BTC DAILY: 16/11/20 Head Above Water
BTC DAILY: 16/11/20
Head Above Water
15M: V.Bullish
1HR: V.Bullish
4HR: Bullish
Daily: Bullish
Weekly: V.Bullish
Monthly: V. Strong Bullish
Overall: Very Bullish
Buy/Sell Wall: Huge amount of resistance between 16.3k - 16.6k with over 2.4k BTC positioned to sell. expect a couple of tests before breaking through this next section
Volatility: I think we have felt the slight correction and there will be some incoming volatility now from trying to break through this next block of resistance with rejections
Volume: Volume on a continual decrease during a consolidating period building up to a large move.
ALTS: They felt the correction hard across the board although many are in a dip right now and rising quickly. God time to trade
Local Support: $15,665
Next Support: $15,068
Local Resistance: $16, 335
Next Resistance: $16, 600
Fundamentals:
-Stimulus Cheques - Will drop soon after president is confirmed - hugely bullish news
- PAYPAL. PAYPAL. PAYPAL - US integration - V.V.V.V.V.V.V.V.V - Bullish!!!!!!!!!!!
- COVID Vaccine roadmap - Very, Very Bearish - further confirmation on this will draw money out of Crypto into traditional travel markets/airlines
- Biden appointing Gary Gensler (still awaiting to see plan)- Bullish
Technical' s:
- Bearish Weekly Pivot that has been lightly tested
- Strongly above 200EMA
- Upwards Trendline support
- Not Overbought
- Multiple Re-Breaks of the existing 16k Resistance > Now Support
Personal Opinion:
Flipping the 16k Resistance to Support is what has been needed this should maintain holding whilst BTC goes on to start trying to crack this heavy sell wall block between 16.3k/16.6k. Too many rejections here will see (hopefully not) a push back to the 16k and breaking back down here could see a pretty large sell off with firstly to 15.6k then there isn't much stopping it down to 15k region. Bad News all round.
For not I think there are going to be a few tests in this "Sell Block" region with a few rejections but activity should all be taking place with this 16k to $16.6 region for at least the next 24hours.
Ultimately good time to be getting in to some short term long's on ALT's.
Please note the levels on the predicted path are accurate although the timing of it is not (just makes it easier to see!).
Head Above Water
15M: V.Bullish
1HR: V.Bullish
4HR: Bullish
Daily: Bullish
Weekly: V.Bullish
Monthly: V. Strong Bullish
Overall: Very Bullish
Buy/Sell Wall: Huge amount of resistance between 16.3k - 16.6k with over 2.4k BTC positioned to sell. expect a couple of tests before breaking through this next section
Volatility: I think we have felt the slight correction and there will be some incoming volatility now from trying to break through this next block of resistance with rejections
Volume: Volume on a continual decrease during a consolidating period building up to a large move.
ALTS: They felt the correction hard across the board although many are in a dip right now and rising quickly. God time to trade
Local Support: $15,665
Next Support: $15,068
Local Resistance: $16, 335
Next Resistance: $16, 600
Fundamentals:
-Stimulus Cheques - Will drop soon after president is confirmed - hugely bullish news
- PAYPAL. PAYPAL. PAYPAL - US integration - V.V.V.V.V.V.V.V.V - Bullish!!!!!!!!!!!
- COVID Vaccine roadmap - Very, Very Bearish - further confirmation on this will draw money out of Crypto into traditional travel markets/airlines
- Biden appointing Gary Gensler (still awaiting to see plan)- Bullish
Technical' s:
- Bearish Weekly Pivot that has been lightly tested
- Strongly above 200EMA
- Upwards Trendline support
- Not Overbought
- Multiple Re-Breaks of the existing 16k Resistance > Now Support
Personal Opinion:
Flipping the 16k Resistance to Support is what has been needed this should maintain holding whilst BTC goes on to start trying to crack this heavy sell wall block between 16.3k/16.6k. Too many rejections here will see (hopefully not) a push back to the 16k and breaking back down here could see a pretty large sell off with firstly to 15.6k then there isn't much stopping it down to 15k region. Bad News all round.
For not I think there are going to be a few tests in this "Sell Block" region with a few rejections but activity should all be taking place with this 16k to $16.6 region for at least the next 24hours.
Ultimately good time to be getting in to some short term long's on ALT's.
Please note the levels on the predicted path are accurate although the timing of it is not (just makes it easier to see!).
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