BTC DAILY : 9/1/21
Big Wick Energy
Buy/Sell Walls:
$38.2k - 600BTC - Buy Wall
$42k 450BTC - Sell Wall
Nothing too significant
Volatility: Increasing with large wicks forming and immediate buy backs - rattling the market and causing some big swings throughout
Volume: Extremely high and consistent - a record $99billion in volume was recorded yesterday
Dominance - Currently sitting at 70.74% which is a reduction in the past 24 hours but still above the critical 70% for ALT's
ALTS: There is definitely a huge Alt season 4.1 brewing and ready to spring once BTC as even the smallest bit of a ranging or consolidation to drop the dominance and chance for ALT's to rally - try to accumulate on the dips and watch them fly
Local Support: $36.7K
Next Support: $33.3
Local Resistance: $38.7
Next Resistance: $42k
Fundamentals:
- Mt.Gox 160k BTC Creditor Distribution rehab programme filed (Still Looming!!!)- Bearish but not so much any more
- $600 stimulus package with Democrats in charge will increase to $2k starting to trickle in - Hugely Bullish
- OneRiver - Largest BTC transaction (above $30k) - Bull run to continue
- PayPal Crypto produces record volume - reduced barrier to entry - Bullish
- Etoro - Increases Crypto minimum deposit to $1000 due to huge incoming volume- Bullish
- Crypto Market Cap above $1 Trillion - Hugely bullish
- OCC grants blockchain and stable coin transactions for banks - v. bullish
- Riots/Siege on Capitol Building (WTF) - Hugely Volatile
- BTC surpasses Tesla and Facebook in market cap size - bullish
- Crypto Market Cap Surpasses $1Trillion
Elon Musk now Richest man - advocate of BTC - Bullish
- Democrats now in charge - Great news for infrastructure - Biden is Bullish
Personal Opinion:
Bitcoin continues its global domination knocking over Facebook and now Tesla - this is such big news from the "fickle" investor/traders point of view - I mean if you are not holding stock of the top ten then are you even a trader, bro?
Without going too deep into the fundamentals - it is clear that this is dictating the charge for BTC now and mainstream acceptance is here - a key barrier to entry for buying crypto via integration with PayPal has probably been one of the most key developments here to allow.
Traders are still extremely bullish on BTC too with literally every single minor dip buying snapped up - a key indicator for the next leg up being iminent are these reoccuring short-term double bottoms circled on the chart. I foresee another new ATH today and challenging to break $42K - my longer term prediction is settled around the $50k region - with the path outlined on the chart.
Big Wick Energy
Buy/Sell Walls:
$38.2k - 600BTC - Buy Wall
$42k 450BTC - Sell Wall
Nothing too significant
Volatility: Increasing with large wicks forming and immediate buy backs - rattling the market and causing some big swings throughout
Volume: Extremely high and consistent - a record $99billion in volume was recorded yesterday
Dominance - Currently sitting at 70.74% which is a reduction in the past 24 hours but still above the critical 70% for ALT's
ALTS: There is definitely a huge Alt season 4.1 brewing and ready to spring once BTC as even the smallest bit of a ranging or consolidation to drop the dominance and chance for ALT's to rally - try to accumulate on the dips and watch them fly
Local Support: $36.7K
Next Support: $33.3
Local Resistance: $38.7
Next Resistance: $42k
Fundamentals:
- Mt.Gox 160k BTC Creditor Distribution rehab programme filed (Still Looming!!!)- Bearish but not so much any more
- $600 stimulus package with Democrats in charge will increase to $2k starting to trickle in - Hugely Bullish
- OneRiver - Largest BTC transaction (above $30k) - Bull run to continue
- PayPal Crypto produces record volume - reduced barrier to entry - Bullish
- Etoro - Increases Crypto minimum deposit to $1000 due to huge incoming volume- Bullish
- Crypto Market Cap above $1 Trillion - Hugely bullish
- OCC grants blockchain and stable coin transactions for banks - v. bullish
- Riots/Siege on Capitol Building (WTF) - Hugely Volatile
- BTC surpasses Tesla and Facebook in market cap size - bullish
- Crypto Market Cap Surpasses $1Trillion
Elon Musk now Richest man - advocate of BTC - Bullish
- Democrats now in charge - Great news for infrastructure - Biden is Bullish
Personal Opinion:
Bitcoin continues its global domination knocking over Facebook and now Tesla - this is such big news from the "fickle" investor/traders point of view - I mean if you are not holding stock of the top ten then are you even a trader, bro?
Without going too deep into the fundamentals - it is clear that this is dictating the charge for BTC now and mainstream acceptance is here - a key barrier to entry for buying crypto via integration with PayPal has probably been one of the most key developments here to allow.
Traders are still extremely bullish on BTC too with literally every single minor dip buying snapped up - a key indicator for the next leg up being iminent are these reoccuring short-term double bottoms circled on the chart. I foresee another new ATH today and challenging to break $42K - my longer term prediction is settled around the $50k region - with the path outlined on the chart.
