BTC/USD, BTC.D (Bitcoin Dominance) Technical Outlook, Edition #51 (14/07/21)
Bitcoin is once again faltering as bears take control of the market. Altcoins also begin trending down as Bitcoin Dominance becomes stronger. Are we about to see a massive correction in the markets?
Bitcoin testing the lower end of the range again - Will bears finally push through?
The support at USD 31K thins evermore after bears manage another rejection from the D1 20 EMA (GREEN) at USD 34K.
Time is running out for our bulls, who have been fighting desperately to hold USD 30K support during this consolidation. However, their efforts appear in vain as pressure continues building on the sell-side.
Now, the elephant in the room… Is BTC/USD painting a bullish falling wedge or bearish flag?
Let us examine the possibilities below using the D1 BTC/USD chart.
Bitcoin, BTC/USD - 1 Day (D1)
A D1 close below USD 31K, and the bears will be eying off USD 27-28K as the next support zone to see what the bulls do next.
Conversely, a bullish breakout would only be confirmed once the D1 20 EMA (GREEN) has been re-tested and flipped into support.
Bitcoin Dominance (BTC.D) is also looking strong, which does not bode well for altcoins as they continue bleeding out by converting back to /BTC to protect USD 30K support.
Bitcoin Dominance - 1 Day (D1)
It’s best to let Bitcoin decide its trajectory before even thinking of touching altcoins. A breakdown of Bitcoin at this range could result in a massive correction of the altcoin market. A rising BTC.D points to this as a potential scenario.
See you again for the next update. - q
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