BTC DAILY : 24/12/20 Finally a little bit of structure

BTC DAILY : 24/12/20
Finally a little bit of structure

Technical' s
15M: Very Bullish
1HR: Bullish
4HR: Bullish
Daily: V.Bullish
Weekly: Bullish
Monthly: Bullish
Overall: Bullish

Sell Wall
24k - 1200 BTC
Buy Wall
20k - 903 BTC
Selling sentiment moved down from 25K to 24k

Volatility: High - large sell walls forming big rejections expected

ALTS: Alot sitting in a dip - there should be time for a small rally although with every BTC rejection ALTs will bleed

Local Support: $22,600
Next Support: $21,800

Local Resistance: $24, 000
Next Resistance: $24,300

Fundamentals:
- Mt.Gox 160k BTC Creditor Distribution rehab programme filed (Still Looming!!!)- Beaish
- New $2000 Stimulus Package Potential - Hugely Bullish
- Coinbase going Public - Big eyes on Crypto
- New COVID Mutation - Borders closing at UK - Bearish
- SEC XRP Lawsuit - Whilst not BTC it is still a top 3 coin and shines a bearish light on Crypto
- Xmas Period bring volatility
- Biden Inaugaration 20th Jan - Bearish (Apparently)

Personal Opinion:

Plenty of noise about the Crypto space and organically BTC from that; not all good though.

It's a very erratic time of year between retail traders and also now institutions.

We finally have a little structure forming now in way of a bullish pennant although we have formed a very reliable resistance at 24k where even more sell walls seem to be accumulating again (Bears are just making too much off this resistance it seems) so this could be the one to break the camels back.

My prediction is to drive up to 24k this time and hit a strong rejection that will outweigh the buyers sat at 22.6k if it breaks up and close above 24k this time then we can expect it to fly to 25K although big big hurdle at 24k.

There is very large Buy Wall's at 20k so...just bear that in mind as to where some big whales could happily be sitting and waiting before looking to jump in.