BTC DAILY: 26/11/20 "THE Correction"
BTC DAILY: 26/11/20
"THE Correction"
15M: V.BEARISH
1HR: V. STRONG BEARISH
4HR: V.BEARISH
Daily: BULLISH
Weekly: V. BULLISH
Monthly: V. BULLISH
Overall: V BEARISH (Short-Term - But still Bullish Long-Term)
Buy/Sell Wall: Sell walls appearing around 16.7k/16.8k.
Volatility:
12% drop - heavy volatility with more expected
ALTS: Don't be lured into Dip buys just yet - the US is still due to wake up and will react to the overnight drop. Either with big dip buy or big sell-off - I am leaning towards short term FUD sell off - it will cripple any ALT trades.
Local Support: $16,496
Next Support: $15,681
Local Resistance: $17,335
Next Resistance: $18,000
Fundamentals:
-Stimulus Cheques - Uncertainty now with Vaccine.
- PayPal/Square - Continually buying all mined BTC spiking price - Very Bullish
- Financial Institutions continued buying - Bullish
- Front Page Wall Street Journal - Very Bullish
- Announced integration with VISA - Ultra Bullish
- Rumours that the U.S. Treasury and Secretary Mnuchin were planning to rush out some new regulation regarding self-hosted crypto wallets before the end of his term. I'm concerned that this would have unintended side effects, and wanted to share those concerns. - Extremely Bearish
- Cryptocurrency exchange OKEx recorded a major bitcoin outflow just minutes after it lifted a five-week-long withdrawal suspension - Bearish Short-Term
Technical' s:
- Breakdown of local support
- Entering Extremely Oversold on RSI
- Close to 200 EMA Support
- Below Weekly P& Future Pivot
- Broken Trendline Support
Personal Opinion:
It was always coming but when was the question, looks like now!
Should you buy the dips, probably a little too risky right now - wait until the US is awake and operating over the next 2 candles at least as this will be a big move to wake up to. Don't gamble and buy ALT's as volatility in BTC is not over a big move either way will cause drawdown.
We are at a pretty key support - the difference this time round is that there are much larger financial institutions involved with BTC now - this could help to hold the price here with potential to resume uptrend. Unfortunately, I am expecting some further drops before full support resumes - I hope I am wrong.
"THE Correction"
15M: V.BEARISH
1HR: V. STRONG BEARISH
4HR: V.BEARISH
Daily: BULLISH
Weekly: V. BULLISH
Monthly: V. BULLISH
Overall: V BEARISH (Short-Term - But still Bullish Long-Term)
Buy/Sell Wall: Sell walls appearing around 16.7k/16.8k.
Volatility:
12% drop - heavy volatility with more expected
ALTS: Don't be lured into Dip buys just yet - the US is still due to wake up and will react to the overnight drop. Either with big dip buy or big sell-off - I am leaning towards short term FUD sell off - it will cripple any ALT trades.
Local Support: $16,496
Next Support: $15,681
Local Resistance: $17,335
Next Resistance: $18,000
Fundamentals:
-Stimulus Cheques - Uncertainty now with Vaccine.
- PayPal/Square - Continually buying all mined BTC spiking price - Very Bullish
- Financial Institutions continued buying - Bullish
- Front Page Wall Street Journal - Very Bullish
- Announced integration with VISA - Ultra Bullish
- Rumours that the U.S. Treasury and Secretary Mnuchin were planning to rush out some new regulation regarding self-hosted crypto wallets before the end of his term. I'm concerned that this would have unintended side effects, and wanted to share those concerns. - Extremely Bearish
- Cryptocurrency exchange OKEx recorded a major bitcoin outflow just minutes after it lifted a five-week-long withdrawal suspension - Bearish Short-Term
Technical' s:
- Breakdown of local support
- Entering Extremely Oversold on RSI
- Close to 200 EMA Support
- Below Weekly P& Future Pivot
- Broken Trendline Support
Personal Opinion:
It was always coming but when was the question, looks like now!
Should you buy the dips, probably a little too risky right now - wait until the US is awake and operating over the next 2 candles at least as this will be a big move to wake up to. Don't gamble and buy ALT's as volatility in BTC is not over a big move either way will cause drawdown.
We are at a pretty key support - the difference this time round is that there are much larger financial institutions involved with BTC now - this could help to hold the price here with potential to resume uptrend. Unfortunately, I am expecting some further drops before full support resumes - I hope I am wrong.
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