BTC DAILY - 19.11.20 - "My spirit animal is a whale…."

BINANCE:BTCUSDT   Bitcoin / TetherUS
BTC DAILY: 19/11/20
"My spirit animal is a whale…."

15M: Bearish
1HR: Bearish
4HR: Bullish
Daily: Bullish
Weekly: Bullish
Monthly: Bullish
Overall: Bullish

Buy/Sell Wall: Buys bunched at $17,480, Sells at $17,7690

Volatility: Yes, indicative of the uncertainty at these high levels but nothing too scary. Movement range yesterday was 7% total.

Volume: Massive.

ALTS: Total Alt Volume down around 20% over the past 2 days, but expect excellent trading conditions one btc stabilises.

Local Support: $17,134
Next Support: $16,564

Local Resistance: $18,389
Next Resistance: $19,721

- Stimulus Cheques - V. Bullish
- PayPal US integration - V. Bullish
- Inflow of Huge Institutional Funds - V. Bullish
- COVID Vaccine roadmap - V. Bearish - further confirmation on this will draw money out of Crypto into traditional travel markets/airlines
- Biden potentially appointing Gary Gensler - Bullish

Technical' s:
- Heavily above the weekly pivot
- Oversold & RSI Divergence
- Heavily above future pivot target
- Strongly above 200EMA
- Upwards Trendline support
- Strong Bearish Rejection at a potential 18.5k resistance trendline

Personal Opinion:

Looking at the chart we can see that from late July to late August we saw multiple Divergences and heavy overselling on the RSI followed by a price drop from $12.5k to $10k.

A similar pattern is forming again through November which would correlate with the drop to $17.2k/ $16.5k theory.

If that all sounds a bit gloomy then I think it’s worth stressing that this will likely be a very short lived correction. Yesterdays drops to $17.2k were recovered almost immediately. What we’re not seeing is large whale sell offs which should mean that despite the inevitable corrections the bull run should continue.

Alts are certainly tradeable (especially higher caps) but be cautious as a drop to $16.5k may be sudden and deadly to your open trades.
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