BTC/USD, ETH/BTC, BTC.D, Technical Outlook, Edition #142 (08/11/2021)

Bitcoin 'not a digital currency' according to Bank of Canada Gov. Macklem - meanwhile, Price Action rallies up to daily highs 🔥 Read the latest free market research hot from Qluster HQ 👇

BOC Governor lashes 'not a digital currency' Bitcoin - Price Action responds with a rally to daily Highs

Bitcoin appears to rip into the new week, and apparently wanting for a zest of life.

After a near 3-week consolidation close to the previous all-time highs, Qluster analysts observe price action's triumphant defence of horizontal support at USD 60K and the D1 20 EMA (GREEN).  

The D1 20 EMA refers to:

D1 = Daily, 24-hour period

20 = 20 Days

EMA = Exponential Moving Average indicator

Q discusses the EMA in recent publications. Read more 👇

Qluster Research
BTC/USD, Technical Outlook, Edition #133 (25/10/2021)
Read more

Bitcoin, BTC/USD - Daily (D1) 

Q notes price action appears to rally above technical resistance at the .618 Fibonacci retracement level. It is important to consider the risks of an adverse trend reversal. 

Thus, principles of supply and demand mark this as the probable location of a retest should an uptrend above major highs fail to occur - and more time in consolidation is required.

Alternatively, Qluster analysts interpret the likelihood of a BTC/USD rally to the first Fibonacci extension level (1.618) should Bitcoin Dominance (BTC.D) achieve a decisive bottom.

Bitcoin Dominance, BTC.D - Daily (D1) 

Q ponders the origin of this so-called 'dominance play'.


Will this transpire to be nothing more than a ploy to shake out opportunists, hoping to bag Altcoins, by liquidating their respective /BTC pair's stop-losses - rather than the /USD counterpart?


Hence, this forms the basis of interpreting the embers of an emerging reversal that appears ready to spark with a candle close above 44% total market capitalisation at the D1 20 EMA.

Qluster analysts note a technical assessment suggests any meagre or temporary relief-bounce off from the .618 fib retrace zone will likely pale in comparison to the magnitude of this reversal.

As more Altcoins sell back into its /BTC pair, increases in supply as stops are triggered exert more upward buying pressure on Bitcoin.

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Bitcoin, BTC/USD - Daily (D1) 

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On a closing note...


Ether vs. Bitcoin, ETH/BTC- Daily (D1) 

Q analyses Ether's attempts to hold critical support at the .618 Fibonacci retracement level.  

Furthermore, Qluster Data Labs indicate ETH dominance approaches 20% market capitalisation. Volatility risk intensifies should price action lose key support zones on the /BTC pair.


Q's Conclusion

As Bitcoin endures, Q exercises the virtue of patience - particularly as factors indicate uncertainty in Altcoins.

While the premiere cryptocurrency determines its next move, a sound technical indicator conveniently exists in the ETH/BTC cross pair.

Thus, the ETH/BTC offers itself as a proxy that can complement readings of BTC.D in anticipation of a sustained Alt Season.

See you again for the next update.

- q

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