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BitBoy Crypto Morning TA
Good morning, everybody. It's October 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 climbed to 59 from yesterday's 54.
Bitcoin dominance is at 43.1%.
24-hour volume is at $105 billion.
The overall market cap is $2.16 trillion.
Give or take a hundred million.
Over on the 4-hour chart,
we see price action fell victim to the negative ninnies
hanging around the 20 moving average
and was convinced to attempt at least to candlestick the existential wicks
as it dipped down to $46.8K.
Now, we talked about this yesterday, so it should have come as no surprise.
Disappointment? Yes.
Surprise? No.
But it was in that moment of 20 moving average peer pressure
that price action said, "No! I am not a negative ninny."
"I am better than this!"
And popped up to close the candle as a spinning top of market indecision.
But when do we like to see spinning tops?
That's right.
The bottom of a downward trend.
And although we're on the noisy 4-hour chart freeway
of angry commuters and bumper to bumper price action traffic,
where too much information can sometime burden us and weigh us down,
this is still a downward trend, my friends, with the spinning top at the bottom
So price action did the secret one-handed no look order of the Uber
and adios the 20 moving average, pumping up from $47.7K to $49.4K.
We are currently contemplating our psychological level
of $50K.
And besides start a band called The Existential Wicks,
I mixed the Talking Heads and Afghan Whigs alt guitar rock,
I'd like to see price action blast through the 50 like a bull in a china shop
with so much pith and vinegar
that it accidentally gets up and over the goldenest of golden ratios,
the 1.618 Fib level at or around $51K
before realizing what it's done,
and at this point,
it will be like Bill Murray's neurotic character in "What About Bob?"
taped to the front of the sailboat screaming out in joy, "I'm sailing!"
"I'm sailing!"
before all the dads take him down and say,
"Now that you faced your fears, you must retest them."
And at this point, price action will do a healthy planned and much needed cool off retest of $51K.
Maybe even dipping down below $50K for good measure.
Now, don't get me wrong. This is not what I want to see.
This is just what's needed to maintain a healthy bull run.
If we push up with too much speed, it's like skiing down the mountain on one ski.
Yes, I can probably make it down, but the odds are it won't end favorably.
And although we want the bull run summit, we must face the mountain first.
Sometimes when we're locked in a sideways trend
or, egads, downward trend,
when price action turns around, we just want to rock and roll all night.
And when it's all over and we're in a perpetual winter,
watching the Capitulatrix ski down said hill,
it is life, not death.
That is the great journey.
And these are the good old days,
so let's go take a look at the daily chart.
We talked about the positive divergence on the MACD that had to be relieved
in order for peace and harmony to reign supreme throughout the universe.
And would you look at that?
She played out real proper like.
Look at the spread on that MACD.
If it was an Olympic sport, it would be getting 10s from the judges
with a 9.2 from the Chinese judge who side-mouthed he didn't like the low volume,
and to that I say, well, maybe you do have a point.
For the last four weeks, I've said the same thing.
We are currently below all moving averages.
But today, it's with highest regards and utmost respect
that we are currently above all moving averages.
And I'd like to confirm that, yes, it does feel better to be above them than below.
And at this point, I'll take a question from the crowd.
Yes, you in the front with the blue and yellow Sunice, go ahead.
Yeah, thanks. This is in reference to you starting your new band.
You said it's called The Existential Wicks, yeah?
Can we be seeing your first gig maybe down at Club $46.9K?
That's a good question.
Thanks for asking.
Although our music doesn't really fit in with that price point
and ultimately goes against our philosophical ethos as a band,
we are a new band and as such, a gig's a gig,
but no, we don't plan on playing that run.
Finishing off on the weekly,
I just wanted to relish in this giant bullish engulfing candle we formed last week.
Hopefully, it's a sign of more bullish action to come.
But to err on the side of safety and caution,
the volume is a little low for my bullish appetite,
and I'm not a huge fan of the slight divergence in the MACD
as price action has increased while the MACD has remained flat
or, dare I say, went down a smidge?
But I didn't come here to lament smidges.
No.
I came here to relish bullish engulfing candles.
And that, my friends, is what I'm going to do.
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! - I'm sailing!