BTC/USD, BTC.D, Technical Outlook, Edition #82 (18/08/21)

Today's chart analysis and technical forecasts for Bitcoin, Altcoins are live. Bulls on guard as bears lurk nearby, Altcoins yearn for a continued upside move. Gain new insights now

Price-action drawing lines, Bitcoin continues consolidation 

Bitcoin consolidates at USD 45K around the D1 200 MA (BLUE).

For bulls to guard recently captured territory, tomorrow’s daily close must remain above USD 46K. 

Bitcoin, BTC/USD - Daily (D1) 

Note this micro observation - most recent bullish consolidations have lasted 3-4 days, starting from the original reversal at USD 29K. 

The ever-declining volume is also worth mentioning. If bears become too prolific and pile in the short-sells at major support, then chances are they’re in for a hard squeeze. 

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Bitcoin, BTC/USD - Daily (D1)

‘The calm before the storm...’

This eerie calm could be the prelude to extreme turmoil. 

Moving the focus towards altcoins, many have already started rebounding after last night’s shakeout. 

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Bitcoin Dominance has also been playing out as expected on the H4 BTC.D chart below… 

Bitcoin Dominance, BTC.D - 4 Hour (H4) 

Q’s Conclusion

The altcoins may receive a modest tailwind as risk appetite in the market increases again. 

However, this respite is contingent on the BTC/USD trading pair’s continued consolidation while BTC.D continues declining.

See you again for the next update.

- q

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