BTC/USD, ETH/USD: Technical Outlook, Edition #13 (05/06/21)
Do we see a potential bullish breakout...? Let's talk about the possibility of weekend Twitter madness
Let’s look at Bitcoin
As far as false breakouts appear during a Bitcoin consolidation, that was not too choppy or bloody. Elon's word seems to be having less of a dent on price action in this market, possibly?
Now, if he can focus on building a rocket and take himself to Mars and resist not tweeting about Bitcoin over the weekend, then there is a fair bit of bullish confluence to be discussed using the BTC/USD H4 chart below.
Our bulls stepped in at the right time yesterday to ensure BTC/USD did not close below the pennants midline and the H4 50 MA (moving average). Thanks to their brilliant defending, this translated into a higher low on both the pennants' structure and RSI (relative strength index).
Moving forward, ETH/USD is also looking bullish. The expectations of an upside breakout are visualised below, should Bitcoin behave itself.
See you again for the next update.
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:
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 by our email recipients, publications, newsletter or website users.