BTC DAILY : 13/01/21 To BTC or Not To BTC???
BTC DAILY : 13/01/21
To BTC or Not To BTC???
Sell Walls
$39k - 450 BTC not huge but bigger interest than elsewhere
Buy Walls
$30k - 900BTC not huge but significantly bigger than elsewhere
Volatility: Relative stability now with 10% over last 24 hour bullish rise
Dominance - Testing 70% but being rejected price rising dominance rising in tandem. Ideally Dominance to drop and btc price to stabilise.
ALTS: Stable - BTC Dom and Price rising - require Dom to drop and BTC price to stabilise or rise slowly and then BoomTown for ALTS
Local Support: $36.6k
Next Support: $33.7k
Next Support (MAJOR): $30k.5k
Local Resistance: $38.4k
Next Resistance: $42k
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
- Institutional Investment continues - Skybridge Capital ($182 million in December) / MassMutual ($100 million in December) / Guggenheim (up to 10% of its $5 billion macro fund).
- Christine Lagarde (European Central Bank) calls BTC ‘Speculative Asset’ - Bearish
- Jeff Currie ‘Goldman Sachs’ called for more institutional investment to stabilise BTC - Neutral (Claims 1% 0f BTC held by financial institutions).
Personal Opinion:
The decision point is real - we have three foreseeable options at the moment for BTC and all as equally viable.
Option 1 - Break up and continue straight to test and challenge the ATH - not unlikely as there is a lot of excitement coming back. STIMULUS STIMULUS STIMULUS
Option 2 - Tak a refjection here and fall back to 36.6k or 33.7k (although at this stage is very very dangerous territory as a H&S will be forming) support and then onwards to ATH
Option 3 - retrace hit the 33.7k and then fall to 30k - at which point extreme FUD in the market and full H&S will be formed. A really bad look for BTC and likely the start of the longer term downwards movement
Let me know what you think in the comments!
To BTC or Not To BTC???
Sell Walls
$39k - 450 BTC not huge but bigger interest than elsewhere
Buy Walls
$30k - 900BTC not huge but significantly bigger than elsewhere
Volatility: Relative stability now with 10% over last 24 hour bullish rise
Dominance - Testing 70% but being rejected price rising dominance rising in tandem. Ideally Dominance to drop and btc price to stabilise.
ALTS: Stable - BTC Dom and Price rising - require Dom to drop and BTC price to stabilise or rise slowly and then BoomTown for ALTS
Local Support: $36.6k
Next Support: $33.7k
Next Support (MAJOR): $30k.5k
Local Resistance: $38.4k
Next Resistance: $42k
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
- Institutional Investment continues - Skybridge Capital ($182 million in December) / MassMutual ($100 million in December) / Guggenheim (up to 10% of its $5 billion macro fund).
- Christine Lagarde (European Central Bank) calls BTC ‘Speculative Asset’ - Bearish
- Jeff Currie ‘Goldman Sachs’ called for more institutional investment to stabilise BTC - Neutral (Claims 1% 0f BTC held by financial institutions).
Personal Opinion:
The decision point is real - we have three foreseeable options at the moment for BTC and all as equally viable.
Option 1 - Break up and continue straight to test and challenge the ATH - not unlikely as there is a lot of excitement coming back. STIMULUS STIMULUS STIMULUS
Option 2 - Tak a refjection here and fall back to 36.6k or 33.7k (although at this stage is very very dangerous territory as a H&S will be forming) support and then onwards to ATH
Option 3 - retrace hit the 33.7k and then fall to 30k - at which point extreme FUD in the market and full H&S will be formed. A really bad look for BTC and likely the start of the longer term downwards movement
Let me know what you think in the comments!
