Huge Bitcoin Pump Breaks $50K (Top Indicators You Need To Watch)
BitBoy Crypto Morning TA Good morning, everybody. It’s August 23, 2021. My name’s Piano Matty B. That’s 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 is up to 79 from yesterday’s 76. And nosy Miss Nussbaum’s social media market sentiment in a rent-controlled apartment in Queens remains at 70, which means every time people talk about Bitcoin, it has a 70% positivity rate.
Bitcoin dominance is at 43.18%. 24-hour volume is at $77.6 billion. And the overall market cap is $2.18 trillion. While I hate to count my chickens till they hatch, but it seems we have broken through $50K. Price action waited till the Western world went nighty night, decided the coast was clear, and boom! On Friday, we made it through the goldenest of golden ratios, the 1.618 or, let’s just call it, the 62% Fib level. It snuck up on the 50 and played a little knock knock ginger on it and came back down just above the golden ratio. I said this before and I can’t really say it enough, this is the goldenest of golden ratios. It’s where new beginnings happen. Consider it the end and the beginning of a life cycle, and as such, we struggle to get through it.
It’s like losing a loved one when you’re approaching the 62% Fib level. It’s like we’re at the hospital bed of the past cycle, our journey that started way back in May. The selloff in the months of Chop Suey that has brought us to this new beginning. Close friends and family and the Accumulatrix gather at the hospital bed reminiscing about old times. Remember when we hit $30K? And we thought we were for sure going to $10K? Or how about when we hit $65K and we thought, “Oh, well, for sure, we’re going to $1 million!”? Good times. And that’s what we’re doing right now. We’re at the hospital bed watching the past cycle pass on to the great beyond.
And finally our old friend, the squatter, the 20 moving average, just happened to be there because squatters are always close, especially in times of need and crisis. They show up like Tom Cruise in Mission Impossible rappelling from the ceiling to be a shoulder to cry on, and he whispers in our ears, “It’s time to move on.” Now, over on the weekly, we didn’t paint the last week candle red, so now as a dad, I like to confer with Historical Norm as to past scenarios where five or more green candles appeared. And he said he’d have me know that way back in March 2020 after the black swan that will remain nameless, flash crashed all the markets and we saw seven weeks in a row of green candles before the red candle came off and cooled us off. That run went from $4,500 to $9,500. A 111% gain. Then that same year, November, we saw seven weeks in a row of green, and the MACD crossed to boot, I might add. We saw price action go from $10.6K to $18.6K, a 75% gain, before we saw one week of red and continued higher.
We all know what happened next. So let’s just take the lower of the two and apply it to our current situation. And Historical Norm is betting a nickel to a donut that this run will take us to $52.2K before we see some pullbacks and a red candle, and obviously, Historical Norm isn’t a Price is Right fan because my price target is $53.2K, and he came in underneath at $52.2K, which doesn’t give him a lot of wiggle room to win that set of Britannica encyclopedias. Now, like I said before, I don’t like to count my chickens till they hatch, especially when they’re $50K. What I’m looking for is a small retracement and a test of the 50. You know, to see if she holds real proper like. Some dad knocks on the side of the deck and some pressure pumps to see if she holds my dad weight. And at that point, we’ll give her the stamp of approval and continue up on our epic rise. And we see all the MACDs from the 4-hour to the weekly cross at the upside, which is Tri Delta Gamma confirmation on bullish probabilities.
I mean, look at that weekly MACD. It’s a beautiful, beautiful sight. And we’re coming up to month-end, and DJ Expired Options will be playing a show this Friday at the abandoned Cinnabons by the airport. So expect some hijinks and calamity this week. And get your tickets early because I hear he may be busting out his remix the FOMO In At The Top. 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 Whoa! Chachachaching!