BTC/USD, ETH/USD, BTC.D (Bitcoin Dominance) Technical Outlook, Edition #55 (18/07/2021)
Bitcoin bulls continue to defend this dangerous level, and altcoins are suffering as Bitcoin dominance continues to grow. Can bears finally break through the support and drive Bitcoin lower?
Bitcoin defends a close below USD 31K and consolidated nicely after three failed attempts from the bears on the H4 BTC/USD chart below.
Bitcoin, BTC/USD - 4 Hour (H4)
These recent bounces along major local support is a decent sign of life that buyers are still around. However, BTC/USD requires a close above USD 33K before our bulls have any chance of a reversal higher.
Ethereum, ETH/USD - 4 Hour (H4)
If we extend our analysis to the ETH/USD trading pair, Ethereum must clear USD 2040 before a reversal is on the cards.
Structurally speaking, ETH/USD does appear sounder than BTC/USD, although, after peering at the BTC.D chart, it may be a better idea to let Bitcoin do the steering before touching altcoins.
Bitcoin, BTC/USD - 1 Day (D1)
Bitcoin Dominance is a great altcoin indicator. Generally, as Bitcoin gains market cap dominance, many altcoins, especially medium to low cap coins/tokens, begin to fail as market participants begin to consolidate into bigger caps for a safer position.
The bulls are defending the line against bears, and we are still trading within a tight range. So it would be wise to avoid trying to go in in such a tight range. However, the dropping volume and BTC.D climbing could give us hints as to where the market might be heading.
See you again for the next update. - q
Follow us for more detailed analysis on all markets, including Decentralised technology. Check out the links below
Subscribe to our newsletter, with daily content free for a limited time only:
Join our Facebook group and speak with likeminded traders:
Like our Facebook page for future updates:
Follow us on LinkedIn for future updates:
Keep up with us on Twitter:
The information on this website is for general information purposes only. It is not intended as legal, financial and/or investment advice and should not be construed and/or relied on as such. Before making any commitment of a legal and/or financial nature you should seek advice from a qualified and registered legal practitioner and/or financial and/or investment adviser. No material contained within this website should be construed or relied upon as providing recommendations in relation to any legal and/or financial product. Qluster does not recommend and/or endorse products and does not receive remuneration based upon investment and/or other decisions