BTC/USD, BTC.D (Bitcoin Dominance), Technical Outlook, Edition #65 (29/07/21)

Altcoins lag behind Bitcoin whilst Bitcoin bulls continues to take key levels. Are bulls shifting gains from Altcoins into safer assets, or are we in the "bull trap" phase of a bear cycle?

Bitcoin tests and consolidates under weekly resistance, USD 41K, and remains pinned down by the W1 20 EMA (GREEN).

Bitcoin, BTC/USD - 1 Day (D1)

Bitcoin, BTC/USD - 1 Week (W1)

Thus, a weekly close above the W1 20 EMA (GREEN) would certainly encourage the bulls to consider another leg higher.

Conversely, a weekly close below major resistance and bears could push the BTC/USD pair down to USD 35K, where bulls must hold the hold.

Bitcoin, BTC/USD - 1 Day (D1)

Additionally, Bitcoin Dominance (BTC.D) primes itself for a bullish reversal to 55% total market cap dominance.

Bitcoin Dominance - 1 Day (D1)

We can see that 49% poses some minor resistance as BTC.D flips 48% into support. However, this pullback may give altcoins a small sigh of relief before selling back to their /BTC pairs in preparation for the next BTC/USD move.

Q’s Conclusion

Bulls continue to push through key levels even though a barrage of FUD was emptied on the cryptocurrency markets in the last few weeks. BTC.D continues to grow, potentially stunting the altcoin rally as Bitcoin gains strength.

See you again for the next update.

- q

Leave a comment


Follow us for more detailed analysis on all markets, including Decentralised technology. Check out the links below

Subscribe to our newsletter, with daily content free for a limited time only:

https://research.qluster.co/

Join our Facebook group and speak with likeminded traders:

https://www.facebook.com/groups/156981244915722

Like our Facebook page for future updates:

https://www.facebook.com/qlusterco

Follow us on LinkedIn for future updates:

https://www.linkedin.com/company/qluster-co/?viewAsMember=true

Keep up with us on Twitter:

https://twitter.com/QlusterC

Share Qluster Research


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