BTC DAILY : 29/12/20 Bullish Pennant/Descending Triangle?

BTC DAILY : 29/12/20
Bullish Pennant/Descending Triangle?

Technical' s
15M: Very Bullish
1HR: Very Bullish
4HR: Bullish
Daily: Very Bullish
Weekly: Very Strong Bullish
Monthly: Very Bullish
Overall: Very Bullish

Sell Wall
29K - 1.1k BTC
Minimal resistance in either direction otherwise

Volatility: Low - Consolidation for big move

Volume: Consolidating for big move

Dominance - Finally dropped below 70% which seems to be the new 60% at the moment so it is giving ALT's some relief to build volume.

ALTS: BTC Dominance dropping BTC price rising and ALT volume increasing. Technically good for ALT trading - although still rocky trading with XRP bombshell.

Local Support: 25.9k
Next Support: 24.5k

Local Resistance: $27, 500
Next Resistance: $28,400

Fundamentals:
- Mt.Gox 160k BTC Creditor Distribution rehab programme filed (Still Looming!!!)- Bearish
- New $2000 Stimulus Package Potential - Hugely Bullish
- Coinbase going Public - Big eyes on Crypto
- Pro Crypto appointment at the SEC - V. Bullish
- XRP delisting from major exchanges (Coinbase/Okex)- Bearish for Crypto
Biden Inauguration 20th Jan along with some "Dump Event" doing the rounds on trading channels - Bearish (Apparently)

Personal Opinion:

XRP is throwing the market into a bit of turmoil here and it looks like it has taken a bit of an impact on BTC. Although I feel it is only short lived causing a little FUD. The ALT's are where it is going to be felt the most.

From a technical standpoint it is a little too early to call - a breakout above 27K or down below 26.1k is needed to really confirm direction.

I don't feel we will be going into major correction territory yet and tis is mainly caused from the XRP/Coinbase market shock. If anything Martin Saylor will just be gearing up for another big buy.

I am leaning towards the bullish sentiment and will be until at least mid - January.

Prediction is aggressive break up to 27.5k and then further movement up to 28.4k to start the track towards 30k although big resistance at 29K so that will be a point of interest to break.