BTC DAILY : 03/01/21
Over and Over
Technical' s
15M: Bearish
1HR: Bullish
4HR: Bullish
Daily: Very Bullish
Weekly: Very Bullish
Monthly: Very Bullish
Overall: Bullish
Sell Walls
$34.5k - 616 BTC / $34.6k - 448 BTC
Volatility: 8% range
Dominance - Down to 72.7%
ALTS: Stable as BTC dominance and price decline.
Local Support: $30,302
Next Support: $28,678
Local Resistance: $34,777
Next Resistance: $35,000
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
- Trump signs second stimulus bill, rally across all asset classes - Bullish
- Institutional Investment continues - Skybridge Capital ($182 million in December) / MassMutual ($100 million in December) / Guggenheim (up to 10% of its $5 billion macro fund).
Personal Opinion:
Over and over, like a monkey with an miniature symbol, BTC breaks its ATH topping out at $34,778 in an amazing, yet totally predictable in it amazingness, start to 2021.
The why’s aren’t the problem, we know institutional money is finding a store of value, that supply is dwindling and that 6 figure projections are now the norm, but knowing where we’re going hour to hour is proving tricky.
In the long run the answer is up but in the short term anticipated corrections seem to wind up as ATH’s.
Falling back on technical analysis is our only real recourse, so lets take a look at the 4 hour chart. We have a bearish future pivot and a bearish divergence on the RSI so I’d expect a retracement to at least $31,600 or if momentum picks up the support found yesterday at $30,300.
Whilst nominal buy orders are visible I think its a fair bet given the performance of the year so far and the momentum built up in the bull run that after finding support there will be an upward push again likely to test the resistance encountered overnight at $34,800.
Let us know if you agree in the comments!
Over and Over
Technical' s
15M: Bearish
1HR: Bullish
4HR: Bullish
Daily: Very Bullish
Weekly: Very Bullish
Monthly: Very Bullish
Overall: Bullish
Sell Walls
$34.5k - 616 BTC / $34.6k - 448 BTC
Volatility: 8% range
Dominance - Down to 72.7%
ALTS: Stable as BTC dominance and price decline.
Local Support: $30,302
Next Support: $28,678
Local Resistance: $34,777
Next Resistance: $35,000
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
- Trump signs second stimulus bill, rally across all asset classes - Bullish
- Institutional Investment continues - Skybridge Capital ($182 million in December) / MassMutual ($100 million in December) / Guggenheim (up to 10% of its $5 billion macro fund).
Personal Opinion:
Over and over, like a monkey with an miniature symbol, BTC breaks its ATH topping out at $34,778 in an amazing, yet totally predictable in it amazingness, start to 2021.
The why’s aren’t the problem, we know institutional money is finding a store of value, that supply is dwindling and that 6 figure projections are now the norm, but knowing where we’re going hour to hour is proving tricky.
In the long run the answer is up but in the short term anticipated corrections seem to wind up as ATH’s.
Falling back on technical analysis is our only real recourse, so lets take a look at the 4 hour chart. We have a bearish future pivot and a bearish divergence on the RSI so I’d expect a retracement to at least $31,600 or if momentum picks up the support found yesterday at $30,300.
Whilst nominal buy orders are visible I think its a fair bet given the performance of the year so far and the momentum built up in the bull run that after finding support there will be an upward push again likely to test the resistance encountered overnight at $34,800.
Let us know if you agree in the comments!