BTC DAILY: 17/11/20 - Can you hear me knocking?
BTC DAILY: 17/11/20
Can you hear me knocking?
15M: V. Bullish
1HR: V. Bullish
4HR: Bullish
Daily: Bullish
Weekly: V. Bullish
Monthly: V. Strong Bullish
Overall: V. Bullish
Buy/Sell Wall: Big sell wall at 16,950, but more buying pressure at $16,650
Volatility: Expect volatility as buying and selling pressures fight over the local resistance point.
Volume: Up around 3% in the last 24 hours.
ALTS: Uptrend continues .
Local Support: $15,967
Next Support: $15,771
Local Resistance: $17,033
Next Resistance: $19,790
Fundamentals:
-Stimulus Cheques - Historically Bullish
- PayPal Integration - Extremely Bullish
- COVID Vaccine roadmap - Bearish (money out of Crypto into traditional travel markets/airlines)
- Citibank Positive BTC Forecasting- Bullish
Technical' s:
- Bearish RSI Divergence
- Strongly above 200EMA
- Upwards Trendline support
- Multiple Re-Breaks of the existing $16k Resistance > Now Support
Personal Opinion:
We look set to test the psychological resistance of $17k and a visible sell wall set up at $16,950 may well make the first attempt unsuccessful, but continued buying pressure and the increased presence of Bullish institutional investors will likely keep knocking on the $17k door.
With strong & close support and resistance ($16k -$17k) in play expect excellent alt trading conditions as long as they both hold. If we break $17k all bets are off as realistically there is no formative resistance until $20k as yet!, if we break down I’d believe that dip buy funds will create solid support quickly before $15k.
Please note the levels on the predicted path are accurate although the timing of it is not (just makes it easier to see!).
Can you hear me knocking?
15M: V. Bullish
1HR: V. Bullish
4HR: Bullish
Daily: Bullish
Weekly: V. Bullish
Monthly: V. Strong Bullish
Overall: V. Bullish
Buy/Sell Wall: Big sell wall at 16,950, but more buying pressure at $16,650
Volatility: Expect volatility as buying and selling pressures fight over the local resistance point.
Volume: Up around 3% in the last 24 hours.
ALTS: Uptrend continues .
Local Support: $15,967
Next Support: $15,771
Local Resistance: $17,033
Next Resistance: $19,790
Fundamentals:
-Stimulus Cheques - Historically Bullish
- PayPal Integration - Extremely Bullish
- COVID Vaccine roadmap - Bearish (money out of Crypto into traditional travel markets/airlines)
- Citibank Positive BTC Forecasting- Bullish
Technical' s:
- Bearish RSI Divergence
- Strongly above 200EMA
- Upwards Trendline support
- Multiple Re-Breaks of the existing $16k Resistance > Now Support
Personal Opinion:
We look set to test the psychological resistance of $17k and a visible sell wall set up at $16,950 may well make the first attempt unsuccessful, but continued buying pressure and the increased presence of Bullish institutional investors will likely keep knocking on the $17k door.
With strong & close support and resistance ($16k -$17k) in play expect excellent alt trading conditions as long as they both hold. If we break $17k all bets are off as realistically there is no formative resistance until $20k as yet!, if we break down I’d believe that dip buy funds will create solid support quickly before $15k.
Please note the levels on the predicted path are accurate although the timing of it is not (just makes it easier to see!).