BTC DAILY : 29/12/20 Bullish Pennant/Descending Triangle?
BTC DAILY : 29/12/20
Bullish Pennant/Descending Triangle?
Technical' s
15M: Very Bullish
1HR: Very Bullish
4HR: Bullish
Daily: Very Bullish
Weekly: Very Strong Bullish
Monthly: Very Bullish
Overall: Very Bullish
Sell Wall
$29k - 1.1k BTC
Minimal resistance in either direction otherwise
Volatility: Low - Consolidation for big move
Volume: Consolidating for big move
Dominance - Finally dropped below 70% which seems to be the new 60% at the moment so it is giving ALT's some relief to build volume.
ALTS: BTC Dominance dropping BTC price rising and ALT volume increasing. Technically good for ALT trading - although still rocky trading with XRP bombshell.
Local Support: $25.9k
Next Support: $24.5k
Local Resistance: $27, 500
Next Resistance: $28,400
Fundamentals:
- Mt.Gox 160k BTC Creditor Distribution rehab programme filed (Still Looming!!!)- Bearish
- New $2000 Stimulus Package Potential - Hugely Bullish
- Coinbase going Public - Big eyes on Crypto
- Pro Crypto appointment at the SEC - V. Bullish
- XRP delisting from major exchanges (Coinbase/Okex)- Bearish for Crypto
Biden Inauguration 20th Jan along with some "Dump Event" doing the rounds on trading channels - Bearish (Apparently)
Personal Opinion:
XRP is throwing the market into a bit of turmoil here and it looks like it has taken a bit of an impact on BTC. Although I feel it is only short lived causing a little FUD. The ALT's are where it is going to be felt the most.
From a technical standpoint it is a little too early to call - a breakout above $27k or down below $26.1k is needed to really confirm direction.
I don't feel we will be going into major correction territory yet and tis is mainly caused from the XRP/Coinbase market shock. If anything Martin Saylor will just be gearing up for another big buy.
I am leaning towards the bullish sentiment and will be until at least mid - January.
Prediction is aggressive break up to $27.5k and then further movement up to $28.4k to start the track towards $30k although big resistance at $29k so that will be a point of interest to break.
Bullish Pennant/Descending Triangle?
Technical' s
15M: Very Bullish
1HR: Very Bullish
4HR: Bullish
Daily: Very Bullish
Weekly: Very Strong Bullish
Monthly: Very Bullish
Overall: Very Bullish
Sell Wall
$29k - 1.1k BTC
Minimal resistance in either direction otherwise
Volatility: Low - Consolidation for big move
Volume: Consolidating for big move
Dominance - Finally dropped below 70% which seems to be the new 60% at the moment so it is giving ALT's some relief to build volume.
ALTS: BTC Dominance dropping BTC price rising and ALT volume increasing. Technically good for ALT trading - although still rocky trading with XRP bombshell.
Local Support: $25.9k
Next Support: $24.5k
Local Resistance: $27, 500
Next Resistance: $28,400
Fundamentals:
- Mt.Gox 160k BTC Creditor Distribution rehab programme filed (Still Looming!!!)- Bearish
- New $2000 Stimulus Package Potential - Hugely Bullish
- Coinbase going Public - Big eyes on Crypto
- Pro Crypto appointment at the SEC - V. Bullish
- XRP delisting from major exchanges (Coinbase/Okex)- Bearish for Crypto
Biden Inauguration 20th Jan along with some "Dump Event" doing the rounds on trading channels - Bearish (Apparently)
Personal Opinion:
XRP is throwing the market into a bit of turmoil here and it looks like it has taken a bit of an impact on BTC. Although I feel it is only short lived causing a little FUD. The ALT's are where it is going to be felt the most.
From a technical standpoint it is a little too early to call - a breakout above $27k or down below $26.1k is needed to really confirm direction.
I don't feel we will be going into major correction territory yet and tis is mainly caused from the XRP/Coinbase market shock. If anything Martin Saylor will just be gearing up for another big buy.
I am leaning towards the bullish sentiment and will be until at least mid - January.
Prediction is aggressive break up to $27.5k and then further movement up to $28.4k to start the track towards $30k although big resistance at $29k so that will be a point of interest to break.
