BTC/USD, ETH/USD, ETH/BTC, Technical Outlook, Edition #152 (25/11/2021)

Bulls toss and bears turn - but who gets the blanket? 😬 Q discusses Bitcoin, Ethereum & the fickle EMA in tonight's technical outlook 👇

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Time for a bullish reversal - or bearish retest?

Whether temporary or otherwise, Bitcoin looks to be putting in a floor around USD 56K.

Analysis of recent price action adds more substance to the argument - that this is a double bottom...

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Q depicts a technical interpretation on the H4 BTC/USD chart below…


Bitcoin, BTC/USD - 4 Hour (H4)

This bounce could very well be short-lived - yes, pun intended - if Bitcoin cannot manage to reclaim the fickle 20-day exponential moving average (D1 20 EMA, GREEN).


Bitcoin, BTC/USD - Daily (D1)

Qluster analysts perceive the most likely scenario is a retest of horizontal resistance, both the 20-day exponential moving average (D1 20 EMA, GREEN) and 50-day moving average (D1 50 MA, RED), and the .236 Fib retracement zone - all qlustered around USD 59K – USD 60K. 

A zone with such massive confluence is bound to induce some volatility. 

Thus, what happens there will either set in motion a liquidity grab before further downside testing towards USD 53K.

Or, a bullish reversal above USD 60K should be the recovery required to spark a rally to new highs of approximately USD 75K. 

It is important to consider the risks of an adverse trend reversal. 

Bitcoin, BTC/USD - Daily (D1)

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Q attends to Ethereum now…


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

Observe the ETH/BTC trading pair edging ever closer to the pennant resistance pictured above. 

Qluster analysts depict technical forecasts for both bullish and bearish scenarios below.

If ETH/BTC achieves a close above - and then proceeds to send even higher - then ETH/USD will likely see upwards of USD 6K. 

Conversely, the market may witness a pullback to the .618 Fib pivot zone at 0.071826/BTC should ETH/BTC capitulate to the pennant.

Ethereum vs. USD, ETH/USD - Daily (D1)

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Q's Conclusion

Price action reveals all in due time. 

While restless fingers may long for action, one's trading purse will be thankful for seeking validation from objective due diligence. 

Patience is critical in allowing the markets to present robust evidence to confirm a bullish reversal - or bearish run downside...

How are you reading the charts? Leave a comment to let Q know 👇

See you again for the next update.

- q

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