BTC DAILY: 29/11/20
“Coin toss..”
15M: BULLISH
1HR: BULLISH
4HR: V. BULLISH
Daily: BULLISH
Weekly: BULLISH
Monthly: BULLISH
Overall: BULLISH
Buy/Sell Wall: Sell Walls at $18,230, Buy walls at $18,00.
Volatility:
Volatility increasing with bullish movement (about 3% so far) above $18k.
ALTS: Steady ALT volume increase after sharp drop over 26th & 27th.
Local Support: $17,616
Next Support: $16,179
Local Resistance: $18,983
Next Resistance: $19,499
Fundamentals:
-Stimulus Cheques - Uncertainty now with Vaccine.
- PayPal/Square - Continually buying all mined BTC spiking price - Very Bullish
- Announced integration with VISA - Ultra Bullish
- Rumours that the U.S. Treasury and Secretary Mnuchin were planning to rush out some new regulation regarding self-hosted crypto wallets before the end of his term. I'm concerned that this would have unintended side effects, and wanted to share those concerns. - Extremely Bearish
-China authorities seized 1% of total BTC supply - Bearish
- OKEX volatility with withdrawal ban lifted a lot of outflow and subsequent inflow - Volatility
- Options Expiring - Volatility (Bloody Sunday?)
Technical' s:
- New local support forming at $17,600
- Trading above 200 EMA Support
- Below Weekly P& Future Pivot
- Broken Trendline Support
- Forming a Bullish Ascending Triangle
Personal Opinion:
Basic chart analysis would draw bullish conclusions and movement this morning seems to be bearing this out, but there is bearish sentiment out on the street indeed we’ve heard talk of $13k based on historical cycles and fibonacci sequence levels of 0.618 ($13.5K).
What’s making pinpointing movement so difficult is the big money and institutional investors who hold the power right now to move the market. Calling a definite direction is difficult but my personal opinion is that we’re going up with $16k being a key support zone.
Without a big whale splash we’ll hopefully see a climb up and volume moving into ALTS, creating some nice trading conditions.
“Coin toss..”
15M: BULLISH
1HR: BULLISH
4HR: V. BULLISH
Daily: BULLISH
Weekly: BULLISH
Monthly: BULLISH
Overall: BULLISH
Buy/Sell Wall: Sell Walls at $18,230, Buy walls at $18,00.
Volatility:
Volatility increasing with bullish movement (about 3% so far) above $18k.
ALTS: Steady ALT volume increase after sharp drop over 26th & 27th.
Local Support: $17,616
Next Support: $16,179
Local Resistance: $18,983
Next Resistance: $19,499
Fundamentals:
-Stimulus Cheques - Uncertainty now with Vaccine.
- PayPal/Square - Continually buying all mined BTC spiking price - Very Bullish
- Announced integration with VISA - Ultra Bullish
- Rumours that the U.S. Treasury and Secretary Mnuchin were planning to rush out some new regulation regarding self-hosted crypto wallets before the end of his term. I'm concerned that this would have unintended side effects, and wanted to share those concerns. - Extremely Bearish
-China authorities seized 1% of total BTC supply - Bearish
- OKEX volatility with withdrawal ban lifted a lot of outflow and subsequent inflow - Volatility
- Options Expiring - Volatility (Bloody Sunday?)
Technical' s:
- New local support forming at $17,600
- Trading above 200 EMA Support
- Below Weekly P& Future Pivot
- Broken Trendline Support
- Forming a Bullish Ascending Triangle
Personal Opinion:
Basic chart analysis would draw bullish conclusions and movement this morning seems to be bearing this out, but there is bearish sentiment out on the street indeed we’ve heard talk of $13k based on historical cycles and fibonacci sequence levels of 0.618 ($13.5K).
What’s making pinpointing movement so difficult is the big money and institutional investors who hold the power right now to move the market. Calling a definite direction is difficult but my personal opinion is that we’re going up with $16k being a key support zone.
Without a big whale splash we’ll hopefully see a climb up and volume moving into ALTS, creating some nice trading conditions.