#BTCDAILY : 29 / 01 /21 The Musk Effect
#BTCDAILY : 29 / 01 /21
The Musk Effect
Sell Walls
$37.6 - 250BTC
$38.1 - 317 BTC
$40 - 276 BTC
Volatility: Consolidating - Big Volume breakout of consolidation period
ALTS: Dominance Rising + Price Rising = ALTs Decrease
Local Support: $35,480
Next Support: $33,900
Local Resistance: $37,842
Next Resistance: $40059
Top Fundamentals:
- Mt.Gox 160k BTC Creditor Distribution rehab programme filed (Still Looming!!!)- Bearish
- BlackRock Institution - Confirm 2 funds joining BTC (- Ruffer institution joins the race with a $750m holding - Bullish ) - Bullish
- Biden formally accelerates the Stimuls of 1.9Trillion - Bullish AF
- Elon Musk Tweets BTC Hard at end of consolidation period - Bullish
Personal Opinion:
Anyone else feel like that Elon Musk Tweet was a little too well timed with the very end of the consolidation period. Some clever folks whispering in his ears.
This to me gives the direction now for the short-term and outside of any catastrophic fundamentals against BTC I am expecting a retest of $40k pretty soon.
In the immediate short term a Bearish Bat Harmonic pattern has formed so we can see a retrace to the support(s) $35.483 and possibly $33,900 although that will take quite a lot of selling pressure at this stage.
Some biggish sell walls so expect a bit of a bumpy ride on the way up
Looking bullish for BTC - Time to Musk up!!!
The Musk Effect
Sell Walls
$37.6 - 250BTC
$38.1 - 317 BTC
$40 - 276 BTC
Volatility: Consolidating - Big Volume breakout of consolidation period
ALTS: Dominance Rising + Price Rising = ALTs Decrease
Local Support: $35,480
Next Support: $33,900
Local Resistance: $37,842
Next Resistance: $40059
Top Fundamentals:
- Mt.Gox 160k BTC Creditor Distribution rehab programme filed (Still Looming!!!)- Bearish
- BlackRock Institution - Confirm 2 funds joining BTC (- Ruffer institution joins the race with a $750m holding - Bullish ) - Bullish
- Biden formally accelerates the Stimuls of 1.9Trillion - Bullish AF
- Elon Musk Tweets BTC Hard at end of consolidation period - Bullish
Personal Opinion:
Anyone else feel like that Elon Musk Tweet was a little too well timed with the very end of the consolidation period. Some clever folks whispering in his ears.
This to me gives the direction now for the short-term and outside of any catastrophic fundamentals against BTC I am expecting a retest of $40k pretty soon.
In the immediate short term a Bearish Bat Harmonic pattern has formed so we can see a retrace to the support(s) $35.483 and possibly $33,900 although that will take quite a lot of selling pressure at this stage.
Some biggish sell walls so expect a bit of a bumpy ride on the way up
Looking bullish for BTC - Time to Musk up!!!
