BTC/USD, Technical Outlook, Edition #101 (11/09/2021)

Hungry bears continue to hunt for weary bulls - but is a break upside imminent? 🤔 Find out how to spot the clues of a possible breakout and plan your next move with the latest intel 👇

Bears ravage price action, Hope remains for buyers

Bitcoin deepens its consolidation to USD 45K.

Price action stumbled with a bearish re-test depicted below on the D1 BTC/USD graph - the 0.5 fib retracement level. 

Bitcoin, BTC/USD - Daily (D1)

Buyers face miserly prospects ahead after a daily candle close below the D1 200 Moving Average (BLUE), darkening the outlook for price action.

The situation is starting to look grim for the bulls.

Bitcoin, BTC/USD - Daily (D1)

Buyers need to step in soon and fund the support necessary to hold the D1 50 MA (RED). Furthermore, provisionary volume is critical to avoid a failed defence.

Otherwise, further trend decay is likely. 

Leave a comment

Bitcoin, BTC/USD - 4 Hour (H4)

Observe the H4 BTC/USD chart above, where Qluster analysts attempt to forecast a bullish bounce inside the symmetrical pennant forming. Recognise the sloped resistance also included. 

However, the pennant is doomed to break down without sufficient volume. 

Examine the H4 BTC/USD bearish forecast below for a balanced perspective. 

Share

Bitcoin, BTC/USD - 4 Hour (H4)


🚀 Explore the markets with exclusive content 🚀

Unlimited access to member articles, VIP Trade Ideas and much more with Qluster Research Premium

👇 Upgrade to 1 Year Premium Access from as little as 2 AUD per week 👇


Q's Conclusion

Bitcoin appears to be on the verge of a bullish breakout, although time will tell whether the event is short-lived or ends up having some legs higher.

For those speculating, keep an eye on Bitcoin to see whether there is a:

  1. Successful breakout 

  2. Confirmed bullish re-test with volume

Bitcoin, BTC/USD - 1 Hour (H1)

See you again for the next update.

- q

Leave a comment


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:

https://twitter.com/QlusterC

Share Qluster Research


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