BTC DAILY: 25/11/20 - Once more unto the breach….

BTC DAILY: 25/11/20
Once more unto the breach….

15M: V. Bullish
1HR: V. Bullish
4HR: V. Bullish
Daily: V Bullish
Weekly: V. Bullish
Monthly: V. Bullish
Overall: V. Strong Bullish

Buy/Sell Wall: Buy wall formed at $19,130, Sell wall at $19,390.

Volatility: Yesterday tested $19,400, re-test underway = volatility incoming either from rejection or break.

ALTS: BTC dominance dropped below 61% briefly yesterday but rallied to around 62.% as flow of funds into alts slowed. Potential BTC spikes make ALT trading risky today so monitor your open trades.

Local Support: $18,000
Next Support: $17,624

Local Resistance: $19,416
Next Resistance: $20,000

Fundamentals:
-Stimulus Cheques - Uncertainty now with Vaccine.
- 2nd Wealthiest Person In Mexico has 10% of holding in BTC now - V. Bullish commitment
- 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

Technical' s:
- Weekly Pivot no longer bearish
- Future Pivot no longer bearish
- Strongly above 200EMA
- Upwards Trendline support
- Bullish candles to start the day

Personal Opinion:
We’re going to $20,000 (or thereabouts!), yesterday’s mini rejection at $19,400 brought an almost immediate rally. We’re so confident that we longed bitcoin at $19,100!


At 20k? A sell off probably. We know long hodled coins are finding their way to the market at an increasing rate and as 20k is such a key target a rejection feels inevitable. We have no doubt though that the buying pressure exists to re-test 20k the only question we have is how long a re-test takes, will the buy back be swift or will the institutional money allow for a big fall before re-accumulating.