BTC/USD, ETH/USD, XAG/USD (Silver), BTC.D (Bitcoin Dominance): Technical Outlook, Edition #44 (07/07/21)
Bitcoin stuck in a range, alt-coins creeping back in the limelight - it's time to put XAGUSD (Silver) back in the spotlight! Read the latest update on price-action with today's technical forecasts
Silver, an attractive alternative to choppy crypto price-action?
Bitcoin remains tentative as price action continues bouncing, wedged within a near-symmetrical pennant, on the H4 BTC/USD chart below.
Bitcoin, BTC/USD - 4 Hour (H4)
When BTC/USD trades within a range - keep track of the Bitcoin Dominance (BTC.D) and start scouting for altcoin set-ups.
Bitcoin Dominance, BTC.D - 4 Hour (H4)
The overall structure for BTC.D is still bullish and appears to be cooling off after a reversal up to 48.xx%.
Buyers losing steam may be why Ethereum and Altcoins are seeing relief rallies - while Bitcoin continues consolidating and as BTC.D falls.
Let us demonstrate this relationship using the H4 ETH/BTC and ETH/USD graphs as a reference.
Ethereum, ETH/BTC - 4 Hour (H4)
Ethereum, ETH/USD - 4 Hour (H4)
Ethereum is an excellent proxy for altcoin sentiment.
If ETH/BTC is rising, then chances are many altcoins out there in the market.
As BTC.D approaches uptrend support around 44% dominance, this altcoin relief may be short-lived and an exit pump before trading back into BTC - if BTC.D rallies higher.
Silver is also looking bullish and presents another trade idea for those who may want to steer clear of cryptocurrency.
Silver, XAG/USD - 4 Hour (H4)
See you again for the next update. - q
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