BTC DAILY : 7/12/20 ….4TH Time Lucky???

BTC DAILY : 7/12/20
….4TH Time Lucky???

Technical’ s
15M: BEARISH
1HR: BULLISH
4HR: VERY BULLISH
Daily: VERY BULLISH
Weekly: VERY BULLISH
Monthly: VERY BULLISH
Overall: VERY BULLISH

Buy/Sell Wall: Looking Bullish – No major walls until 19.9k/20k. Strong buy orders at 19.1k to 18.9k.

Volatility: Extremely low due to heavy consolidation – breakout imminent. Leaning towards bullish sentiment

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

Fundamentals:
– PayPal/Square – Continually buying all mined BTC spiking price – Very Bullish
– Announced integration with VISA – Ultra Bullish – Guggenheim Partners (200bn plus asset managers) allocate capital (up to $500m) to crypto – Very Bullish – Grayscale Bitcoin Trust continues buying BTC ($140m just this week) – Very Bullish
– VISA Integration with Crypto – Very Bullish
– 2021 Bitcoin Indices added to the S&P – Extremely Bullish
– Integration with Spotify – Very Bullish

Personal Opinion:

Here we are again with continued consolidation – it really is gearing up towards a pretty heavy breakout. There are some new/redefined trendlines in play now that are looking very encouraging towards the bullish 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.

The buy/sell walls are looking very bullish with little resistance up until 19.9k. The stars are lining up towards that muchly anticipated breakout.

I am 60:40 towards a bullish 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!!!!!