Bulls dance to the upside after a successful bullish break

Bitcoin hits USD 50K elegantly following a bullish break in the flag discussed during last nights live trading session. 

Bitcoin, BTC/USD - 4 Hour (H4)

USD 50K is bound to pose some ‘psychological resistance’ on speculators.

However, what matters to the technician is how the BTC/USD trading pair behaves when it touches the .618 fib retracement zone that persists around USD 51K.

Bitcoin, BTC/USD - Daily (D1)

As mentioned in previous reports, the ‘golden ratio’ is known as a messy pivot zone in financial markets and can potentially trigger some nasty volatility. 

Qluster analysts covered a breakdown of the .618 - the ‘golden ratio’ - in the premium daily analysis below:

Qluster Research

Golden Ratio, BTC/USD, ETH/USD, Technical Outlook, Edition #79 (14/08/21)

Latest chart forecasts, Weekend Special featuring the 'Golden Ratio' Bitcoin now crosses into the 'liquidity zone'. Two macro .618 fib retracement pivots highlight a USD 3K range between USD 48K and USD 51K. Bitcoin, BTC/USD - Daily (D1) Q's Major Technical Principle - The 'Golden Ratio…

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17 days ago · 6 likes · Qluster.co

Keep an eye on Bitcoin Dominance, BTC.D, to see if altcoins will sell-off should BTC/USD volatility increase around USD 51K .618 fib level.

Vice versa.

Q's Conclusion

BTC.D rises with BTC/USD, while altcoins suffer.

BTC.D falls as BTC/USD consolidates and altcoins bounce/rally.

Further, all four VIP trade ideas published this month to premium subscribers are in profit now. 

Consider tightening up stop-losses by moving them into breakeven or profit - on the chance BTC/USD nukes around USD 51K.

See you again for the next update.

- q

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