BTC DAILY : 10/12/20 Rubber band... - Credit to CryptoNicho
Idea, Chart & Analysis by CryptoNicho
BTC DAILY : 10/12/20
Rubber band...
Technical' s
15M: BEARISH
1HR: BEARISH
4HR: BEARISH
Daily: BULLISH
Weekly: BULLISH
Monthly: VERY BULLISH
Overall: BEARISH (Short Term - Trend Changing)
Buy/Sell Wall:
Very low activity - Noticeable buys at $18,170, Big Sell at $18,280.
Volatility: High, overall price drop of 2.5% already today.
ALTS: Reacting quickly to BTC movement so keep your eyes on any open trades, there are long opportunities within BTC bounces but be nimble!
Local Support: $17,650
Next Support: $16,864
Local Resistance: $18,500
Next Resistance: $18,865
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
Personal Opinion:
Yesterday proved BTC’s enduring enigma, sudden drop to $17.6K (as predicted here yesterday) with the expected sharp correction followed immediately with an inexplicable and intriguing bounce back to $18.6k.
While Alts took the brunt of the quick shift it does make us question whether BTC’s new found resilience is here to stay. The sudden drop obviously triggered buys indicating that BTC remains an attractive purchase in the high teens, that whales are in play and that trading volume is still high in BTC.
Based on chart analysis our outlook is bearish short term, very bullish medium to long term. $17.6k proved solid support yesterday so whilst we anticipate a BTC price fall we anticipate it being to $17.6k where the whales seem to be poised to accumulate. Whether this buying power can push us back past $18.5k is not clear at this point. A failure to do so could extend our current bearish outlook.
BTC DAILY : 10/12/20
Rubber band...
Technical' s
15M: BEARISH
1HR: BEARISH
4HR: BEARISH
Daily: BULLISH
Weekly: BULLISH
Monthly: VERY BULLISH
Overall: BEARISH (Short Term - Trend Changing)
Buy/Sell Wall:
Very low activity - Noticeable buys at $18,170, Big Sell at $18,280.
Volatility: High, overall price drop of 2.5% already today.
ALTS: Reacting quickly to BTC movement so keep your eyes on any open trades, there are long opportunities within BTC bounces but be nimble!
Local Support: $17,650
Next Support: $16,864
Local Resistance: $18,500
Next Resistance: $18,865
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
Personal Opinion:
Yesterday proved BTC’s enduring enigma, sudden drop to $17.6K (as predicted here yesterday) with the expected sharp correction followed immediately with an inexplicable and intriguing bounce back to $18.6k.
While Alts took the brunt of the quick shift it does make us question whether BTC’s new found resilience is here to stay. The sudden drop obviously triggered buys indicating that BTC remains an attractive purchase in the high teens, that whales are in play and that trading volume is still high in BTC.
Based on chart analysis our outlook is bearish short term, very bullish medium to long term. $17.6k proved solid support yesterday so whilst we anticipate a BTC price fall we anticipate it being to $17.6k where the whales seem to be poised to accumulate. Whether this buying power can push us back past $18.5k is not clear at this point. A failure to do so could extend our current bearish outlook.
