BTC DAILY: 29/10/20
1HR: Very Bearish
4HR: Bullish
Daily: Very Bullish
Weekly: Bullish
Monthly: Very Strong Bullish
Overall: Bullish (Short Term Bearish)
Volatility: Mid
Volume: Selling Pressure decreasing
BTC Dominance: 62.85% - Falling slowly
ALTS: Volume falling slowly - higher risk trading
Local Support: $12,916
Next Support: $12,711
Local Resistance: $13,3588
Next Resistance: $13,854
Fundamentals:
-4th Nov. Elections FUD - Very Bearish
-Stimulus Cheques - Potentially Very Bullish
- Paypal BTC Payments now live - Very Bullish
Indicators:
- Bearish Ribbon
- Upward Regression Channel
- Neutral Future Pivot
- Bearish Untested Weekly
- Large bullish wick rejections
- Strong support at 12.9k forming
- BPT Trender is Bullish
Personal Opinion:
Bullish overall sentiment continues, a needed correction. Still bearish in the short-term and looking like a retest of the 12.9k could be likely where lower regression channel meets support, then strong upwards movement will resume. I think it will be a controlled decent with very heavy buying pressure coming back in at this next level. If we lose this support then then I think it will be a staggered decent to the $12.1k before the whales get fully back in.
1HR: Very Bearish
4HR: Bullish
Daily: Very Bullish
Weekly: Bullish
Monthly: Very Strong Bullish
Overall: Bullish (Short Term Bearish)
Volatility: Mid
Volume: Selling Pressure decreasing
BTC Dominance: 62.85% - Falling slowly
ALTS: Volume falling slowly - higher risk trading
Local Support: $12,916
Next Support: $12,711
Local Resistance: $13,3588
Next Resistance: $13,854
Fundamentals:
-4th Nov. Elections FUD - Very Bearish
-Stimulus Cheques - Potentially Very Bullish
- Paypal BTC Payments now live - Very Bullish
Indicators:
- Bearish Ribbon
- Upward Regression Channel
- Neutral Future Pivot
- Bearish Untested Weekly
- Large bullish wick rejections
- Strong support at 12.9k forming
- BPT Trender is Bullish
Personal Opinion:
Bullish overall sentiment continues, a needed correction. Still bearish in the short-term and looking like a retest of the 12.9k could be likely where lower regression channel meets support, then strong upwards movement will resume. I think it will be a controlled decent with very heavy buying pressure coming back in at this next level. If we lose this support then then I think it will be a staggered decent to the $12.1k before the whales get fully back in.
