BTC.D, BTC/USD, Technical Outlook, Edition #76 (11/08/21)

Bulls decisively capture support after a re-test as Bitcoin approaches the Danger Zone. We've done the heavy lifting with the latest BTC price action & chart forecasts for tomorrow's trading session

Bitcoin flips the D1 200 MA (BLUE) into support after a re-test this morning, subsequent close above USD 45K

The BTC/USD trading pair continues re-testing each previous high after breaking above to confirm it has defected to support. 

Qluster analysts have mapped the staircase-like market structure below using the D1 BTC/USD chart.

Bitcoin, BTC/USD - Daily (D1) 

Using the fib retracement tool - starting from swing high at USD 59.5K and dragging down to the swing low at USD 28.9K - observe that Bitcoin is now nearing the “Danger Zone”. 

The danger zone refers to the .618 retracement level (USD 48K).

Usually, this fib level represents a messy pivot zone that determines the outcome of a correction and a ley price-point to begin hedging positions. 


At USD 50K, things start to get messy, and many trapped buyers who came in high praying for an Elon Musk tweet will likely jump ship at break-even.

After such a negative experience in the market - who can blame them?

But Fortune smiles on the persistent...

Extending this focus to Bitcoin Dominance, the team highlights a continued breakdown. 

It will likely give big-cap altcoins the needed time to continue their relief rallies and square up with major resistance. 

Bitcoin.Dominance, BTC.D - Daily (D1)

Q's Conclusion

Search for more attractive risk-to-reward set-ups while Bitcoin plays silly buggers.

Start the search amongst big-cap altcoins that are still dormant compared to the first-movers like ETH/USD.

See you again for the next update.

- q

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