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BitBoy Crypto Morning TA
Good morning, everybody. It's November 5, 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 has remained at 73.
Bitcoin dominance is at 42.9%.
24-hour volume is at $126 billion.
And the overall market cap is $2.73 trillion.
Give or take a hundred million.
Over on the 4-hour chart,
we saw the old wives' tale aka the most reliable TA on all the Interwebs play out
as we essentially candlesticked the whale wick nincompoopery
breaking through the 20 and the 50 before rallying back up to the 20,
which we're currently under.
And if there's anyone's thumb I don't like to be under,
well, it's the 20.
And so today, I'd like to map out a rally
out from under and up and over said 20.
And with over a billion dollars of Bitcoin options expiring,
which, and correct me if I'm wrong,
but doesn't it seem like options expire on more of a weekly basis these days?
Anywho, hopefully, that can be a tailwind for this ladder up and out this weekend.
And may I add we do have a lot of history stacked against us
as we have not seen a lot of action on the weekend for the past couple months.
But that could change this weekend as I feel we have spent the entire week
coiling up waiting for a breakout.
First things first.
We'll probably go take in Rodney's farewell set at the Yuk Yuk's in the Adirondacks
before we start rallying up,
so anticipate a head fake dip down to $61.6K-ish.
To really squish our feet in the dirt and gain some good traction,
from there, we have to confront our toxic relationship with the 20 moving average
up at $62.5K.
With minimal amounts of fighting and crocodile tears,
we should rally from there to $63K.
Now, we spoke about this level ad nauseum past little while.
This is a coming-of-age stage from $63K to $63.5K,
so we have a lot of historic baggage in this little channel.
It's like that goth stage one or more of your friends got stuck in in the early 90s,
where they started wearing black eyeliner,
grew their bangs out
and only listen to the Smiths and Skinny Puppy,
a stage they would all like to conveniently forget,
but we remember.
And after they tease out their bangs and get a job at Radio Shack,
our next stop should be $64.1K-ish.
Shut your mouth.
We don't have a lot of historic baggage at this level,
but there may have been a night or two after the bar that we've conveniently forgot about.
And at this point, we should start making big thousand-dollar moves
as the air starts to thin out
and price discovery mirage starts to blur into focus
in our distant and optimistic horizon at about $65.1K.
Now, remember, the last time we scaled this wall, we went from $64.1K to $67K in one 4-hour candle,
so don't start telling me there's not enough Simon and Garfunkel
to make a low temple acoustic shoegazing hit out of her.
And once we break $67K,
look for a small pullback to test it and convert it into the cult of support.
And at that point, it's price discovery time,
my friends.
♪ ya da ta ta to ♪
When time on one hand slows down,
and on the other starts spinning around the clock face,
you start to wonder, "Am I lightly sleeping or deeply thinking?
I mean, I'm aware that my surroundings exist, but I'm not sure if I'm willing it into existence.
Am I just along for the existential ride?"
Then you start to smell shepherd's pie and yell out, "No! Please! No more, shepherd's pie!"
As the minute hand starts tapping its foot to Fine Young Cannibals' 1989 hit
She Drives Me Crazy,
you hear shepherd's pie ask, "Were they a one-hit wonder?"
And you say, "Hey, get out of my life and into my car, shepherd's pie.
And no, they had a No. 1 hit called Good Thing.
If you must know, shepherd's pie."
Well, that got a little weird.
A little recap of the ETH chart,
and we see we got a little bit of the pullback the doctor ordered yesterday.
We said that the dad in me would like to see $4,380, and we hit $4,410.
And that's good enough for me.
Because as a dad, we don't rely on certainties because well they just don't exist, do they?
Close-enoughs and okay-I-guess-I'll-take-it are as good as it gets in the dad life.
So let's hope that pullback was enough for ETH,
who ironically doesn't have a dad and that's sad.
But let's hope ETH blasts off this weekend.
And remember,
we're playing the same game as our psychopathic elected elite.
That's right. It's the long game.
So zoom out and have a fantastic day.
And it's Friday, so sing me out.
A three, four--
Whoa!
Chachachaching!
Have a great weekend, everybody!