Bitcoin Clears The Way For HUGE Alt Season
BitBoy Crypto Morning TA Good morning, everybody. It’s August 17, 2021. My name is 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 fear and greed index has remained at 72. And nosy Miss Nussbaum’s social media market sentiment in a rent-controlled apartment in Queens is up to 69%.
That means every time people talk about Bitcoin, it has a 69% positivity rate. And $46K, oh, $46K! How we love to straddle $46K. If you remember last week’s video, $46K is the gatekeeper and the keymaster of the bull’s head. It’s like that space station in the movie Interstellar that they had to get to before reaching the other planet and they had to get from before they return to Earth. It has significant market memory. And the market has a memory like a woman scorned. Remembers things you were thinking about even when you weren’t even thinking about them.
And $46K being the gatekeeper and keymaster, we can either slingshot to planet all-time high or return to Earth where our children are old and about to die. Now, over on the 4-hour chart, we see price action fell below our 20-period moving average and is now testing sloppy seconds at the 50 moving average. We actually wicked down to $45.2K, so we may see my old wives’ tale play out. And say it with me now. That which once wicked will get candlesticked.
Then if that plays out, I think we could see a retracement down to the 23% Fib level of $43.5K. And that’s okay. Dare I say, it’s a good thing. “Piano Matty B, how can retracing be a good thing?” Well, retracing is a healthy part of a bull run. It lets us reset some indicators, like an overheating RSI. Or relative strength index. And it lets the Fibonacci numbers give peace, love and geometry to the math that makes up the market and our weird psychological behaviors and impulses.
Today, we hear the regulatory fudpackers share their infinite wisdom on how they will move forward with their corrupt fiat regime. More specifically, whether they will hint at raising interest rates or hint at not raising interest rates all the while keeping their feet firmly planted in the garden of denial where they’ve planted inflation and are watching it grow. Now, obviously, long term, this is a non-issue for Bitcoin because, as we all know, Bitcoin is the ultimate hedge against the corrupt fiat regime. However, a hint either way can send ripples through the market, throwing the fear and greed into a manic state. And some lemming on Wall Street will scream, “Sell it!” and we’ll see a minor sell-off before people gain their composure and things go back to normal. So in a nutshell, expect some short-term volatility to wreak a little havoc in the market today.
These announcements are like watching a movie with that friend that can’t keep their mouth shut. They just sit there going, “Oh, no! Who’s that? What’s he doing. Oh, here it comes.” And then I just shut off the movie, and I say, “It’s time for you to go home, my friend.” Over on the daily, we see we’ve cozied back down to our old flame, the 200 moving average. And although we are on top for now, a further retracement will put us underneath and flip it to resistance again. We should see some further straddling here at the 61% Fib level, the goldenest of golden ratios. This is the Fib level that the geometry of the universe balances itself out with, resets and the serpent eats its tail. One might say you are who you are because of this ratio. Now, if you want to kill eight hours of your workday today, I suggest rabbitholing the golden ratio.
But keep in mind, once you know, you can never not know. It’s kind of like when you rabbitholed fiat currency. You’re like, “Wait. This can’t be true. That would mean that everything is– and everything I was taught is–” Then you accept the fact that you’ve been lied to and intentionally kept in the dark your whole life. An escape hatch into Bitcoin, the ultimate hedge against the corrupt fiat regime. But be that as it may, before I get me started, I like to also keep my dad eye on that MACD.
Looks like she might be crossing over into the correction zone, which is also bearish for the cause. But ultimately, it must be reset. One thing you always have to remember is although technical analysis is an exercise in probabilities, even the highest probabilities can be trumped by regulatory fudpackers and more so the macro money flows in and out of the Bitcoin market because inevitably Bitcoin’s value is more rooted in its scarcity, so while we surf the moving averages and reset the Fibonacci levels, these are technical analysis housekeeping, day-to-day broad outlooks on a big picture. So 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!