Happy holidays to everyone, BTC/EURO seems to climb

24 ธ.ค. 2019

Hello wonderful person!
Christmas is upon us and new years eve closing in to end 2019, and it will be very interesting to see what BTC will do at that end. Old theories for crypto is that the closer you are to new years eve the larger the trading volume will become, because people want to less FIAT/cash on their bank account and more crypto asset.
Now that the governments around are more familiar with crypto and exchanges are following regulations, it becomes harder to use crypto as a safe haven for your hard earned cash. So maybe in 2019 we will see less volume on exchanges due to regulations?


Changes
No changes made on the board

Chart
4 hour chart of BTC/Euro pair from Coinbase

Full transparency
In my previous post I mentioned I would put up an order in Coinbase at a very low level support line, just in case it dipped. That order got to my surprise filled a couple of days back, and hopefully it was a right move. Time will tell.
The price of BTC on that order was around 5260 Euro.

Conclusion
By the looks of it, the bottom was reached at 5900 Euro. The price have moved steadily upwards after that one and tried the resistant level at 6830 (which happens to be the bottom of the original triangle, black one).
It seems that this black triangle is now the big resistant level and if that was broken, I believe that BTC would remain at that level (as a big support line) rest of this year and in beginning of next year as well.

It seems like we are seeing price actions between two resistant lines: 6460 and 6830, and at this point I am still not confident in which way BTC will go.
We might see a big burst/spike in buy trade volume the close we get to new years eve, but not sure if it will hold; because that spike might end up as sell spike in January.


My conclusions were based on these TA:

• RSI -> I spot no divergence and the 4 hour RSI looks confident on the upwards motion. (daily and hourly also looks confident and no divergence)
  
• Stochastic RSI -> The stochastic curve is just below the moving average and looks to pass it if this trend continues. (Stochastic looks to overtake the MA)
  
• Coppock Curve -> This is a very interesting one where the 4 hour chart looks good where the curve is at 6 points above 0. Whilst the daily is at -2 below 0. So it seems that it is slowly working itself into positive trend range, but not there yet on the daily.
  
• Trade volumes -> Not changed that much in volume, but interestingly it seems that the sell volumes spike much higher than the buy spikes. Which seems almost orchestrated to push price or some whales are having huge limit sell orders. Or just coincidents