#BTCDAILY - 05.3.21 Head & Shoulders or Next Leg Up
#BTCDAILY - 05.3.21
Head & Shoulders or Next Leg Up
Overview:
Push up to $50.3 before rejection into o Head and Shoulders pattern big break out
SELL WALL
49.1k - 150 BTC
BUY WALL
46K - 110 BTC
45k - 250 BTC
VOLUME: Stable
Market Sentiment:
ALTS Decrease
-BTC Price Down
-Dominance Up
-Alt Volume Down
Local Support: $47.1k
Next Support: $43k
Local Resistance: $50.3k
Next Resistance: $52k
Top Fundamentals:
- Mt.Gox 160k BTC Creditor Distribution rehab programme filed (Still Looming!!!)- Bearish
- Crypto Reaches $1.7 Trillion As Bitcoin Eats into Gold - V. Bullish
- Stimulus expected top up no later than 14th March - Extremely Bullish
- BTC Breaks 1 Trillion Market Cap - Bullish
- USDT Settlement - Bullish
- End of Month Volatility Over - Bullish
- Google Finance lists Crypto - Bullish
- Could be Currency of Choice for international trade for CitiBank - Bullish
- CBOE files to list VanEck's bitcoin ETF - Bullish
- Goldman-Sachs reopening BTC Desk Mid - March - Stimulus
- Microstrategy buy $100m BTC - Bullish
Personal Opinion:
Short-Term
Looking at a potential Head and Shoulders pattern forming - driving a small break up to $50k which is always a difficult resistance to break through. A rejection here could push it all the way down to $43k. A breakthrough will see another test of $52k - there seems to be slightly more of a bearish sentiment surrounding BTC recently so I expect we may see a sharp drop again before the Stimulus comes into play.
Long Term (Unchanged) - A target of $75k is on the cards coming in just after 14th March - please note that this line is not reflective of its movement in time or accurate path, just that I think that it will hit these lows and highs in this order
Head & Shoulders or Next Leg Up
Overview:
Push up to $50.3 before rejection into o Head and Shoulders pattern big break out
SELL WALL
49.1k - 150 BTC
BUY WALL
46K - 110 BTC
45k - 250 BTC
VOLUME: Stable
Market Sentiment:
ALTS Decrease
-BTC Price Down
-Dominance Up
-Alt Volume Down
Local Support: $47.1k
Next Support: $43k
Local Resistance: $50.3k
Next Resistance: $52k
Top Fundamentals:
- Mt.Gox 160k BTC Creditor Distribution rehab programme filed (Still Looming!!!)- Bearish
- Crypto Reaches $1.7 Trillion As Bitcoin Eats into Gold - V. Bullish
- Stimulus expected top up no later than 14th March - Extremely Bullish
- BTC Breaks 1 Trillion Market Cap - Bullish
- USDT Settlement - Bullish
- End of Month Volatility Over - Bullish
- Google Finance lists Crypto - Bullish
- Could be Currency of Choice for international trade for CitiBank - Bullish
- CBOE files to list VanEck's bitcoin ETF - Bullish
- Goldman-Sachs reopening BTC Desk Mid - March - Stimulus
- Microstrategy buy $100m BTC - Bullish
Personal Opinion:
Short-Term
Looking at a potential Head and Shoulders pattern forming - driving a small break up to $50k which is always a difficult resistance to break through. A rejection here could push it all the way down to $43k. A breakthrough will see another test of $52k - there seems to be slightly more of a bearish sentiment surrounding BTC recently so I expect we may see a sharp drop again before the Stimulus comes into play.
Long Term (Unchanged) - A target of $75k is on the cards coming in just after 14th March - please note that this line is not reflective of its movement in time or accurate path, just that I think that it will hit these lows and highs in this order
