Qluster Research

Share this post
Bitcoin & Cryptocurrency, Technical Outlook, Edition #182 (07/02/2022)
research.qluster.co

Bitcoin & Cryptocurrency, Technical Outlook, Edition #182 (07/02/2022)

Demand for crypto looking steady 😬 But, is there enough gas in the tank for a recovery move upside? Look out for the hearty feast of technical analysis in Q's Conclusion... 👇

Qluster.co
Feb 7
3
1
Share this post
Bitcoin & Cryptocurrency, Technical Outlook, Edition #182 (07/02/2022)
research.qluster.co

Qluster Research is a reader-supported publication. Sign up for free or subscribe to read all new posts + unlimited access to our entire research archives 👇


Bitcoin, Altcoins: Let’s get to the point

For the first time in three months, it appears that Bitcoin is finally capable of a sustained rally above the 20-day exponential moving average (D1 20 EMA, GREEN)—which has now flipped into support at USD 40K. 

Refer to the daily BTC/USD chart below. 

Qluster analysts draw attention to both the D1 20 EMA and D1 50 MA, which have been identified with their respective levels. 

The practitioner may note that the D1 20 EMA currently supports demand. Meanwhile, the D1 50 MA acts as resistance for bulls to overcome—and bears to defend...

Bitcoin, $BTC - Daily (D1)

TradingView Chart

D1 20 EMA: GREEN

D1 50 MA: RED

Share


Technical analysis allows a reimagination of these pivot levels for confluence—i.e. observe the support and resistance zones.


Bitcoin, $BTC - Daily (D1)

TradingView Chart

The information on this website is for general information purposes only. It is not intended as legal, financial and/or investment advice and should not be construed and/or relied on as such. Before making any commitment of a legal and/or financial nature you should seek advice from a qualified and registered legal practitioner and/or financial and/or investment adviser. No material contained within this website should be construed or relied upon as providing recommendations in relation to any legal and/or financial product. Qluster does not recommend and/or endorse products and does not receive remuneration based upon investment and/or other decisions 

Start drawing the retracement from Swing High to Swing Low to practice this technique using the Fibonacci retracement tool.

The expectations are now as follows:

Provided BTC/USD can hold above the D1 20 MA and ride this level as support, then the chances of a bullish reversal increase dramatically. 

Buyer beware. The D1 50 MA bears the markers of heavy resistance, reinforced by the .382 Fibonacci retracement level (RED).


Now, get ready to tuck into a smorgasbord of Altcoins ahead...


This post is for paid subscribers

Already a paid subscriber? Sign in
© 2022 Qluster Research
Privacy ∙ Terms ∙ Collection notice
Publish on Substack Get the app
Substack is the home for great writing