Impressive Bitcoin Double Bottom

BitBoy Crypto Morning TA

Good morning, everybody.
It’s August 31, 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 FOMO index has remained unchanged at 73.

And nosy Miss Nussbaum’s social media market
sentiment in a rent-controlled apartment in Queens

is at 69%,

which means every time people talk about Bitcoin,

it has a 69% positivity rate.

Bitcoin dominance has trickled down to 42.14%.

24-hour volume is at $77.5 billion.

And the overall market cap has increased to $2.13 trillion.

Give or take a couple hundred million.

Over on the daily, it looks like the bullish
engulfing candle has given back its gains.

The pull of the 20 moving average has proven too much.

And like all toxic relationships,

it’s muddled in the hopes of change
and the promise of new beginnings,

only to rehash

a little bit more of that predictable behavior
we so long to distance ourselves from.

Yesterday, we not only tested support
but closed the candle underneath

giving the 20 its old albeit brief title of resistance
before flipping it back to support.

One thing I’m keeping my dad eye on is
the moving average club sandwich forming.

“Piano Matty B, isn’t a club sandwich just
an acronym for chicken, lettuce under bacon?”

Yes, it is.

But in this case, price action is both
chicken, lettuce and bacon,

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while the 20 moving average
and the 200 becomes the bun.

At this point, we see price action bouncing
within the tight range of $46K and $48K.

Think of it as the sides of a pool,

and you’re trying to see if you can swim
to each side underwater holding your breath.

Each time coming up for air and begging
your parents to watch you try again.

While these two moving averages are getting closer,
it gets easier for us to go back and forth

until finally we take a huge breath
and kick off the 200 and blast past the 20.

And at this point, the 20 moving average
side of the pool will be too far away

to make that underwater voyage,

and we will break to the upside.

One might make an argument for a smidgeling
of negative divergence over on the MACD

while we see price action rising
and the MACD going lower

throwing a cross right here,

and I wouldn’t want to take that girl
home to meet the mom.

No.

“So let me just get your order straight here, sir.”

“You would like a 20 over 200 moving average club
sandwich with a side of negative divergence?”

“Would you like to supersize that
with a MACD cross?”

Sure. “Okay.”

“And for dessert, can I offer you
some increasingly low volume?”

Yes, that sounds fine. Thank you.

Now, do I get a dad discount for erring
on the side of safety and caution?

No? Okay. Gotcha.

Now, over on the weekly,

we have Lennie Briscoe and Mike Logan
investigating the disappearance of all volume.

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According to some dock workers,

they’ve noticed that volume had not been
showing up to work as much as it used to,

and when it did, it was often quite solo man.

It kept to itself.

And volume’s ex-girlfriend noted that
although he could get very high at times,

she can’t remember when she’s ever seen him this low.

District Attorney Benji Stone quipped,

“Fear and panic are stronger emotions
than optimism and greed,

and as such, stronger emotions override rationality
and induce bad decision-making.”

Okay.

Over on the 4-hour chart, the locals are celebrating
the appearance of a double bottom at $46.8K.

Historically, double bottoms are a sign
of a price reversal to the upside.

Now, I prefer my double bottoms to have
the second bottom slightly higher than the previous

just like that one.

Local elders claim the double bottom has
a 76% probability of prosperity,

fertility and upside breakouts.

The coalition of dads for safety and caution
released the statement saying,

“As much as we like to enjoy double bottoms,

we’re waiting to see if price action
can break the neckline of $48.7K,

and at that point, with extreme moderation,
we just might celebrate too.”

And remember,

we’re playing the same game
as our psychopathic elected elites.

That’s right. It’s the long game.

So zoom out and have a fantastic day.

BitBoy Crypto Morning TA

Whoa!

Chachachaching!