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

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)

Q’s Conclusion

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

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:

Join our Facebook group and speak with likeminded traders:

Like our Facebook page for future updates:

Follow us on LinkedIn for future updates:

Keep up with us on Twitter:

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