Key Levels To Watch For Bitcoin (Top Bullish Momentum Eyes $53k)
BitBoy Crypto Morning TA Good morning, everybody. It’s August 18, 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 ticked up one to 73. And nosy Miss Nussbaum’s social media market sentiment in a rent-controlled apartment in Queens is at 70%, which means every time people talk about Bitcoin, it has a 70% positivity rate. Over on the 4-hour chart, we see price action has not only fallen through the 20 moving average, but after a quick 16-hour ride on the sloppy seconds roller coaster, the 50 moving average, it also broke downwards, turning both the 20 and 50 into future headwinds. And, of course, that which once wicked will get candlesticked came true, and we saw price action fulfill the old wives’ tale at $45.2K before continuing its downward slide. Oh, the old wives’ tale. Over on the daily, I’d like to see price action come down a bit and test the 20 moving average just for emotional support.
Almost like a confront-your-abuser type of therapy so it can gain some confidence, perhaps begin the healing/reversal stage of this bearish leg down. And, of course, I’m keeping my eye on that MACD. Looks like it’s started its Tony award-winning modern dance show, The Dance of the Macabre, where it’s crossing, and we’ll call it correcting itself. Yeah, that sounds positive. It’s correcting itself. Now, I want to get a little Christopher Nolany and take a quick look way out on the weekly to get an even more broad macro look at what’s going on because each timeline tells its own story. Its own journey, if it were. Every now and then, they sync up kind of like the window wipers on buses and how they are generally out of sync, but for a brief beautiful moment in time, they sync up but for a second, but that second restores your faith in humanity and the universe in general. And that metaphor is a little bit of a stretch.
But you get it. Last week, Historical Norm told us that the last couple times the weekly had four green candles in a row, the fifth week was a cool off. Now, I still haven’t figured out what betting a nickel to a donut means, but so far, speculation on the fifth week cool off is playing out, and, my friends, it can’t just go up forever. And this is where the US stock market says, “Hold my beer.” But when my dad eye takes a look at the MACD on the weekly, we see it doing the opposite of the daily and crossing over to the upside. So we have a tale of two MACDs, and this is where the window wipers start to sync up, my friends. Because time in the weekly moves slower, there’s a high probability that we’re approaching the end of the fifth week cool off. And on the daily, time moves– well, it moves a little faster than the weekly.
We’ll see the correction or retracement have more visibility, however, correct faster, and ultimately sync up, and then we turn bullish! When we look at the previous two retracements, we see that this last one has basically given back its gains. Now, this is part of that parabolic plane ride that billionaires go on, you know, instead of feeding like a million starving people. They’ll take a three-minute ride on a plane that gives you three minutes of weightlessness, where you’re not really going up and you’re not really going down. Almost like a spinning top candle, one might say. Now, assuming the regulatory fudpackers don’t drop some FUD bombs in the following couple days, this next leg up should take us to $53.2K. Whoa!
You’re probably like, “Piano Matty B, you were just talking about FUD bombs and dances of the macabre and nickels to donuts and billionaires floating in weightless parabolas, and now this huge leg up from this downward action? Darn tootin’!” That’s how Bitcoin rolls. And to quote my sixth favorite 80’s sitcom theme song co-written by the handsome and charismatic Alan Thicke, you take the good you take the bad you take them all and then you have the facts of life or, in this case, the next price action leg up. 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!