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.

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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:

  1. BTC/USD holding above USD 60K

  2. ETH/BTC extending higher 

  3. 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.

Should ETH/BTC break up towards pennant resistance, a further tailwind for altcoins may suffice in enticing momentum to advance after Facebook becomes 'Meta'.

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Facebook unveils the Metaverse vision! On-chain Outlook Edition #13 (29/10/21)
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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.

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Q's Conclusion

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.

- q

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