BTC DAILY : 8/12/20
20K...Fail?
Technical' s
15M: VERY BEARISH
1HR: VERY BEARISH
4HR: BEARISH
Daily: BULLISH
Weekly: VERY BULLISH
Monthly: VERY STRONG BULLISH
Overall: BEARISH
Buy/Sell Wall:
600+ BTC Sell wall's at 19.4k,19.5k,19.7k,19.9k
600+ BTC Buy wall at 18.5k
Looking weak
Volatility: Consolidation coming to an end breakout expected double digit move minimum coming very soon.
ALTS: Same story as the past few days - keep any ALT trades short term and and tight targets. Big BTC breakout expected soon - and it is looking bearish which ALT trades will struggle to recover from. Be careful out there
Local Support: $18,000
Next Support: $16,200
Local Resistance: $19,400
Next Resistance: $19,900
Fundamentals:
- Cryptocurrency hot topic in G7 Summit - Bullish
- PayPal/Square - Continually buying all mined BTC spiking price - Very Bullish
- Announced integration with VISA - Ultra Bullish - Guggenheim Partners (200bn plus asset managers) allocate capital (up to $500m) to crypto - Very Bullish - Grayscale Bitcoin Trust continues buying BTC ($140m just this week) - Very Bullish
- VISA Integration with Crypto - Very Bullish
- 2021 Bitcoin Indices added to the S&P - Extremely Bullish
- Potential Integration with Spotify - Very Bullish
- Microstrategy - Potential 400m investment into BTC - Very Bullish
Personal Opinion:
Things are looking bearish and bleak in the short term - we are on the brink of breaking out of a symmetrical triangle with the latest candle (not fully formed) looking incredibly bearish. Will this be the candle to start the downward movement.
Even with all of the bullish news surrounding BTC at the moment it does not seem like enough to drive it through the $20k barrier.
Can Christmas save BTC and cause a miracle $20k? Right now, that is what it is going to take.
With the break down of the triangle my sentiment is that it will track down to 18.5k where we could see a pretty strong bounce although not enough to fully change direction back up.
I am starting to turn bearish on BTC - next step $18.5k and then 18k.
20K...Fail?
Technical' s
15M: VERY BEARISH
1HR: VERY BEARISH
4HR: BEARISH
Daily: BULLISH
Weekly: VERY BULLISH
Monthly: VERY STRONG BULLISH
Overall: BEARISH
Buy/Sell Wall:
600+ BTC Sell wall's at 19.4k,19.5k,19.7k,19.9k
600+ BTC Buy wall at 18.5k
Looking weak
Volatility: Consolidation coming to an end breakout expected double digit move minimum coming very soon.
ALTS: Same story as the past few days - keep any ALT trades short term and and tight targets. Big BTC breakout expected soon - and it is looking bearish which ALT trades will struggle to recover from. Be careful out there
Local Support: $18,000
Next Support: $16,200
Local Resistance: $19,400
Next Resistance: $19,900
Fundamentals:
- Cryptocurrency hot topic in G7 Summit - Bullish
- PayPal/Square - Continually buying all mined BTC spiking price - Very Bullish
- Announced integration with VISA - Ultra Bullish - Guggenheim Partners (200bn plus asset managers) allocate capital (up to $500m) to crypto - Very Bullish - Grayscale Bitcoin Trust continues buying BTC ($140m just this week) - Very Bullish
- VISA Integration with Crypto - Very Bullish
- 2021 Bitcoin Indices added to the S&P - Extremely Bullish
- Potential Integration with Spotify - Very Bullish
- Microstrategy - Potential 400m investment into BTC - Very Bullish
Personal Opinion:
Things are looking bearish and bleak in the short term - we are on the brink of breaking out of a symmetrical triangle with the latest candle (not fully formed) looking incredibly bearish. Will this be the candle to start the downward movement.
Even with all of the bullish news surrounding BTC at the moment it does not seem like enough to drive it through the $20k barrier.
Can Christmas save BTC and cause a miracle $20k? Right now, that is what it is going to take.
With the break down of the triangle my sentiment is that it will track down to 18.5k where we could see a pretty strong bounce although not enough to fully change direction back up.
I am starting to turn bearish on BTC - next step $18.5k and then 18k.
