Bitcoin Rising on a GOLDEN Cross (The FOMO is real)
BitBoy Crypto Morning TA Good morning, everybody. It’s August 24, 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 remains at 79. Now, the more I think about it, the more it occurs to me that this indicator isn’t named right.
It shouldn’t be called the fear and greed index because it doesn’t properly tell you what’s going on. One might say, “Piano Matty B, when the meter is low and in the greed, does that mean everybody is greedy and wants to get in?” Well, no, that actually means they’re not sure and one might say they’re a little scared. “So then, Piano Matty B, does a high fear level mean people are scared of the market?” Well, one would think that’s what it means too, but it’s actually the complete opposite. When there’s a lot of fear, that means people are actually becoming delusional and slightly manic. They’re starting to drink the moon Kool-Aid.
That price action will never stop going up and up and up and up and up and up. So when the fear is high, then we usually or should I say always see a correction. And as such, by the power vested in me by the BitSquad, I hereby change the name from fear and greed index to the FOMO index. When the FOMO index is high, the FOMO is high. When the FOMO index is low, the FOMO is low. So the FOMO index today based on the fear and greed index is at 79, which means FOMO is high. And that’s it. My job here is done. BitBoy Cryp– just kidding.
And nosy Miss Nussbaum’s social media market sentiment in a rent-controlled apartment in Queens has jumped to 89, which means every time people talk about Bitcoin, it has an 89% positivity rate. darubarumparumparum And Bitcoin dominance is slightly down to 42.78%. As is the 24-hour volume at $74.8 billion. And the overall market cap has remained at $2.18 trillion.
Give or take a couple hundred million. The ADA Gang rocked the casbah yesterday that snuck in another all-time high right around denden at $2.96. After a slight pullback down to $2.83, it’s back up to $2.92. And I’m personally expecting riots in the streets by the ADA Gang when it blast past $3. arumbarubarubarum Over on the Bitcoin 4-hourly chart, we find price action nestled quite lovingly in the arms of its squatter. Yes, the 20 moving average, the shoulder to cry on in times of need and crisis. Now, by no means, do I think we’re in times of need or crisis? Quite the opposite actually, but nonetheless squatters take every opportunity to get close and intimate. And after price action’s slight rejection from $50K, it’s feeling a little vulnerable, and that’s where the squatter comes in to give it some support and tell it how beautiful it is and how it can’t believe anyone would ever reject it, and if it was him, he’d never treat you that way.
And this is when price action feels the moving average’s hand getting a little bit lower and it opens its eye and thinks, “Yeah, I should probably get the hell out of here.” karubarumbarumbarum And while the 20 moving average might be good for a midweek hang with a bottle of wine he pays for and The Vampire Diaries marathon, it’s by no means boyfriend material. It never will be. However, on the daily, people have gathered in the courtyard to picket and protest the rising wedge. They’re yelling, “What does this look like?” A rising wedge. “What’s it going to do?” Break downwards 70% of the time. “And what are we going to do about it?” Nothing.
Who cares? Let it break down. So what? We’ve talked about this. It’s normal and really, are we going to start marrying the TA statistics as universal laws now? What have we seen in the past nine months that makes you think that a low B student like a rising wedge with a C minus grade average is now the statistical authority on price action? barubarubarubarum If anything, this market when it comes to technical analysis these days has reason which reason knows not of. I think keeping quadzilla setups with multiple confirmations have a 50-50 these days because the tide, the overall movement and direction of the market is hella bullish. skaruparumparumparum So while a rising wedge breaks to the downside 70% of the time, I wouldn’t take a hairy spazz. By now, we all know that corrections are good and healthy. So what? Let it dip.
Let’s gain some healthy momentum. In my younger days, I didn’t like dips. They didn’t jibe with my rock and roll lifestyle. They cramped my steez. Now, years later and as a dad who errs on the side of safety and caution, I welcome dips. It’s like brussels sprouts. I didn’t like them before. Now, I do. I don’t know why, but I do. barumbarumparumparum I guess I just understand the tide a little more. And I don’t get caught up in the white caps and the waves. I prefer lying on the beach ordering drinks and breathing in the whole picture. Now, over in the vegan tea shop, there’s a peaceful rally called crosses for hope, and that’s where people get together, sit quietly and manifest the hope of all the crosses on the chart. They’re not yelling and screaming. They’re manifesting, and they have good rights to be. arumbarumparumbarum On the daily, we see the 20 moving average crossing the 200. Historically, hella bullish! Some say a golden cross. Now, I’ve never backed up the truck on a gold cross nor have I ran into the bomb shelter on a death cross.
While they can have some sentiment power, they’ve always just been as reliable as betting black and red on roulette. Now, being a former roulette dealer, yes, I know. “Weird job, Matty B.” Most people think red or black is a 50-50, but it isn’t. The house doesn’t let you have even odds against it. It’s there to edge you out, steal your money, like the government, so it has zeros and double zeros to get that job done. So these crosses with their fancy names like golden and death, they’re just indicators telling us where price action has been and where it might be going. So while it doesn’t tell me to back up the truck, it’s still a bullish indicator in this rising tide of bullish momentum. 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 Whoa! Chachachaching!