BTC DAILY: 22/11/20 - ARE BEARS GOING TO RUIN CHRISTMAS?
BTC DAILY: 22/11/20
ARE BEARS GOING TO RUIN CHRISTMAS?
15M: Bearish
1HR: Bearish
4HR: V.Bullish
Daily: V Bullish
Weekly: V. Strong Bullish
Monthly: V. Bullish
Overall: V. Bullish (Short Term Bearish)
Buy/Sell Wall: Minimal buying pressure until $17.2k with a strong spread between $18.9K/$19.5K. Expect rejections this time trying to break up.
Volatility:
Volume: Heading towards consolidation and a breakdown can be on the cards if this resistance isn't broken
ALTS: BTC dominance is flying down and currently at 64.76% with ALT volum rocketing up. A little correction on BTC has given a great dip buy opportunity for a lot of ALT's. Be wary as BTC is undecided whether to head down further
Local Support: $17,193
Next Support: $15,619
Local Resistance: $19,000
Next Resistance: $19,400
Fundamentals:
-Stimulus Cheques - Uncertainty now with Vaccine.
- 2nd Wealthiest Person In Mexico has 10% of holding in BTC now - V.Bullish commitment
- COVID Vaccine Roadmap - With other industries coming back to life money can start to flow out of BTC - Bearish
- Biden appointing Gary Gensler (still awaiting to see plan)- Potential Bullish
Technical' s:
- Heavily above the weekly pivot
- Heavily above future pivot target
- Strongly above 200EMA
- Upwards Trendline support
- Strong Bearish Rejection at psychological resistance of $19k matching approx. with a long term trendline.
- Big Bearish Divergence
Personal Opinion:
A mini-correction has happened - there is far less buying pressure at the moment than selling pressure and a pretty nasty looking RSI Bearish Divergence.
The positives are there is still the very real FOMO around Bitcoin and some strong rejection candles on the local support - although I don't think this is enough to stop a further correction - people must be wanting those $10k PS5's too much!
My original prediction from the 18th still stands, slightly adjusted time frame for sake of being able to read it easier. I think a test of $17.2k is incoming unfortunately. The only scenario this won't happen is unless we break this $19k resistance in the next day or so.
ARE BEARS GOING TO RUIN CHRISTMAS?
15M: Bearish
1HR: Bearish
4HR: V.Bullish
Daily: V Bullish
Weekly: V. Strong Bullish
Monthly: V. Bullish
Overall: V. Bullish (Short Term Bearish)
Buy/Sell Wall: Minimal buying pressure until $17.2k with a strong spread between $18.9K/$19.5K. Expect rejections this time trying to break up.
Volatility:
Volume: Heading towards consolidation and a breakdown can be on the cards if this resistance isn't broken
ALTS: BTC dominance is flying down and currently at 64.76% with ALT volum rocketing up. A little correction on BTC has given a great dip buy opportunity for a lot of ALT's. Be wary as BTC is undecided whether to head down further
Local Support: $17,193
Next Support: $15,619
Local Resistance: $19,000
Next Resistance: $19,400
Fundamentals:
-Stimulus Cheques - Uncertainty now with Vaccine.
- 2nd Wealthiest Person In Mexico has 10% of holding in BTC now - V.Bullish commitment
- COVID Vaccine Roadmap - With other industries coming back to life money can start to flow out of BTC - Bearish
- Biden appointing Gary Gensler (still awaiting to see plan)- Potential Bullish
Technical' s:
- Heavily above the weekly pivot
- Heavily above future pivot target
- Strongly above 200EMA
- Upwards Trendline support
- Strong Bearish Rejection at psychological resistance of $19k matching approx. with a long term trendline.
- Big Bearish Divergence
Personal Opinion:
A mini-correction has happened - there is far less buying pressure at the moment than selling pressure and a pretty nasty looking RSI Bearish Divergence.
The positives are there is still the very real FOMO around Bitcoin and some strong rejection candles on the local support - although I don't think this is enough to stop a further correction - people must be wanting those $10k PS5's too much!
My original prediction from the 18th still stands, slightly adjusted time frame for sake of being able to read it easier. I think a test of $17.2k is incoming unfortunately. The only scenario this won't happen is unless we break this $19k resistance in the next day or so.
