Qluster Research

Share this post
BTC/USD: Technical Outlook, Edition #7 (30/05/21)
research.qluster.co

BTC/USD: Technical Outlook, Edition #7 (30/05/21)

Patience or persistence - read on for more...

Qluster.co
May 30, 2021
3
Share this post
BTC/USD: Technical Outlook, Edition #7 (30/05/21)
research.qluster.co

Bitcoin is experiencing some lethargic price action over the weekend trading period. In these market conditions, it can be easy to mistake bullish set-ups for fake-outs and vice versa. 

Allowing more time for price to consolidate can sometimes identify other formations at play.

Our bullish Head and Shoulders argument has become less likely overnight, as a potential right shoulder broke down further from USD 37K to USD 33K. In doing so, BTC/USD revealed the formation of a new pennant taking the shape of a symmetrical triangle. 

The triangle is approximately 80% complete, meaning Bitcoin will soon attempt either a break up to USD 41K or down towards USD 30K or less. 

Further, Bitcoin dominance (BTC.D)

This dominance has lately been rising steadily, so the market could be anticipating a dominance play with this next break. Trading altcoins maybe be a better idea until after this pennant has finish consolidating. 

See you again for the next update.

- q

Follow us for more detailed analysis on all markets, including Decentralised technology:

Subscribe to our newsletter, with daily content free for a limited time only:

https://research.qluster.co/

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


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.

Comment
Share
Share this post
BTC/USD: Technical Outlook, Edition #7 (30/05/21)
research.qluster.co

Create your profile

0 subscriptions will be displayed on your profile (edit)

Skip for now

Only paid subscribers can comment on this post

Already a paid subscriber? Sign in

Check your email

For your security, we need to re-authenticate you.

Click the link we sent to , or click here to sign in.

TopNewCommunity

No posts

Ready for more?

© 2022 Qluster Research
Privacy ∙ Terms ∙ Collection notice
Publish on Substack Get the app
Substack is the home for great writing