BTC DAILY : 1/12/20 “On the first day of Christmas bitcoin gav
BTC DAILY : 1/12/20
“On the first day of Christmas bitcoin gave to me...”
15M: BULLISH
1HR: BULLISH
4HR: BULLISH
Daily: BULLISH
Weekly: BULLISH
Monthly: BULLISH
Overall: BULLISH
Buy/Sell Wall: Big sell wall currently sitting at $19,820
Volatility: Relatively stable so far today for BTC , less than 2% shift over the last 10 hours.
ALTS: Sharp rise in volume continues, BTC dominance down to 63%
Local Support: $18,320
Next Support: $17,520
Local Resistance: $19,860
Next Resistance: $20,000
Fundamentals:
- PayPal/Square - Continually buying all mined BTC spiking price - Very Bullish - Announced integration with VISA - Ultra Bullish - Guggenheim Partners (200bn plus asset managers) allocate capital (up to $500m) to crypto - Very Bullish - Grayscale Bitcoin Trust continues buying BTC ($140m just this week) - Very Bullish
Technical' s:
- Trading comfortably above $19k
- Trading above 200 EMA Support
- Trading above Future Pivot
- Testing new $19,800 resistance
Personal Opinion:
Last time Bitcoin hit an all time high in December 2017 it crashed hard only a month later. After breaking that ATH yesterday should we be anticipating a crash? Probably not, things are different now.
The continued buying power of institutional funds (Greyscale and PayPal principally) and the movement of many funds from gold to crypto makes the market far more stable than in 2017. These seasoned investors using BTC to hedge against inflation are unlikely to sell on a whim, they're playing out long term strategy as opposed to cashing on moonshots like the early adopter hodlers of 2017. This coupled with the highest ever Monthly Close will draw money out of other stocks and especially Gold now.
Today we anticipate a strong test, rejection and retest of the resistance formed around $19,800. This looks to be a big sell of point for many traders but given the bullish momentum we’d expect to break $19.8k today and then retest $20k. A crash is inevitable but the new bottom will be between $16 & $17k, watch for the drop but until that happens enjoy excellent trading conditions!
“On the first day of Christmas bitcoin gave to me...”
15M: BULLISH
1HR: BULLISH
4HR: BULLISH
Daily: BULLISH
Weekly: BULLISH
Monthly: BULLISH
Overall: BULLISH
Buy/Sell Wall: Big sell wall currently sitting at $19,820
Volatility: Relatively stable so far today for BTC , less than 2% shift over the last 10 hours.
ALTS: Sharp rise in volume continues, BTC dominance down to 63%
Local Support: $18,320
Next Support: $17,520
Local Resistance: $19,860
Next Resistance: $20,000
Fundamentals:
- PayPal/Square - Continually buying all mined BTC spiking price - Very Bullish - Announced integration with VISA - Ultra Bullish - Guggenheim Partners (200bn plus asset managers) allocate capital (up to $500m) to crypto - Very Bullish - Grayscale Bitcoin Trust continues buying BTC ($140m just this week) - Very Bullish
Technical' s:
- Trading comfortably above $19k
- Trading above 200 EMA Support
- Trading above Future Pivot
- Testing new $19,800 resistance
Personal Opinion:
Last time Bitcoin hit an all time high in December 2017 it crashed hard only a month later. After breaking that ATH yesterday should we be anticipating a crash? Probably not, things are different now.
The continued buying power of institutional funds (Greyscale and PayPal principally) and the movement of many funds from gold to crypto makes the market far more stable than in 2017. These seasoned investors using BTC to hedge against inflation are unlikely to sell on a whim, they're playing out long term strategy as opposed to cashing on moonshots like the early adopter hodlers of 2017. This coupled with the highest ever Monthly Close will draw money out of other stocks and especially Gold now.
Today we anticipate a strong test, rejection and retest of the resistance formed around $19,800. This looks to be a big sell of point for many traders but given the bullish momentum we’d expect to break $19.8k today and then retest $20k. A crash is inevitable but the new bottom will be between $16 & $17k, watch for the drop but until that happens enjoy excellent trading conditions!
