BTC/USD, ETH/USD, BTC.D (Bitcoin Dominance): Technical Outlook, Edition #36 (29/06/21)
Bitcoin Buyers muster up the courage to kiss the D1 20 EMA - do we see the makings of a bullish reversal? Make sure to check out Q's forecasts for ETH, BTC.D and remember - patience pays...
Bitcoin once more flirts with USD 35K, a critical price zone that lies below the D1 20 EMA (GREEN)
While BTC/USD trades below this EMA, the bears assume absolute control and hold both hands on the steering wheel until flipped otherwise.
Mapped below is the D1 BTC/USD chart concerning this 20 EMA (GREEN), which is currently acting as resistance.
Bitcoin, BTC/USD - Daily (D1)
Needless to say, bulls require a daily candle close above USD 36K to maintain momentum and cannot afford to let the ball slip at this crucial time.
Bitcoin Dominance (BTC.D) has also cooled off and allowed Ethereum to follow the lead of BTC/USD.
Similarly, you can see the ETH/USD pair test the D1 20 EMA (GREEN) at USD 2175.
Bitcoin Dominance, BTC.D - Daily (D1)
Ethereum, ETH/USD - Daily (D1)
There is no need to risk capital unnecessarily - allow Bitcoin to lead the way and do the work for you.
Indications of a thorough bullish re-test will not manifest until we see explicit confirmation of BTC/USD flipping its D1 20 EMA into support.
The market will answer our questions surrounding the next move soon.
Remember - patience pays…
See you again for the next update. - q
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