern of selloffs.
One 50% and one 20%.
Oh, let's call her 35% on average.
And that would take us to, oh, you know,
the $32K range.
And we might see this scenario play out right in time for Christmas,
on the 24th of December.
Merry Christmas!
Good morning, Nancy!
Now, I suppose the correlation was reversed based upon rallying down
and being hella oversold.
We could see a rally to $66.1K on December 24.
So hold on to your mincemeat pies and your mistletoe.
These next few weeks, well, they should be dicey,
you know, just to add an extra layer of joie de vivre
around the fire and the family dinners this yuletide season.
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!