Bitcoin & Altcoins, Technical Outlook, Edition #150 (23/11/2021)
Don't miss the latest updates on Bitcoin - including some of the Altcoins from last night's trading video 👀👇
Breaking updates on a selection of coins covered in Edition #149
Following on from last night's trading video with Griffin...
In tonight's market report, Q will identify four altcoins hovering around or below USD 100 million in market capitalisation (MC).
Qluster analysts begin this breakdown with Bitcoin - which, based on an assessment of technical factors, does not appear ready for a bullish reversal just yet.
Bitcoin, BTC/USD - Daily (D1)
Furthermore, note that the BTC/USD pair has failed to reclaim support at the major resistance zone - and adding to this rejection was the D1 50 MA (RED).
Q observes a 'death cross' appears to form where the D1 20 EMA crosses below the D1 50 MA.
According to technical analysis theory, the 50-day Moving Average (D1 50 MA) is a lagging indicator of price action usually bearish in nature.
Nonetheless, Bitcoin now hovers around Local Support and looks to retest the .382 Fibonacci retracement should bulls yield to downside pressure.
Q moves to the Altcoins mentioned last night. Read the latest update below which assesses each selected coin by the size of their market capitalisation in ascending order - lowest to highest.