BTC/USD, Technical Outlook, Edition #70 (04/08/21)
Bitcoin price-action remains stifled at sloped resistance, bullish breakout remains unconfirmed. Undress the requirements for a bullish re-test and gear up with daily due diligence. Subscribe now!
Bitcoin hovers around the .382 fib retracement zone at USD 37.5K, pinned down by some minor sloped resistance
Whenever BTC/USD approaches a key pivot zone and coils tightly under resistance, it is generally safe to anticipate an impulse wave up or down.
Bitcoin, BTC/USD - 1 Hour (H1)
A bullish impulse would see an initial break above the sloped resistance followed by a bullish re-test.
Sufficient volume is required to support the re-test from breaking down again.
Conversely, sellers would be looking to target a drop to USD 35K if BTC/USD fails to break up and/or re-test the resistance - and flipping it into support.
As the Ethereum hard fork approaches, the market as a whole may see a significant correction as ETH breaks down in the proceeding “buy the rumour, sell the news” reaction.
Hence, it’s important not to take any significant positions until it is easy to determine how the market has reacted to the network upgrade.
We look to prevent finding ourselves stuck on the wrong side of the market if something goes wrong or in the event of delays.
The team favours an impulse break to the upside due to the significance of the .382 pivot zone.
However, this will not be confirmed until a breakout, and bullish re-test occurs first.
Remember, patience pays in uncertain markets.
See you again for the next update. - q
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