#BTCDAILY - 10 .3.21
Potential Cup & Handle
Overview:
Continued upwards movement to ATH and a strong rejection to $55k with big push up beyond ATH after
SELL WALL
60k - 500 BTC
58.1k - 200 BTC
57.1k - 150BTC
BUY WALL
N/A
VOLUME: Small breakout - small retrace expected
Market Sentiment:
ALTS Increase/Season
-BTC Price Up
-Dominance Up - Will slow ALT's down a little
-Alt Volume Up
Local Support: $54.9k
Next Support: $53k
Local Resistance: $57.1k
Next Resistance: $58.1k
Top Fundamentals:
- Mt.Gox 160k BTC Creditor Distribution rehab programme filed (Still Looming!!!)- Bearish
- Crypto Reaches $1.7 Trillion As Bitcoin Eats into Gold - V. Bullish
- Week Close above $50k - Bullish
- Could be Currency of Choice for international trade for CitiBank - Bullish
- Goldman-Sachs reopening BTC Desk Mid - March - Stimulus
- House and Senate pass Stimulus - Bullish
- BTC back above $1Trillion - Super Bullish
- Digital Currency Group Announces Plan to Purchase Shares of Grayscale Bitcoin Trust - Bullish
Personal Opinion:
Short-Term
Looking like a cup and handle pattern, with some strong resistance and sell walls in the short term, this looks like a very realistic path for BTC.
It might show a nice dip right when Stimulus is announced and could be a good opportunity to accumulate more for the ride up
Continual bullish news dropping keeping up the momentum - although a huge news drop would really be required to help send it to to the 70k+ region (Such things as Google/Amazon etc. level news) along with the Stimulus there will be no stopping it.
All bets are off if Stimulus is announced earlier - we could see big drive up as soon as confirmed.
Strong buy potential at $55k
Long Term (Unchanged) - A target of $75k is on the cards coming in just after 14th March - please note that this line is not reflective of its movement in time or accurate path, just that I think that it will hit these lows and highs in this order
Potential Cup & Handle
Overview:
Continued upwards movement to ATH and a strong rejection to $55k with big push up beyond ATH after
SELL WALL
60k - 500 BTC
58.1k - 200 BTC
57.1k - 150BTC
BUY WALL
N/A
VOLUME: Small breakout - small retrace expected
Market Sentiment:
ALTS Increase/Season
-BTC Price Up
-Dominance Up - Will slow ALT's down a little
-Alt Volume Up
Local Support: $54.9k
Next Support: $53k
Local Resistance: $57.1k
Next Resistance: $58.1k
Top Fundamentals:
- Mt.Gox 160k BTC Creditor Distribution rehab programme filed (Still Looming!!!)- Bearish
- Crypto Reaches $1.7 Trillion As Bitcoin Eats into Gold - V. Bullish
- Week Close above $50k - Bullish
- Could be Currency of Choice for international trade for CitiBank - Bullish
- Goldman-Sachs reopening BTC Desk Mid - March - Stimulus
- House and Senate pass Stimulus - Bullish
- BTC back above $1Trillion - Super Bullish
- Digital Currency Group Announces Plan to Purchase Shares of Grayscale Bitcoin Trust - Bullish
Personal Opinion:
Short-Term
Looking like a cup and handle pattern, with some strong resistance and sell walls in the short term, this looks like a very realistic path for BTC.
It might show a nice dip right when Stimulus is announced and could be a good opportunity to accumulate more for the ride up
Continual bullish news dropping keeping up the momentum - although a huge news drop would really be required to help send it to to the 70k+ region (Such things as Google/Amazon etc. level news) along with the Stimulus there will be no stopping it.
All bets are off if Stimulus is announced earlier - we could see big drive up as soon as confirmed.
Strong buy potential at $55k
Long Term (Unchanged) - A target of $75k is on the cards coming in just after 14th March - please note that this line is not reflective of its movement in time or accurate path, just that I think that it will hit these lows and highs in this order
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.