BitBoy Crypto Morning TA
Good morning, everybody. It's August 4, 2021.
My name's Piano Matty B.
And this is your morning TA.
a brief window 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 fear and greed index has dropped to 42 from yesterday's 48.
So we went from a state of "Meh" to an official state of fear.
But it's an early stage fear,
like when your dad shaves his mustache
for the first time.
You know something's wrong, but you can't put your finger on it.
That's the state of fear we're in today.
And nosy Miss Nussbaum's social media market sentiment in a rent-controlled Twitter apartment in Queens
has dropped to 73, down from 78,
which means everything people are saying has a 73% positivity rate.
And nosy Miss Nussbaum added to me under her breath,
"That's over 25% salty dogs in the apartment today."
"Just saying."
Now, over on the daily,
and we talked about this,
price action has sauntered down to the 38% retracement level of $37.7K like clockwork.
And we talked about this.
We know what this is.
It's a healthy pullback, and there's nothing wrong with it.
In fact, it's nature's way of resetting itself and preparing for its next leg up.
And you're probably saying, "Piano Matty B, I get it, but I hate it."
And five candles in a row?
It's a little off-putting and frankly makes me feel like the 10-day green candle run was all for naught.
And, yes,
wouldn't it be nice to go up and up and up and up forever and ever? Amen?
Sure would, but that's not how markets work.
And that's not how life works, son.
Now, let's look at the 20-day moving average sitting by the 50% retracement level
having a drink by itself at the bar
pretending it doesn't notice you noticing him.
Now, we talked about this, too.
There's high probabilities we may have to have a quick conversation with them.
"How are you? Are you still working at said job? No, you got fired? Great!"
"Are you still friends with said people? No, they don't talk to you anymore? Oh."
"That thing in your hip is clicking again?
And it's painful and you're worried that it's something bigger than just a click?
Well, great! Bye. I'm heading back up."
Now, these are things you have to do sometimes
when you're the greatest financial asset humanity has ever witnessed!
When you have the potential to change the course of humanity
and remove all legacy dinosaurs from their evolutionary financial rung.
I know it's a hard thing to get through.
It's like watching your kids wipe out on their bike.
You don't want them to bite it,
but you know they're going to.
And it's important for them to know that riding a bike isn't all Lambos and moonshots.
Every now and then, you've got to bite it.
You lick your wounds, have a good fear cry.
You get back on that bike and ride.
That's right. You get back on that bike and you ride!
And as much as I harp on the fact that these pullbacks are healthy and essential aspects of the market,
it's hard to watch.
And it's even harder to accept.
It's like my YouTube behavior.
Will I subscribe to your channel?
Yes, I will.
Will I watch your videos?
Religiously darn tootin' I will every day.
But will I hit the notification button?
Absolutely not.
"Are you crazy?!"
But you can get lost in the day-to-day minutia of the market.
And I like that word.
I'm not even sure if I know what it means, but it sounds perfect.
All the while forgetting to step back and think,
"Holy f***!
I'm in this crazy crypto market in the early stages."
That's right. We're severe early.
And I know that you think that everybody knows about this life-altering financial asset market,
but they don't.
That's the crazy part.
We're like 2% adoption rate.
And that's in the entire world!
Let that sink in.
Not only is this a crypto story you'll be telling for the rest of your life,
it's also the crypto story people will be telling about you the rest of theirs.
And remember,
we're playing the same game as our psychopathic elected elites.
That's right. It's a long game.
So zoom out and have a fantastic day.
BitBoy Crypto Morning TA
Chachaching!