BTC DAILY: 23/11/20 - "Bitcoin Days Destroyed"
BTC DAILY: 23/11/20
Bitcoin Days Destroyed
15M: V. Strong Bullish
1HR: V. Bullish
4HR: V. Bullish
Daily: V Bullish
Weekly: V. Bullish
Monthly: V. Bullish
Overall: V. Bullish
Buy/Sell Wall: Sell walls sitting at $18,700 and $18,740, buys small until $17,200.
Volatility: Definite signs of stability, building over the weekend but in typical btc fashion its stabilising between $17,700 & $18,700 and testing both upper and lower ends with a 24 hour period.
ALTS: Volume continues to flow into alts, high caps (esp ETH) performing well, nice trading picture continues.
Local Support: $18,305
Next Support: $17,678
Local Resistance: $18,916
Next Resistance: $19,400
Fundamentals:
-Stimulus Cheques in doubt due to Vaccine - Bearish
- Hodl’ coins making their way to the exchanges (Bitcoin Days Destroyed Metric) - Bearish
- 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)- Bullish
- ATH fever and positive general sentiment - Bullish
- Institutional big money demand for BTC growing - V. 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
- Oversold
Personal Opinion:
It’s pretty clear things are getting a bit overheated, selling pressure is piling up around 18.7k and support looking a bit flimsy at 18.3k, 17.6k.
The RSI is showing now multiple bearish price divergences and BTC is likely heavily oversold. A mini-correction was likely halted by dip buying bears but a bigger more significant correction is likely incoming down to the 17.2k / 16.6k region.
As previously stated this correction can only be avoided by a break of 19k where we’d expect the 20k FOMO to pile in over the Thanksgiving weekend.
Bitcoin Days Destroyed
15M: V. Strong Bullish
1HR: V. Bullish
4HR: V. Bullish
Daily: V Bullish
Weekly: V. Bullish
Monthly: V. Bullish
Overall: V. Bullish
Buy/Sell Wall: Sell walls sitting at $18,700 and $18,740, buys small until $17,200.
Volatility: Definite signs of stability, building over the weekend but in typical btc fashion its stabilising between $17,700 & $18,700 and testing both upper and lower ends with a 24 hour period.
ALTS: Volume continues to flow into alts, high caps (esp ETH) performing well, nice trading picture continues.
Local Support: $18,305
Next Support: $17,678
Local Resistance: $18,916
Next Resistance: $19,400
Fundamentals:
-Stimulus Cheques in doubt due to Vaccine - Bearish
- Hodl’ coins making their way to the exchanges (Bitcoin Days Destroyed Metric) - Bearish
- 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)- Bullish
- ATH fever and positive general sentiment - Bullish
- Institutional big money demand for BTC growing - V. 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
- Oversold
Personal Opinion:
It’s pretty clear things are getting a bit overheated, selling pressure is piling up around 18.7k and support looking a bit flimsy at 18.3k, 17.6k.
The RSI is showing now multiple bearish price divergences and BTC is likely heavily oversold. A mini-correction was likely halted by dip buying bears but a bigger more significant correction is likely incoming down to the 17.2k / 16.6k region.
As previously stated this correction can only be avoided by a break of 19k where we’d expect the 20k FOMO to pile in over the Thanksgiving weekend.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.