BTC DAILY : 13/12/20 Sentiment vs Price vs Reality - CryptoNicho
Chart Analysis by and Credited to CryptoNicho with Permission
BTC DAILY : 13/12/20
Sentiment vs Price vs Reality
Technical' s
15M: Bullish
1HR: Bullish
4HR: Bullish
Daily: Bullish
Weekly: Bullish
Monthly: Bullish
Overall: Bullish
Buy/Sell Wall: Sells at $19,460, Buys at $19,260.
Volatility: High - Bullish . 3% rise already today.
ALTS: Volume increasing, but ALT market reacting rapidly to BTC leaving any trade positions extremely vulnerable.
Local Support: $17,600
Next Support: $16,200
Local Resistance: $19,410
Next Resistance: $19,600
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
- IRS adds Crypto to page one of income tax return - Bullish (mainstream credibility derived)
Personal Opinion:
I should probably wait a couple of hours before I post this as BTC faces its first test of today’s rebound, hitting resistance at $19,400. Breaking here could turn a ‘bounce’ to a ‘run’ here with $19,600 becoming the next target. $19,400 you will remember as resistance that busted up late Novembers parabolic rise and the rebound at the start of December.
Technical's are giving us Bullish vibes, BTC dominance is back over 64%, remaining comfortably over the 200 EMA (after flirting with a drop below Friday) alongside a bullish rising RSI but… but… $19.4k….
If I had to predict I’d say rejection, fall to $17.6K and rebound to retest although this is based only on our recent experience. With it being a Sunday I’d also anticipate that the rejection is likely to wait until the early hours if only to ensure that I’ll be asleep while it crashes me out of my open trades!
Let me know what you think in the comments!
BTC DAILY : 13/12/20
Sentiment vs Price vs Reality
Technical' s
15M: Bullish
1HR: Bullish
4HR: Bullish
Daily: Bullish
Weekly: Bullish
Monthly: Bullish
Overall: Bullish
Buy/Sell Wall: Sells at $19,460, Buys at $19,260.
Volatility: High - Bullish . 3% rise already today.
ALTS: Volume increasing, but ALT market reacting rapidly to BTC leaving any trade positions extremely vulnerable.
Local Support: $17,600
Next Support: $16,200
Local Resistance: $19,410
Next Resistance: $19,600
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
- IRS adds Crypto to page one of income tax return - Bullish (mainstream credibility derived)
Personal Opinion:
I should probably wait a couple of hours before I post this as BTC faces its first test of today’s rebound, hitting resistance at $19,400. Breaking here could turn a ‘bounce’ to a ‘run’ here with $19,600 becoming the next target. $19,400 you will remember as resistance that busted up late Novembers parabolic rise and the rebound at the start of December.
Technical's are giving us Bullish vibes, BTC dominance is back over 64%, remaining comfortably over the 200 EMA (after flirting with a drop below Friday) alongside a bullish rising RSI but… but… $19.4k….
If I had to predict I’d say rejection, fall to $17.6K and rebound to retest although this is based only on our recent experience. With it being a Sunday I’d also anticipate that the rejection is likely to wait until the early hours if only to ensure that I’ll be asleep while it crashes me out of my open trades!
Let me know what you think in the comments!
