BTC DAILY : 11/12/20
Curve Ball?
Technical' s
15M: Very Bearish
1HR: Very Bearish
4HR: Very Bearish
Daily: Very Bearish
Weekly: BULLISH
Monthly: BULLISH
Overall: BEARISH
Buy/Sell Wall:
Buys
17.5k - 632 BTC
17.2k - 529 BTC
16.5k - 588 BTC
16.2k - 886 BTC (Bounce expected here)
Volatility: High - Bearish. 4% drop in 24 hours continuation expected
ALTS: Looking like confirmed direction for BTC - ALT's volume will drain - lean towards Shorts
Local Support: $17,645
Next Support: $16,530
Local Resistance: $18,500
Next Resistance: $18,850
Fundamentals:
- Mt.Gox 160k BTC Creditor Distribution - Very Bearish (TBC 15 Dec)
- Microstrategy - Potential 400m investment into BTC - Bullish (Unlikely until next dip)
- G7 Summit Crypto Topic - Regulations - Bearish Short-Term/Bullish Long Term
- MassMutual Insurance Firm Buys $100 Million #Bitcoin ‘Insurance’ - Bullish
Personal Opinion:
What's this then? Is that a bottom double-bottom - last time we saw that there was a push to a new all time high!?!?
That being said - I remain bearish and if there is a retrace up I believe it will be following the "dashed" predicted line and not breach much higher that 18.8k.
Losing this 17.6k support will be a pretty rapid drop to $16.5k.
There are 3 plays in my opinion.
A) Lose 17.6k very soon and expressway to 16.5k
B) Range between 17.6k and 18.5k for a few days and then drop to 16.5k
C) Double bottom confirmed and push up to 19k with possible bullish push further (highly unlikely but possible)
My sentiments are with A and we are going to see aggressive sell offs - don't fall for this dip buy.
Curve Ball?
Technical' s
15M: Very Bearish
1HR: Very Bearish
4HR: Very Bearish
Daily: Very Bearish
Weekly: BULLISH
Monthly: BULLISH
Overall: BEARISH
Buy/Sell Wall:
Buys
17.5k - 632 BTC
17.2k - 529 BTC
16.5k - 588 BTC
16.2k - 886 BTC (Bounce expected here)
Volatility: High - Bearish. 4% drop in 24 hours continuation expected
ALTS: Looking like confirmed direction for BTC - ALT's volume will drain - lean towards Shorts
Local Support: $17,645
Next Support: $16,530
Local Resistance: $18,500
Next Resistance: $18,850
Fundamentals:
- Mt.Gox 160k BTC Creditor Distribution - Very Bearish (TBC 15 Dec)
- Microstrategy - Potential 400m investment into BTC - Bullish (Unlikely until next dip)
- G7 Summit Crypto Topic - Regulations - Bearish Short-Term/Bullish Long Term
- MassMutual Insurance Firm Buys $100 Million #Bitcoin ‘Insurance’ - Bullish
Personal Opinion:
What's this then? Is that a bottom double-bottom - last time we saw that there was a push to a new all time high!?!?
That being said - I remain bearish and if there is a retrace up I believe it will be following the "dashed" predicted line and not breach much higher that 18.8k.
Losing this 17.6k support will be a pretty rapid drop to $16.5k.
There are 3 plays in my opinion.
A) Lose 17.6k very soon and expressway to 16.5k
B) Range between 17.6k and 18.5k for a few days and then drop to 16.5k
C) Double bottom confirmed and push up to 19k with possible bullish push further (highly unlikely but possible)
My sentiments are with A and we are going to see aggressive sell offs - don't fall for this dip buy.
