BTC DAILY: 27/11/20 - "Back on the horse..."

BTC DAILY: 27/11/20
"Back on the horse..."

15M:BEARISH
1HR: BEARISH
4HR: BEARISH
Daily: BULLISH
Weekly: BULLISH
Monthly: BULLISH
Overall: BEARISH (Short-Term - But still Bullish Long-Term)

Buy/Sell Wall: Buy wall appearing around $16,700.
Volatility: Expect volatility, we’ve already seen a 5% range today.

ALTS: Don't be lured into Dip buys just yet - the US is still due to wake up and will react to the overnight drop. Either with big dip buy or big sell-off - I am leaning towards short term FUD sell off - it will cripple any ALT trades.

Local Support: $15,787
Next Support: $14,813

Local Resistance: $18,956
Next Resistance: $19,5--

Fundamentals:
-Stimulus Cheques - Uncertainty now with Vaccine.
- PayPal/Square - Continually buying all mined BTC spiking price - Very Bullish
- Financial Institutions continued buying - Bullish
- Announced integration with VISA - Ultra Bullish
- Rumours that the U.S. Treasury and Secretary Mnuchin were planning to rush out some new regulation regarding self-hosted crypto wallets before the end of his term. - Extremely Bearish
- US Bitcoin FOMO built up over Holiday weekend - Bullish

Technical' s:
- Breakdown of $17,600 support
- Coming in from extremely Overbought on RSI
- Still above 200 EMA Support but gap closing
- Below Weekly & Future Pivot
- Broken Trendline Support

Personal Opinion:

We’re seeing a nice plateau so far today with BTC hovering around 17k which, let’s be honest, even only a few days ago would have been AMAZING news.

I think most traders will enjoy a steady rise to 18k after the drama of the last couple of days and I’d still think a pre-xmas all time high is on the cards. Expect buys to be triggered each time we dip below 17k and the buying pressure to grow if we see a stable rise.