#BTCDAILY - 10 .3.21 Potential Cup & Handle
#BTCDAILY - 10 .3.21
Potential Cup & Handle
Overview:
Continued upwards movement to ATH and a strong rejection to $55k with big push up beyond ATH after
SELL WALL
60k - 500 BTC
58.1k - 200 BTC
57.1k - 150BTC
BUY WALL
N/A
VOLUME: Small breakout - small retrace expected
Market Sentiment:
ALTS Increase/Season
-BTC Price Up
-Dominance Up - Will slow ALT's down a little
-Alt Volume Up
Local Support: $54.9k
Next Support: $53k
Local Resistance: $57.1k
Next Resistance: $58.1k
Top Fundamentals:
- Mt.Gox 160k BTC Creditor Distribution rehab programme filed (Still Looming!!!)- Bearish
- Crypto Reaches $1.7 Trillion As Bitcoin Eats into Gold - V. Bullish
- Week Close above $50k - Bullish
- Could be Currency of Choice for international trade for CitiBank - Bullish
- Goldman-Sachs reopening BTC Desk Mid - March - Stimulus
- House and Senate pass Stimulus - Bullish
- BTC back above $1Trillion - Super Bullish
- Digital Currency Group Announces Plan to Purchase Shares of Grayscale Bitcoin Trust - Bullish
Personal Opinion:
Short-Term
Looking like a cup and handle pattern, with some strong resistance and sell walls in the short term, this looks like a very realistic path for BTC.
It might show a nice dip right when Stimulus is announced and could be a good opportunity to accumulate more for the ride up
Continual bullish news dropping keeping up the momentum - although a huge news drop would really be required to help send it to to the 70k+ region (Such things as Google/Amazon etc. level news) along with the Stimulus there will be no stopping it.
All bets are off if Stimulus is announced earlier - we could see big drive up as soon as confirmed.
Strong buy potential at $55k
Long Term (Unchanged) - A target of $75k is on the cards coming in just after 14th March - please note that this line is not reflective of its movement in time or accurate path, just that I think that it will hit these lows and highs in this order
Potential Cup & Handle
Overview:
Continued upwards movement to ATH and a strong rejection to $55k with big push up beyond ATH after
SELL WALL
60k - 500 BTC
58.1k - 200 BTC
57.1k - 150BTC
BUY WALL
N/A
VOLUME: Small breakout - small retrace expected
Market Sentiment:
ALTS Increase/Season
-BTC Price Up
-Dominance Up - Will slow ALT's down a little
-Alt Volume Up
Local Support: $54.9k
Next Support: $53k
Local Resistance: $57.1k
Next Resistance: $58.1k
Top Fundamentals:
- Mt.Gox 160k BTC Creditor Distribution rehab programme filed (Still Looming!!!)- Bearish
- Crypto Reaches $1.7 Trillion As Bitcoin Eats into Gold - V. Bullish
- Week Close above $50k - Bullish
- Could be Currency of Choice for international trade for CitiBank - Bullish
- Goldman-Sachs reopening BTC Desk Mid - March - Stimulus
- House and Senate pass Stimulus - Bullish
- BTC back above $1Trillion - Super Bullish
- Digital Currency Group Announces Plan to Purchase Shares of Grayscale Bitcoin Trust - Bullish
Personal Opinion:
Short-Term
Looking like a cup and handle pattern, with some strong resistance and sell walls in the short term, this looks like a very realistic path for BTC.
It might show a nice dip right when Stimulus is announced and could be a good opportunity to accumulate more for the ride up
Continual bullish news dropping keeping up the momentum - although a huge news drop would really be required to help send it to to the 70k+ region (Such things as Google/Amazon etc. level news) along with the Stimulus there will be no stopping it.
All bets are off if Stimulus is announced earlier - we could see big drive up as soon as confirmed.
Strong buy potential at $55k
Long Term (Unchanged) - A target of $75k is on the cards coming in just after 14th March - please note that this line is not reflective of its movement in time or accurate path, just that I think that it will hit these lows and highs in this order
