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. - q
Follow us for more detailed analysis on all markets, including Decentralised technology. Check out the links below
Join our Facebook group and speak with likeminded traders:
https://www.facebook.com/groups/156981244915722
Like our Facebook page for future updates:
https://www.facebook.com/qlusterco
Follow us on LinkedIn for future updates:
https://www.linkedin.com/company/qluster-co/?viewAsMember=true
Keep up with us on Twitter:
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
Create your profile
Only paid subscribers can comment on this post
Check your email
For your security, we need to re-authenticate you.
Click the link we sent to , or click here to sign in.