Altcoins, BTC/USD, BTC.D, Technical Outlook, Edition #123 (09/10/2021)
Settle in for a cozy Saturday night of technical analysis with the latest On-Chain analytics 🎯 Q's prepared a stomper in tonight's edition - Level Up with the latest insights now 👇
Q’s Weekend Special - Cryptocurrency Analysis, Technical Forecasts & On-Chain Data
Bitcoin maintains its endeavour upside, with price action chipping away at major resistance located around USD 57K.
Q recalls that weekend trading activity is usually accompanied by thinner volume because major exchanges such as CBOE and CME are closed. Ergo, sitting on one's hands can be a viable strategy by allowing price action to shift into a more amicable disposition.
Fear Of Missing Out (FOMO) is a wily psychological factor that excels in compelling deviant behaviour from foolhardy speculators - chasing price during a rallying is risky business.
Objective analysis affords one the freedom of allowing price action to guide the way. Evidence of a pullback may reveal an opportunity for Q to acquire - following a daily or weekly candle close occurs on or above support.
However, certain preparations are required before moving to interpret price action on charts.