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.
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