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)

D1 20 EMA: GREEN

D1 50 MA: RED

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

Bitcoin, $BTC - Daily (D1)

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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...