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).

Ethereum Outlook

Moving forward, ETH/USD is also looking bullish. The expectations of an upside breakout are visualised below, should Bitcoin behave itself.

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