BTC/USD, ETH/BTC, BTC.D, Technical Outlook, Edition #138 (01/11/2021)
Bitcoin launches out of October with Bulls clinging to command ⚡ Q prepares for a brand new month of crypto opportunities in tonight's report 👇
Bitcoin: Monthly candle close bodes well for Bulls’ upside ambitions
Bitcoin consolidates within a USD 5K range while riding the 20-day Exponential Moving Average (D1 20 EMA, GREEN) as support.
Q remarks that the balancing act is looking healthy following a monthly candle close above USD 60K.
Bitcoin, BTC/USD - Monthly (1M)
Given that market bulls act soon - and so long as Bitcoin can hold above USD 60K - BTC/USD looks well on the road to USD 75K.
Which also happens to be the next Fibonacci extension - known as the 2.618.
Bitcoin, BTC/USD - Daily (D1)
A closer inspection of the H4 BTC/USD chart below explains why Bitcoin cannot afford to lose the local support tangible around USD 60K throughout this consolidation.
Failure to retain this critical price level would likely see a deeper pullback to major support around USD 53K.
Bitcoin, BTC/USD - 4 Hour (H4)
Q notes that many altcoins have been gearing up for rallies despite the sideways turbulence in Bitcoin.
As before mentioned, the ETH/BTC pair and BTC.D complement this rotation theory well.
Further, price action may still activate the summoning circle by satisfying the explicit conditions demanded by Altcoins.
Specifically, these requisites include:
BTC/USD holding above USD 60K
ETH/BTC extending higher
Meanwhile, BTC.D falls.
Ethereum vs. Bitcoin, ETH/BTC - Daily (D1)
Q remarks the published forecast appears to play out nicely after ETH/BTC encountered resistance around 0.0718X/BTC - the .618 pivot zone.
Bitcoin Dominance, BTC.D - Daily (D1)
There appears to be only one remaining elephant in the room for Altcoins; an obstinate Bitcoin Dominance holds at 43.67% total market capitalisation - above 0.5 fib retracement support.
It seems the anticipated Altcoin season is nearly upon us.
The Qluster Team prepares a technical trading video scheduled for upload in the coming days to celebrate this joyous occasion.
Thus, for our valued Qluster VIP's - seize this opportunity to have your favourite alts mentioned in the upcoming video edition of the Technical Outlook.
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See you again for the next update.
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