BTC DAILY : 21/12/20 Get your parachutes ready...Rising wedge i
BTC DAILY : 21/12/20
Get your parachutes ready...Rising wedge incoming
Technical' s
15M: Very Bearish
1HR: Very Bearish
4HR: Bullish
Daily: Bullish
Weekly: V. Bullish
Monthly: V. Bullish
Overall: Bullish (Don't be fooled)
Sell Wall
Nothing until $24k
Scary size!!!
Buy Wall
23k - 23.3k - 1100BTC spread (Strong)
Volatility: Rejections are getting strong at the 24k mark and forming a very clear rising wedge - big drop looking imminent
ALTS: Long's will get crushed be wary to trade or try and catch dips or knives
Local Support: $23,00
Next Support: $22,700
Local Resistance: $24, 000
Next Resistance: $24,300
Fundamentals:
- Mt.Gox 160k BTC Creditor Distribution rehab programme filed (Still Looming!!!)- Not immediately Bearish
- Stimulus Package filed not inclusive of Cheques - Bullish
- UK FCA Grants Crypto Firms Temporary Registration as It Deals With Applications Backlog - Bullish
- Coinbase going Public - Big eyes on Crypto
- New ATH after new ATH, new appeal to mainstream investors - Bullish
- Front page mainstream media exposure - Bullish
- Elon Musk Twitter Storm - Teasing BTC buy fuelled by Michael Saylor - V.Bullish
- New COVID Mutation - Borders closing at UK - Bearish
- New retail investors into BTC is very low - Bullish as huge amount of investors still to come over, commitment from institutions will grow this
Personal Opinion:
General consensus is a lot of traders are turning short-term bearish on BTC. The big indicator for this is the rising wedge that is forming and the aggressive 3% drops.
There are some strong buy walls at 23k-23.3k although enough to stop a monster drop. Even as I am writing this BTC is looking like it might break it.
We could see this show 1 maybe 2 more tests of the 24k resistance before a very nasty drop straight to 23k and then possibly to 22.7k, 22.3k then possibly sub 22k.
In a nutshell there is a bigger chance of a drop than any new ATH's at the moment.
DON'T CATCH KNIVES!!!
Get your parachutes ready...Rising wedge incoming
Technical' s
15M: Very Bearish
1HR: Very Bearish
4HR: Bullish
Daily: Bullish
Weekly: V. Bullish
Monthly: V. Bullish
Overall: Bullish (Don't be fooled)
Sell Wall
Nothing until $24k
Scary size!!!
Buy Wall
23k - 23.3k - 1100BTC spread (Strong)
Volatility: Rejections are getting strong at the 24k mark and forming a very clear rising wedge - big drop looking imminent
ALTS: Long's will get crushed be wary to trade or try and catch dips or knives
Local Support: $23,00
Next Support: $22,700
Local Resistance: $24, 000
Next Resistance: $24,300
Fundamentals:
- Mt.Gox 160k BTC Creditor Distribution rehab programme filed (Still Looming!!!)- Not immediately Bearish
- Stimulus Package filed not inclusive of Cheques - Bullish
- UK FCA Grants Crypto Firms Temporary Registration as It Deals With Applications Backlog - Bullish
- Coinbase going Public - Big eyes on Crypto
- New ATH after new ATH, new appeal to mainstream investors - Bullish
- Front page mainstream media exposure - Bullish
- Elon Musk Twitter Storm - Teasing BTC buy fuelled by Michael Saylor - V.Bullish
- New COVID Mutation - Borders closing at UK - Bearish
- New retail investors into BTC is very low - Bullish as huge amount of investors still to come over, commitment from institutions will grow this
Personal Opinion:
General consensus is a lot of traders are turning short-term bearish on BTC. The big indicator for this is the rising wedge that is forming and the aggressive 3% drops.
There are some strong buy walls at 23k-23.3k although enough to stop a monster drop. Even as I am writing this BTC is looking like it might break it.
We could see this show 1 maybe 2 more tests of the 24k resistance before a very nasty drop straight to 23k and then possibly to 22.7k, 22.3k then possibly sub 22k.
In a nutshell there is a bigger chance of a drop than any new ATH's at the moment.
DON'T CATCH KNIVES!!!
