BTC DAILY: 3/11/20


BTC DAILY: 3/11/20

1HR: Bullish
4HR: Bearish
Daily: Very Bullish
Weekly: Very Bullish
Monthly: Very Bullish
Overall: Very Bullish (Short-Term A little Bearish )

Volatility: Stabilising found support
Volume: Volume decreasing preparing for a large move
BTC Dominance: 64.36% – New break out, very high – showing divergence so possible decrease
ALTS: Seeing a bounce back up although looking very bearish across the board right now, small trades or amazing fundamentals only recommended

Local Support: $13,216
Next Support: $12,916

Local Resistance: $13,864
Next Resistance: $14,100

-4th Nov. Elections FUD – Very Bearish
-Stimulus Cheques – Potentially Very Bullish
– Paypal BTC Payments now live along with further integration of further Cryptocurrencies – Very Bullish
– Hong Kong and China growing regulatory pressures – Very Bearish

Bullish RSI Divergence forming
Bullish Moving Average & Rejection from the 50EMA
– Neutral Future Pivot & Weekly Pivot (Ranging)
– Large bullish wick rejections
– 2 Support rejections at 13.3k region
Bearish Short-term correlation
– Long term Bearish Divergence

Personal Opinion:

Bullish overall sentiment continues. There have been a couple of strong rejections with a key short term Divergence formed. The next 24 hours will show the path for the coming days/weeks whether we will be ranging, continued sharp upwards movement or a bit of a collapse to 12.9k. The long term bearish Divergence is a little disconcerting for bulls with some of the PayPal excitement starting to wear off now.

I am leaning towards bullish sentiment with a short term hit of 13.8k, with a possible sharp rejection, big wick and then breakthrough to testing 14k , and not only seeing $14.1k again but likely breaking it. Elections are a very real thing though so if this pulls a bearish move then it can cause a domino effect of selling off to the $12.9k very quickly – if so BUY BUY BUY then!.