BTC/USD, BTC.D, Technical Outlook, Edition #86 (23/08/21)
Bitcoin hits USD 50K elegantly following a bullish break in the flag discussed during last nights live trading session.
Bitcoin, BTC/USD - 4 Hour (H4)
USD 50K is bound to pose some ‘psychological resistance’ on speculators.
However, what matters to the technician is how the BTC/USD trading pair behaves when it touches the .618 fib retracement zone that persists around USD 51K.
Bitcoin, BTC/USD - Daily (D1)
As mentioned in previous reports, the ‘golden ratio’ is known as a messy pivot zone in financial markets and can potentially trigger some nasty volatility.
Keep an eye on Bitcoin Dominance, BTC.D, to see if altcoins will sell off if BTC/USD volatility increases (around USD 51K .618 fib level) - vice versa.
Q's Conclusion
BTC.D rises with BTC/USD, while altcoins suffer.
BTC.D falls as BTC/USD consolidates and altcoins bounce/rally.
Further, all four VIP trade ideas published this month to premium subscribers are in profit now.
Consider tightening up stop-losses by moving them into breakeven or profit - on the chance BTC/USD nukes around USD 51K.
See you again for the next update.
- q
Follow us for more detailed analysis on all markets, including Decentralised technology. Find us on Facebook!
Bitcoin, BTC/USD - 4 Hour (H4)
USD 50K is bound to pose some ‘psychological resistance’ on speculators.
However, what matters to the technician is how the BTC/USD trading pair behaves when it touches the .618 fib retracement zone that persists around USD 51K.
Bitcoin, BTC/USD - Daily (D1)
As mentioned in previous reports, the ‘golden ratio’ is known as a messy pivot zone in financial markets and can potentially trigger some nasty volatility.
Keep an eye on Bitcoin Dominance, BTC.D, to see if altcoins will sell off if BTC/USD volatility increases (around USD 51K .618 fib level) - vice versa.
Q's Conclusion
BTC.D rises with BTC/USD, while altcoins suffer.
BTC.D falls as BTC/USD consolidates and altcoins bounce/rally.
Further, all four VIP trade ideas published this month to premium subscribers are in profit now.
Consider tightening up stop-losses by moving them into breakeven or profit - on the chance BTC/USD nukes around USD 51K.
See you again for the next update.
- q
Follow us for more detailed analysis on all markets, including Decentralised technology. Find us on Facebook!
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.