BTC DAILY : 22/12/20 Santa Saylor and his Magical elf Elon
Chart Analysis and Idea by CryptoNicho
BTC DAILY : 22/12/20
Santa Saylor and his Magical elf Elon
Technical' s
15M: Bearish
1HR: Bearish
4HR: Bearish
Daily: Bullish
Weekly: Bullish
Monthly: Bullish
Overall: Bullish long term
Buy/Sell Wall: Mid sized sells at $23, $23,100, $24,100, $24,300 & $25,100, huge buys relatively parked at $20,000 and $21,000.
Volatility: A relatively sedate 3% move so far today, yesterday by comparison ranged to 9.4%
ALTS: BTC dominance is closing in on 68% with a steady slow price decrease which is just murdering ALTS. Trade with extreme caution.
Local Support: $22,300
Next Support: $21,809
Local Resistance: $23,200
Next Resistance: $24,176
Fundamentals:
- Mt.Gox 160k BTC Creditor Distribution rehab programme filed (Still Looming!!!)- Not immediately Bearish
- Stimulus Package filed not inclusive of Cheques - Bullish
- UK FCA Grants Crypto Firms Temporary Registration as It Deals With Applications Backlog - Bullish
- Coinbase going Public - Big eyes on Crypto
- New ATH after new ATH , new appeal to mainstream investors - Bullish
- Skybridge Wealth Management plans crypto fund - Very Bullish
- New COVID Mutation - Borders closing at UK - Bearish
- 100k BTC options expire Xmas Day - Unclear ATM but will definitely create volatility either way.
- Michael Sayers seducing Elon with a crypto balance playbook - Bullish
Personal Opinion:
We warned yesterday of a drop and boy did it come, 5.5% wiped off the price in only a few hours with prices as low as $21,800 during a stormy day of trading. At the time of writing prices have recovered to $22,700 long wick drops showing that the bulls are still in play to buy advantageous dips with the buy walls at $20k and $21k highlighting this fact.
Continued support from institutional funds will continue the BTC bull and Elon Musk and Michael Saylors public exchange yesterday indicates that this is likely to be the case. If they didn’t manage to manipulate the price in time for christmas with their twitter flirting they certainly lifted everybodies spirits whilst the price plummeted.
In the shorter term yesterday’s dip has brought us in somewhat from the bearish overselling on the RSI , another bullish technical indicator on what is still a positive outlook chart. If price can hold above the psychologically critical $20k support (and I’m confident given the dip buying and buys at $21k & $20k that it will) then expect to see ranging for a few days likely up to $23,300 and as low as $21,800. The Christmas Day options expiry will likely bring a second spike, the directional outcome of which won’t however be known for a day or two.
Let me know what you think in the comments!
BTC DAILY : 22/12/20
Santa Saylor and his Magical elf Elon
Technical' s
15M: Bearish
1HR: Bearish
4HR: Bearish
Daily: Bullish
Weekly: Bullish
Monthly: Bullish
Overall: Bullish long term
Buy/Sell Wall: Mid sized sells at $23, $23,100, $24,100, $24,300 & $25,100, huge buys relatively parked at $20,000 and $21,000.
Volatility: A relatively sedate 3% move so far today, yesterday by comparison ranged to 9.4%
ALTS: BTC dominance is closing in on 68% with a steady slow price decrease which is just murdering ALTS. Trade with extreme caution.
Local Support: $22,300
Next Support: $21,809
Local Resistance: $23,200
Next Resistance: $24,176
Fundamentals:
- Mt.Gox 160k BTC Creditor Distribution rehab programme filed (Still Looming!!!)- Not immediately Bearish
- Stimulus Package filed not inclusive of Cheques - Bullish
- UK FCA Grants Crypto Firms Temporary Registration as It Deals With Applications Backlog - Bullish
- Coinbase going Public - Big eyes on Crypto
- New ATH after new ATH , new appeal to mainstream investors - Bullish
- Skybridge Wealth Management plans crypto fund - Very Bullish
- New COVID Mutation - Borders closing at UK - Bearish
- 100k BTC options expire Xmas Day - Unclear ATM but will definitely create volatility either way.
- Michael Sayers seducing Elon with a crypto balance playbook - Bullish
Personal Opinion:
We warned yesterday of a drop and boy did it come, 5.5% wiped off the price in only a few hours with prices as low as $21,800 during a stormy day of trading. At the time of writing prices have recovered to $22,700 long wick drops showing that the bulls are still in play to buy advantageous dips with the buy walls at $20k and $21k highlighting this fact.
Continued support from institutional funds will continue the BTC bull and Elon Musk and Michael Saylors public exchange yesterday indicates that this is likely to be the case. If they didn’t manage to manipulate the price in time for christmas with their twitter flirting they certainly lifted everybodies spirits whilst the price plummeted.
In the shorter term yesterday’s dip has brought us in somewhat from the bearish overselling on the RSI , another bullish technical indicator on what is still a positive outlook chart. If price can hold above the psychologically critical $20k support (and I’m confident given the dip buying and buys at $21k & $20k that it will) then expect to see ranging for a few days likely up to $23,300 and as low as $21,800. The Christmas Day options expiry will likely bring a second spike, the directional outcome of which won’t however be known for a day or two.
Let me know what you think in the comments!
