Overview: 52K broken and as expected big jump - 55k is next big challenge - small rejection expected here
SELL WALL 55.1k - 200 BTC 54.6k - 200BTC
BUY WALL N/A
VOLUME: Small breakout - small retrace expected
Market Sentiment: ALTS Increase/Season
-BTC Price Up -Dominance Up - Will slow ALT's down a little -Alt Volume Up
Local Support: 52.7k Next Support: 51k
Local Resistance: 55k Next Resistance: 58.3k
Top Fundamentals: - Mt.Gox 160k BTC Creditor Distribution rehab programme filed (Still Looming!!!)- Bearish - Crypto Reaches $1.7 Trillion As Bitcoin Eats into Gold - V. Bullish - Week Close above 50k - Bullish - Could be Currency of Choice for international trade for CitiBank - Bullish - Goldman-Sachs reopening BTC Desk Mid - March - Stimulus - House and Senate pass Stimulus - Bullish - BTC back above 1Trillion - Super Bullish
Personal Opinion: Short-Term
As per yesterday analysis 52K broke and a strong push upwards occurred - there is a very high chance of testing 55k in next 24 hours with a decent rejection possibly back to 52k.
ALPHA Wave is getting oversold and and small breakout on volume will lead to a little retrace to re-enforce this resistance. Nothing to worry about I am still of a very very bullish mindset now. We are all set up perfectly for the Stimulus to drop and catapult it to the 70k region.
Very exciting times.
Long Term (Unchanged) - A target of 75k is on the cards coming in just after 14th March - please note that this line is not reflective of its movement in time or accurate path, just that I think that it will hit these lows and highs in this order