#BTCDAILY - 27.2.21 Where The Weak Fall
#BTCDAILY - 27.2.21
Where The Weak Fall
Overview:
Descend to $45k to reach end of consolidation - then its decision time. Likely drop to $44k to test and then buying pressure will kick in
SELL WALL
N/A
BUY WALL
44K - 220 BTC
43.5K - 500 BTC
43K - 200 BTC
VOLUME: Consolidating - big move incoming
Market Sentiment:
BTC Price Up
Dominance Down
Alt Volume Up
ALTS - Increase
Local Support: $49.6k
Next Support: $45.2k
Local Resistance: $52.6k
Next Resistance: $58.4k
Top Fundamentals:
- Mt.Gox 160k BTC Creditor Distribution rehab programme filed (Still Looming!!!)- Bearish
-Blockchain.com raises $120 million to tackle growing institutional demand for Bitcoin - Bullish
- MicroStrategy Sells Off $1 Billion of Debt to Buy More Bitcoin
-World’s largest asset manager BlackRock confirms they’re looking into Bitcoin - V. Bullish
- Crypto Reaches $1.7 Trillion As Bitcoin Eats into Gold - V. Bullish
- JP Morgan Says It Would Offer Bitcoin if Client Demand Soars - Bullish
- Mastercard and Island Pay Launch World’s First Central Bank Digital Currency-Linked Card - V. Bullish
- Stimulus expected top up no later than 14th March - Extremely Bullish
- BTC Breaks 1 Trillion Market Cap - Bullish
- USDT Settlement - Bullish
- Heavy Market FUD with large Whales transactions of BTC moving into CB wallets - Bearish
- Microstrategy - $170m BTC Buy - Bullish
Personal Opinion:
Big correction - very necessary and healthy for the market. Coming to the perceivable end now - limited further downside predicted, heavily expected to retest 45k and then possibly slight further downside to test 42k - 44k before key buying pressure begins. Breaking down on these buy walls will see a considerable jump down to 39k - 40k.
Holding above will cause a big push up possibly testing 52k - 53k in a day candle - there is currently very very limited sell walls in play.
ALTS will be bleeding right now although the recovery from this will be huge - given the sheer amount of new volume in regards to the entire Crypto Market Cap the recovery here could be one of the biggest ones ever seen across the market.
Long Term - A target of $75k is not on the cards coming in just after 14th March - please note that this line is not reflective of its movement in time or accurate path, just that I think that it will hit these lows and highs in this order
Where The Weak Fall
Overview:
Descend to $45k to reach end of consolidation - then its decision time. Likely drop to $44k to test and then buying pressure will kick in
SELL WALL
N/A
BUY WALL
44K - 220 BTC
43.5K - 500 BTC
43K - 200 BTC
VOLUME: Consolidating - big move incoming
Market Sentiment:
BTC Price Up
Dominance Down
Alt Volume Up
ALTS - Increase
Local Support: $49.6k
Next Support: $45.2k
Local Resistance: $52.6k
Next Resistance: $58.4k
Top Fundamentals:
- Mt.Gox 160k BTC Creditor Distribution rehab programme filed (Still Looming!!!)- Bearish
-Blockchain.com raises $120 million to tackle growing institutional demand for Bitcoin - Bullish
- MicroStrategy Sells Off $1 Billion of Debt to Buy More Bitcoin
-World’s largest asset manager BlackRock confirms they’re looking into Bitcoin - V. Bullish
- Crypto Reaches $1.7 Trillion As Bitcoin Eats into Gold - V. Bullish
- JP Morgan Says It Would Offer Bitcoin if Client Demand Soars - Bullish
- Mastercard and Island Pay Launch World’s First Central Bank Digital Currency-Linked Card - V. Bullish
- Stimulus expected top up no later than 14th March - Extremely Bullish
- BTC Breaks 1 Trillion Market Cap - Bullish
- USDT Settlement - Bullish
- Heavy Market FUD with large Whales transactions of BTC moving into CB wallets - Bearish
- Microstrategy - $170m BTC Buy - Bullish
Personal Opinion:
Big correction - very necessary and healthy for the market. Coming to the perceivable end now - limited further downside predicted, heavily expected to retest 45k and then possibly slight further downside to test 42k - 44k before key buying pressure begins. Breaking down on these buy walls will see a considerable jump down to 39k - 40k.
Holding above will cause a big push up possibly testing 52k - 53k in a day candle - there is currently very very limited sell walls in play.
ALTS will be bleeding right now although the recovery from this will be huge - given the sheer amount of new volume in regards to the entire Crypto Market Cap the recovery here could be one of the biggest ones ever seen across the market.
Long Term - A target of $75k is not on the cards coming in just after 14th March - please note that this line is not reflective of its movement in time or accurate path, just that I think that it will hit these lows and highs in this order
