BitBoy Crypto Morning TA
Good morning, everybody. It's July 1, 2021.
My name is Piano Matty B.
This is your morning TA.
A brief window into the crypto markets
where the sun's shining
where the wind's blowing
Now, although we've basically been making Chop Suey for the past two months in this channel,
I wanted to show a couple of candle formations that the daily charts have given us.
First, we have Tuesday's candle,
which ended up closing as a spinning top doji,
which is what I'm going to call my next band.
This candlestick forms when the open price and the close price are very close.
Think of it as mom and dad fighting all day and nothing getting resolved.
Dad still feels he deserves a little more respect and
all mom needs is a little more love and attention.
In this market, it's an indicator that there's indecision
between the buyers and sellers
and that a reversal may be on the horizon.
Of course, these are all probabilities, not guarantees.
This is the point of the party where
I would take my keys out of the fishbowl
and just see how things kind of play out.
So the next day,
our little gal was shooting for the stars.
And by stars, I mean the 61.2% Fib level of $37K,
a key level on this channel.
And although she gave it her darndest,
she only made it to $36.6K
for her insecurities got the best of her.
"Maybe I'm not pretty enough for $37K."
"Maybe I just don't deserve to be at $37K."
"I don't know."
This is why this is such a key psychological barrier
of Fib levels.
Now, in her defense, she had to make it through the 20-week moving average,
which, in this case, is a headwind for our little girl and price action.
And if you're not a sailor like myself or my family,
we're renters and used car aficionados,
a headwind can blow your boat back
and keep the price down.
And although she made it past,
it seemed to take just enough steam out of her sails.
She turned around.
And she closed the day with a shooting star candle.
And although this sounds optimistic,
a shooting star really isn't that optimistic.
I also like to call it the croquet mallet.
It has a high probability of knocking price down.
And I played a lot of croquet as a kid.
You see, we had a cabin with an old TV.
And when it did get reception,
it only played reruns of Welcome Back, Kotter and The Electric Company.
Did the shooting star pattern or croquet mallet realize its self-fulfilling prophecy?
Yeah, it did.
We saw our little gal drop all the way back down to $33,200.
Would you look at that?
It's the 23.6% Fibonacci level.
Like clockwork.
Now, I know that all the OG HODLers out there,
this Chop Suey Channel is like commercials before YouTube videos.
It's just like,
"There used to be one. And now, there's two. I just can't stand it. Just get to the video already!"
But if you're a day trader, this channel is like the US government.
It just wants to keep giving you free money.
It's balanced between support and resistance like almost nine times, nine times,
in a $10,000 range channel. That's crazy.
And I imagine all the traders who are sniping it out on this Bitcoin channel
are watching this video probably doing the splits on cinder blocks or something nodding,
"Uh-huh. Yeah. You're right. It's cash cow."
Now, the good news in this slight channel reversal
is that if we can maintain in and around the 23.6% Fib level of $33K,
we will be continuing a trend of higher lows,
which is a good thing.
It's a tailwind. Do I need to explain what a tailwind is? No? Got it?
Headwind. Tailwind.
When you're heading into Friday,
it seems these days, you need all the help you can get
because Fridays are always a little crazy.
So remember,
this the same game our psychopathic elected elites are playing.
The long game.
And I can't stress this enough.
Zoom out.
Have a fantastic day.
BitBoy Crypto Morning TA