BTC/USD, BTC.D, Technical Outlook, Edition #90 (27/08/21)
Game on for Bitcoin bulls and bears - will we see the knockout blow soon? 👊 Make sure you're prepared for the coming battle with the latest price forecasts and enhanced due diligence
Bitcoin price-action: Fake-out or break down?
Sellers returned from their corner swinging as Bitcoin hangs on to the 0.5 fib retracement level at USD 46.8K for dear life.
Bitcoin, BTC/USD - 4 Hour (H4)
After conceding critical uptrend support, depleted buyers again face the threat of aggressive selling activity held at bay since the reversal at USD 29K.
This next move will be decisive in the existential struggle between bulls and bears.
The BTC/USD trading pair must regain USD 48K to resume its uptrend to USD 51K.
Otherwise, a close below this support zone may be the abrogating harbinger of a bearish re-test.
Bitcoin, BTC/USD - 1 Hour (H1)
The game is on for Bitcoin bulls and bears now.
Losing uptrend support is a blow for buyers hoping for an easy - perhaps, even linear..? - ride back moonward.
The market is objective and does not play favourites.
However, Qluster analysts indicate that bulls are too early to despair - and bears to celebrate yet. Monitor the hourly price distribution forecasts and remain collected while assessing price action for signs of the next impending move.
Before heading into the weekend trading session, take a look at the Bitcoin Dominance chart below...
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Bitcoin Dominance, BTC.D - 4 Hour (H4)
Observe in the chart above, BTC.D is in the throws of breaking out but must have a successful re-test to confirm the dominance play. Qluster analysts highlight these latent references for readers...
Reference 1) USD or stablecoins may present suitable alternatives should
BTC.D break up
BTC/USD fall lower
Reference 2) Remain faithful to BTC/USD if Bitcoin breaks up with BTC.D
Reference 3) Altcoins may attract some attention in the event of
BTC.D breaking down
BTC/USD continues choppy consolidation
See you again for the next update. - q
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