BTC DAILY: 17/11/20 - Can you hear me knocking?

BTC DAILY: 17/11/20
Can you hear me knocking?

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

Buy/Sell Wall: Big sell wall at 16,950, but more buying pressure at $16,650

Volatility: Expect volatility as buying and selling pressures fight over the local resistance point.

Volume: Up around 3% in the last 24 hours.

ALTS: Uptrend continues .

Local Support: $15,967
Next Support: $15,771

Local Resistance: $17,033
Next Resistance: $19,790

Fundamentals:
-Stimulus Cheques - Historically Bullish
- PayPal Integration - Extremely Bullish
- COVID Vaccine roadmap - Bearish (money out of Crypto into traditional travel markets/airlines)
- Citibank Positive BTC Forecasting- Bullish

Technical' s:
- Bearish RSI Divergence
- Strongly above 200EMA
- Upwards Trendline support
- Multiple Re-Breaks of the existing 16k Resistance > Now Support

Personal Opinion:

We look set to test the psychological resistance of 17k and a visible sell wall set up at $16,950 may well make the first attempt unsuccessful, but continued buying pressure and the increased presence of Bullish institutional investors will likely keep knocking on the 17k door.

With strong & close support and resistance (16k -17k) in play expect excellent alt trading conditions as long as they both hold. If we break 17k all bets are off as realistically there is no formative resistance until 20k as yet!, if we break down I’d believe that dip buy funds will create solid support quickly before 15k.

Please note the levels on the predicted path are accurate although the timing of it is not (just makes it easier to see!).