BTC/USD, ETH/USD, DXY (US Dollar Index): technical Outlook, Edition #37 (30/06/21)
Bitcoin price surges to USD 35K... then loses its steam. Are the bulls able to overcome erratic $DXY price-action? Q answers these and more in this edition - check out the latest forecast now!
Bitcoin surged above its D1 20 EMA (GREEN) resistance and reached a high of USD 36.7K - before cooling off…
BTC/USD now sits around USD 35K, riding both D1 20 EMA (GREEN) and macro 0.5 Fibonacci retracement zone as newfound support.
A green-tinted block on the D1 BTC/USD chart intends to forecast the optimum entry on a BTC/USD pullback.
Bitcoin, BTC/USD - Daily (D1)
Conversely, Ethereum remains below its D1 20 EMA (GREEN), located at USD 2175.
If BTC/USD holds the line at USD 35K, then ETH/USD will likely follow and flip its D1 20 EMA into support.
We've mapped the expectation on the D1 ETH/USD chart below.
Ethereum, ETH/USD - Daily (D1)
Lastly, the $DXY (US Dollar Strength) has also paused its relief rally or short squeeze for the time being.
This consolidation bodes favourably for cryptocurrency, BTC/USD and ETH/USD pullbacks to their respective D1 20 EMA's might be a good opportunity for buyers to continue staggering entries.
US Dollar Currency Index, $DXY - Daily (D1)
Confidence will flow into Ethereum once Bitcoin edges higher and accepts USD 35K as support.
Until then, it is prudent to monitor the intentions of erratic $DXY price-action closely.
See you again for the next update. - q
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