#BTCDAILY - 02 .3.21
50/50
Overview:
Break $50k and big bullish rise expected
SELL WALL
52k - 200 BTC
BUY WALL
46K - 170 BTC
VOLUME: Still dropping/consolidating - big bullish volume breakout expected soon
Market Sentiment:
ALTS Increase
ALT Season
-BTC Price Up
-Dominance Down
-Alt Volume Up
Local Support: $48k
Next Support: $46k
Local Resistance: $49.8k
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
Personal Opinion:
Short-Term
There are continuous bullish fundamentals dropping daily now - as previously expected there was a strong 24 hour rise once bounce confirmation from the 44.5k buy walls and breakout of trend line. Whilst it did not head up straight to $52k as expected, it wasn't far off.
We are currently tackling $50k - there is not much sell order resistance although the psychological barrier is real. Breaking this will see a very big push up most likely to the $55k region, FOMO will start kicking in soon around BTC - as the hope stage of this short -term Market Cycle is now triggering.
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
50/50
Overview:
Break $50k and big bullish rise expected
SELL WALL
52k - 200 BTC
BUY WALL
46K - 170 BTC
VOLUME: Still dropping/consolidating - big bullish volume breakout expected soon
Market Sentiment:
ALTS Increase
ALT Season
-BTC Price Up
-Dominance Down
-Alt Volume Up
Local Support: $48k
Next Support: $46k
Local Resistance: $49.8k
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
Personal Opinion:
Short-Term
There are continuous bullish fundamentals dropping daily now - as previously expected there was a strong 24 hour rise once bounce confirmation from the 44.5k buy walls and breakout of trend line. Whilst it did not head up straight to $52k as expected, it wasn't far off.
We are currently tackling $50k - there is not much sell order resistance although the psychological barrier is real. Breaking this will see a very big push up most likely to the $55k region, FOMO will start kicking in soon around BTC - as the hope stage of this short -term Market Cycle is now triggering.
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
