#BTCDAILY : 8 / 02 /21 Refuelling the Engine
#BTCDAILY : 8 / 02 /21
Refuelling the Engine
Sentiment:
BULLISH
Sell Wall
42.1k - 225 BTC
40.6K - 225 BTC
40.1k - 225 BTC
Buy Walls
$38.3k - 225 BTC
Volume: Dropping below the Volume MA in a consolidating fashion
ALTS: Dominance Decreasing + Price Increasing = ALTSEASON Incoming
Local Support: $38.5k
Next Support: $37.4k
Local Resistance: $40.9k
Next Resistance: $41.9k
Top Fundamentals:
- Mt.Gox 160k BTC Creditor Distribution rehab programme filed (Still Looming!!!)- Bearish
- Stimulus looming - Bullish
- Elon Musk Effect - Bullish
- DOGE trending in Mainstream and driving Crypto interest - Bullish
- VISA Integration - Bullish
Personal Opinion:
No major updates for BTC until today as the previous prediction from 3rd tracked perfectly with a very strong rejection at the 40k Resistance - not unsurprising given the psychological barrier and 1000BTC+ sell walls appearing.
With those dealt with now - strong support was found at the $38.5k and a picture perfect pullback was formed and coming into an ascending triangle formation - with the volume dropping relatively this looks like the most likely scenario with a couple more retests of the $40.9k resistance to eliminate any sell orders before driving up. A couple of small bull flags technically is potentially "TD13" forming otherwise everything is looking bullish
Fundamentality there is huge news circulating around the crypto space in general which organically means Bitcoin will favour from this is evident with the huge amount of volume coming into the crypto market with the price challenging $40k and the dominance being below 62% (previously when above $40k it was above 70%).
BTC will be challenging the ATH again and there is potentially the biggest ALT Season on the horizon to date.
Refuelling the Engine
Sentiment:
BULLISH
Sell Wall
42.1k - 225 BTC
40.6K - 225 BTC
40.1k - 225 BTC
Buy Walls
$38.3k - 225 BTC
Volume: Dropping below the Volume MA in a consolidating fashion
ALTS: Dominance Decreasing + Price Increasing = ALTSEASON Incoming
Local Support: $38.5k
Next Support: $37.4k
Local Resistance: $40.9k
Next Resistance: $41.9k
Top Fundamentals:
- Mt.Gox 160k BTC Creditor Distribution rehab programme filed (Still Looming!!!)- Bearish
- Stimulus looming - Bullish
- Elon Musk Effect - Bullish
- DOGE trending in Mainstream and driving Crypto interest - Bullish
- VISA Integration - Bullish
Personal Opinion:
No major updates for BTC until today as the previous prediction from 3rd tracked perfectly with a very strong rejection at the 40k Resistance - not unsurprising given the psychological barrier and 1000BTC+ sell walls appearing.
With those dealt with now - strong support was found at the $38.5k and a picture perfect pullback was formed and coming into an ascending triangle formation - with the volume dropping relatively this looks like the most likely scenario with a couple more retests of the $40.9k resistance to eliminate any sell orders before driving up. A couple of small bull flags technically is potentially "TD13" forming otherwise everything is looking bullish
Fundamentality there is huge news circulating around the crypto space in general which organically means Bitcoin will favour from this is evident with the huge amount of volume coming into the crypto market with the price challenging $40k and the dominance being below 62% (previously when above $40k it was above 70%).
BTC will be challenging the ATH again and there is potentially the biggest ALT Season on the horizon to date.
