BTC/USD, Technical Outlook, #97 (06/09/21)
Bye, resistance 💁♀️ Bitcoin storms past USD 51K - expect turbulence soon! Start the new trading session strong and navigate any rough waters with your trusty crypto guide, Q 🚀
Turbulent price action ahead, BTC stumbles into messy pivot zone
Bitcoin surges past USD 51K resistance.
Price action now looks to flipping the .618 fib retracement level into support.
The D1 BTC/USD chart below depicts resistances zones with an M marked for Major resistance.
Before achieving a successful bullish retest, decisive candle closes are the final confirmation required to see USD 57K.
Bitcoin, BTC/USD - Daily (D1)
Now, moving to the H4 BTC/USD chart…
Bitcoin, BTC/USD - 4 Hour (H4)
The .618 is a messy pivot zone.
Prepare for boat rocking while bulls and bears struggle for control.
Chasing Bitcoin here is risky. Entering on fresh highs typically results in unfortunate outcomes for traders oblivious to the risks.
Q's Conclusion
Avoid the temptation to rationalise the irrational.
Even famished predators must lie in wait patiently, lest they spoil the hunt - and remain hungry.
Let the market breathe and present more reasonable entries.
The same goes for trading altcoins; move stop losses up into profit and permit them to run if you wish.
See you again for the next update.
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