BTC - Price Consolidating Into Monday. Movement ahead?
Looking at the BTC 4H chart, we're seeing a lot of price consolidation over the weekend.
I expected more of a dump to take place than did this weekend, however the liquidity is building on the market clearly.
That said, the biggest volume spike was our red candle dip. Other than that weak volume since the pump.
I reckon we'll get a big price move tomorrow. Hourly could potential be shaping up for a retest of 16k, which would be the second real test, third if you count the weak retest earlier Sunday. Three decent retests has historically given us a breakthrough, and if volume decides to build up we could easily hit 20k this week.
For our fundamentals: I think things might be looking a little shaky for btc short term. Yes Biden won, I think this will bring a bit of calm to the markets and lead to people leaving their safehavens at least somewhat.
Long term I see a big problem for the stock market and that is still COVID. Yes, Biden won, no Biden does not cure COVID. And now things seem to be getting to a parabolic point in the US where they're having six figure numbers every day of new infections.
The only reasonable way I can see them getting out of this, if the hail-mary vaccine doesnt work, is locking down like they probably should have done initially. Just look at China (conspiracy theories aside).
Aside from all that, BTC is in the weird place where some ground level retail investors are bigger whales than the institutional investors. This may not, and likely will not, be the case forever; but at the moment there's always the looming cloud of "what if all these satoshi era coins dump on to the market all of a sudden" as early adopters a decade deep take profits. This is unlikely right now, we look to be in the middle of a bull run heading to ATH. But if there's HEAVY downpressure expect some early adopters to take profit at these high prices.
If we get a breakdown we could see a retest of 12k as support potentially. Break through 16k and it's 20k+ all day
I expected more of a dump to take place than did this weekend, however the liquidity is building on the market clearly.
That said, the biggest volume spike was our red candle dip. Other than that weak volume since the pump.
I reckon we'll get a big price move tomorrow. Hourly could potential be shaping up for a retest of 16k, which would be the second real test, third if you count the weak retest earlier Sunday. Three decent retests has historically given us a breakthrough, and if volume decides to build up we could easily hit 20k this week.
For our fundamentals: I think things might be looking a little shaky for btc short term. Yes Biden won, I think this will bring a bit of calm to the markets and lead to people leaving their safehavens at least somewhat.
Long term I see a big problem for the stock market and that is still COVID. Yes, Biden won, no Biden does not cure COVID. And now things seem to be getting to a parabolic point in the US where they're having six figure numbers every day of new infections.
The only reasonable way I can see them getting out of this, if the hail-mary vaccine doesnt work, is locking down like they probably should have done initially. Just look at China (conspiracy theories aside).
Aside from all that, BTC is in the weird place where some ground level retail investors are bigger whales than the institutional investors. This may not, and likely will not, be the case forever; but at the moment there's always the looming cloud of "what if all these satoshi era coins dump on to the market all of a sudden" as early adopters a decade deep take profits. This is unlikely right now, we look to be in the middle of a bull run heading to ATH. But if there's HEAVY downpressure expect some early adopters to take profit at these high prices.
If we get a breakdown we could see a retest of 12k as support potentially. Break through 16k and it's 20k+ all day
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