#BTCDAILY : 27 / 01 /21
Bullearish Descending Triangle....
Buy Walls
$30.5 - 250BTC
$30 - 200 BTC
$29k 300 BTC
28K 500 BTC
Volatility: Consolidating - large break out expected very soon
ALTS: Dominance Rising + Price Decreasing = ALTs Dumping
Local Support: $31,613
Next Support: $28,845
Local Resistance: $34,900
Next Resistance: $37,900
Top Fundamentals:
- Mt.Gox 160k BTC Creditor Distribution rehab programme filed (Still Looming!!!)- Bearish
- BlackRock Institution - Confirm 2 funds joining BTC (- Ruffer institution joins the race with a $750m holding - Bullish ) - Bullish
- Biden formally accelerates the Stimuls of 1.9Trillion - Bullish AF
- Marathon Institution joins the race with $150m BTC - Bullish
Personal Opinion:
Technically Bulling Descending Triangle formed - at the finally third of the formation with imminent breakout incoming. It is difficult to confirm a direction at this stage as the fundamentals and technicals are currently pulling in two directions.
Lower untested monthly pivot that could factor into Bearish sentiment - although it will just take a strony single move in either direction now to push it further quickly whether it is another institutional buy, Stimulus confirmation or MT.Gox initiated the repayment plans.
Avoid heavy exposure in ALT's outside of strong fundamental calls - volume is currently decreasing in ALT's.
I am 60% Bullish to 40% Bearish at the time of writing this
Bullearish Descending Triangle....
Buy Walls
$30.5 - 250BTC
$30 - 200 BTC
$29k 300 BTC
28K 500 BTC
Volatility: Consolidating - large break out expected very soon
ALTS: Dominance Rising + Price Decreasing = ALTs Dumping
Local Support: $31,613
Next Support: $28,845
Local Resistance: $34,900
Next Resistance: $37,900
Top Fundamentals:
- Mt.Gox 160k BTC Creditor Distribution rehab programme filed (Still Looming!!!)- Bearish
- BlackRock Institution - Confirm 2 funds joining BTC (- Ruffer institution joins the race with a $750m holding - Bullish ) - Bullish
- Biden formally accelerates the Stimuls of 1.9Trillion - Bullish AF
- Marathon Institution joins the race with $150m BTC - Bullish
Personal Opinion:
Technically Bulling Descending Triangle formed - at the finally third of the formation with imminent breakout incoming. It is difficult to confirm a direction at this stage as the fundamentals and technicals are currently pulling in two directions.
Lower untested monthly pivot that could factor into Bearish sentiment - although it will just take a strony single move in either direction now to push it further quickly whether it is another institutional buy, Stimulus confirmation or MT.Gox initiated the repayment plans.
Avoid heavy exposure in ALT's outside of strong fundamental calls - volume is currently decreasing in ALT's.
I am 60% Bullish to 40% Bearish at the time of writing this
