BTC/USD, Gold, Silver: Technical Outlook, edition #46 (09/07/21)
Bitcoin recovery short-lived as surging BTC.D poses a threat to alt-coin rally
Bitcoin recovers somewhat after bouncing from USD 32K.
However, this latest move from the bulls could be short-lived if it decays into a bearish re-test.
Losing USD 33K to the bears yesterday was another nail in the coffin for BTC/USD, and rejection here would certainly mean another.
Both bearish and bullish forecasts have been depicted below on the H4 BTC/USD chart.
Be mindful of candle closes and their significance on trendlines when loading a position around critical areas of support or resistance.
Bitcoin, BTC/USD - 4 Hour (H4)
Adding fuel to the fire, Bitcoin Dominance (BTC.D) broke upwards as anticipated.
This momentum does not bode well for the most recent alt-coin rally, which would have been an "exit-pump" had BTC.D continued climbing higher as BTC/USD slumps.
You can observe this relationship playing out by referencing our H4 ETH/BTC graph below.
Ethereum vs. Bitcoin, ETH/BTC - 4 Hour (H4)
As Bitcoin Dominance advances, selling pressure on ETH/BTC obeys - and price capitulates to the downside.
The result?
ETH/BTC rejected multiple times from its micro .618 fib retracement level (0.069047 SAT) and proceeded to drop almost 10% as BTC/USD lost USD 33K support.
In addition, ETH/USD will drop further than Bitcoin during a correction should BTC/USD plunge and ETH/BTC follow suit.
Ethereum, ETH/USD - 4 Hour (H4)
Q's Conclusion
Present levels of indecision and uncertain sentiment across most markets may translate into investors buying Gold (XAU) or Silver (XAG).
We've mapped out forecasts below for those keen on following their current set-ups because they appear bullish - for now…
Gold, XAU/USD - 4 Hour (H4)
Silver, XAG/USD - 4 Hour (H4)
See you again for the next update.
- q
Bitcoin recovers somewhat after bouncing from USD 32K.
However, this latest move from the bulls could be short-lived if it decays into a bearish re-test.
Losing USD 33K to the bears yesterday was another nail in the coffin for BTC/USD, and rejection here would certainly mean another.
Both bearish and bullish forecasts have been depicted below on the H4 BTC/USD chart.
Be mindful of candle closes and their significance on trendlines when loading a position around critical areas of support or resistance.
Bitcoin, BTC/USD - 4 Hour (H4)
Adding fuel to the fire, Bitcoin Dominance (BTC.D) broke upwards as anticipated.
This momentum does not bode well for the most recent alt-coin rally, which would have been an "exit-pump" had BTC.D continued climbing higher as BTC/USD slumps.
You can observe this relationship playing out by referencing our H4 ETH/BTC graph below.
Ethereum vs. Bitcoin, ETH/BTC - 4 Hour (H4)
As Bitcoin Dominance advances, selling pressure on ETH/BTC obeys - and price capitulates to the downside.
The result?
ETH/BTC rejected multiple times from its micro .618 fib retracement level (0.069047 SAT) and proceeded to drop almost 10% as BTC/USD lost USD 33K support.
In addition, ETH/USD will drop further than Bitcoin during a correction should BTC/USD plunge and ETH/BTC follow suit.
Ethereum, ETH/USD - 4 Hour (H4)
Q's Conclusion
Present levels of indecision and uncertain sentiment across most markets may translate into investors buying Gold (XAU) or Silver (XAG).
We've mapped out forecasts below for those keen on following their current set-ups because they appear bullish - for now…
Gold, XAU/USD - 4 Hour (H4)
Silver, XAG/USD - 4 Hour (H4)
See you again for the next update.
- q
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