BTC DAILY: 23/11/20 - "Bitcoin Days Destroyed"

BTC DAILY: 23/11/20
Bitcoin Days Destroyed

15M: V. Strong Bullish
1HR: V. Bullish
4HR: V. Bullish
Daily: V Bullish
Weekly: V. Bullish
Monthly: V. Bullish
Overall: V. Bullish

Buy/Sell Wall: Sell walls sitting at $18,700 and $18,740, buys small until $17,200.

Volatility: Definite signs of stability, building over the weekend but in typical btc fashion its stabilising between $17,700 & $18,700 and testing both upper and lower ends with a 24 hour period.

ALTS: Volume continues to flow into alts, high caps (esp ETH) performing well, nice trading picture continues.

Local Support: $18,305
Next Support: $17,678

Local Resistance: $18,916
Next Resistance: $19,400

Fundamentals:
-Stimulus Cheques in doubt due to Vaccine - Bearish
- Hodl’ coins making their way to the exchanges (Bitcoin Days Destroyed Metric) - Bearish
- COVID Vaccine Roadmap - With other industries coming back to life money can start to flow out of BTC - Bearish
- Biden appointing Gary Gensler (still awaiting to see plan)- Bullish
- ATH fever and positive general sentiment - Bullish
- Institutional big money demand for BTC growing - V. Bullish

Technical' s:
- Heavily above the weekly pivot
- Heavily above future pivot target
- Strongly above 200EMA
- Upwards Trendline support
- Strong Bearish Rejection at psychological resistance of 19k matching approx. with a long term trendline.
- Big Bearish Divergence
- Oversold

Personal Opinion:
It’s pretty clear things are getting a bit overheated, selling pressure is piling up around 18.7k and support looking a bit flimsy at 18.3k, 17.6k.

The RSI is showing now multiple bearish price divergences and BTC is likely heavily oversold. A mini-correction was likely halted by dip buying bears but a bigger more significant correction is likely incoming down to the 17.2k / 16.6k region.


As previously stated this correction can only be avoided by a break of 19k where we’d expect the 20k FOMO to pile in over the Thanksgiving weekend.