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BitBoy Crypto Morning TA
Good morning, everybody. It's November 10, 2021.
My name's Piano Matty B.
That's Scaramoochies.
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 jumped back down to 75 from yesterday's 84.
Bitcoin dominance is at 43.7%.
24-hour volume is at $128 billion.
The overall market cap is $2.91 trillion.
Give or take a hundred million.
Well, yesterday, we were talking about the slight RSI divergence on basically
all the charts as part of my dad watch for safety and caution.
And it looks like the market is correcting to wash that out,
so it should have come as no surprise to see the pullback.
And, yes, we can blame it on the RSI,
but we're going to see a pullback nonetheless.
But personally, I'd rather blame it on the RSI.
First off, it calls itself by an acronym,
which is like giving yourself a nickname
and telling everybody that they have to now call you by that nickname.
And second off, and this is the biggest reason not to like and to blame on the RSI,
it doesn't like cilantro.
So I mean, like, what kind of monster doesn't like cilantro?
To me, any lagging indicator that doesn't like cilantro simply can't be trusted.
They're like a skinny chef.
Or a sober bartender.
Just not copacetic in my books.
Anywho, over on the 4-hour chart,
we really busted out of and into an old fashioned bull flag,
or pennant, I suppose.
It's either a really tight bull flag or a really big bull pennant,
if you want to be pukingly annoying.
Now, here's the good bad news.
We'll most likely see a breakout,
but it's looking like the breakout might be down at about $65.8K-ish.
Shut your mouth.
But that's why it's good bad news.
Now, let's deliver it as bad good news.
We'll be going down to about $65.8K-ish, and then we're going to break out!
How's that?
"Why you gotsta? Oh, why you gotsta?"
Well, I'll tell you why. It's two reasons really.
We have a lot of history down at this level.
And it could be feeling the pull of a retest.
Price action may be feeling insecure and wants to go out with her lady friends
so they can tell her that her makeup's nice, she's looking fit, and her shoes are cute.
Secondly, there's a double pull of our toxic relationship with the 20.
And that intersection of cute shoes and the 20 moving average
will most likely be around that price range.
And lastly, the 20 doesn't like cilantro.
No, I'm kidding.
It does like cilantro,
but it also likes olives,
which is equally a red flag
because I do believe there's a correlation between liking cilantro and not liking olives.
And I would call that tastebuddian bearish divergence.
But that's neither here nor there.
Over on the daily, we have our first inkling of a cup and handle forming.
Suspend your disbelief for a moment and imagine, if you will,
that slight dip down to $65.8K-ish we are talking about happens
and then the bounce back.
That would put the handle on her.
And, of course, the cup and handles are a hell of bullish patterns
coming in at about 65-68% success rate.
If we want to be pukingly annoying, we could average it out at 66.5%.
Now, upon breaking out, my trading poindexters tell me we could see a price target of $78K.
And that's based on how much coffee's in the cup.
So if the coffee is, say, deep,
then the price target should be, say, deep up?
And that's $78K-ish.
Now, my trading poindexters also tell me that it's not a perfect cup and handle
because they like to see the highs at the same price.
And as you can see, the handle part is slightly higher.
But, guys, the trader who aims at perfection in everything achieves it in nothing.
Now, go ahead and go back to your Dungeons & Dragons game, boys.
A quick look at the Cardano chart,
it looks like the sleeping weirdo has awoken!
It had a decent little pump yesterday,
over about 10%.
And that's like Bitcoin going up by $6,500 in a day to put it into perspective.
And with the 20 crossing the 200 moving average,
it's giving me some financial goosebumps.
And, yes, there is cream for that.
However, with the ADA Gang liking cilantro and disliking olives,
that positive tastebuddian divergence should have her seeing green in no time.
And just for the record,
I do love cilantro,
but I sure as heck don't like olives!
So 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.
BitBoy Crypto Morning TA
Whoa!
Chachachaching!