BTC DAILY : 7/12/20
….4TH Time Lucky???
ALTS: ALT have been following exactly the same path as BTC and consolidating across the board. Either way they will get Rekt when BTC breaks so outside of HODL’s keep targets small and trades short term until direction of market revealed.
Local Support: $18,000
Next Support: $16,200
Local Resistance: $19,400
Next Resistance: $19,900
– PayPal/Square – Continually buying all mined BTC spiking price – Very
– Announced integration with VISA – Ultra – Guggenheim Partners (200bn plus asset managers) allocate capital (up to $500m) to crypto – Very – Grayscale Bitcoin Trust continues buying BTC ($140m just this week) – Very
– VISA Integration with Crypto – Very
– 2021 Bitcoin Indices added to the S&P – Extremely
– Integration with Spotify – Very
Here we are again with continued consolidation – it really is gearing up towards a pretty heavy breakout. There are some new/redefined in play now that are looking very encouraging towards the sentiment.
I was expecting the drop on the 5th Dec. to continue down much further although it looks like it was saved by some very strong buy pressure which is very encouraging yet again.
I am 60:40 towards a break up to 20k at the moment – either way be wary of all ALT trades as a break out either way will destroy a lot of ALT set-ups (outside of HODL’s) – so keep them short term and small targets – take profits when you can.
For the 15,000th time in a row….C’MON 20k!!!!!