BTC/USD, Technical Outlook, Edition #110 (24/09/2021)

The Cautious Dove - Fed Chair Powell breathes a glimmer of life across the markets and on Bitcoin charts 🤗 Gain the latest insights and prepare for the weekend session ahead 👇

Fed Chair Powell breaking up with Money Printer - maybe it’s transitory?

Bitcoin bounces higher and steams headfirst into major resistance.

Price recovery initiated after bulls successfully defended a close at USD 42.5K - below the .382 fib retracement level. 

Bitcoin, BTC/USD - Daily (D1)

Markets saw glitters of revival following US Federal Reserve Chairman Jerome Powell’s cautiously dovish statement at the latest Federal Open Market Committee (FOMC). 


Did you miss the background research...?

Understand the complete picture and catch up on the latest FOMC release and on-chain data analytics in last night’s report 👇

Qluster Research
FOMC & Cryptocurrency: On-chain Outlook, Edition #11 (23/09/2021)
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Recent price action is still far from bullish - the uphill battle starts by reclaiming USD 45K. 

Once support around the D1 200 MA (BLUE) has been established, Bitcoin may seek an upside endeavour to USD 46.8K - the 0.5 fib retracement level.

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Bitcoin, BTC/USD - Daily (D1)

Qluster analysts observe the bullish breakout and retest depicted above to guide expectations after the bounce from USD 41K. 

Conversely, a bearish continuation down to USD 38K or lower is likely - if the market rejects Bitcoin above USD 45K.

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Bitcoin, BTC/USD - Daily (D1)

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Bitcoin, BTC/USD - 4 Hour (H4)

The cryptocurrency ecosystem appears shaken following a miscellaneous week of results amidst the September scheduled jamboree of the FOMC. 


Q’s Conclusion

Affirmative candle closes are of critical importance throughout this range.

Weekend markets are beguiling to the time-rich speculator. However, misplaced trust in weekend price action often accelerates the lightening of one’s trading purse. 

In many cases - what initially manifests as a breakout rewards the unwary by candidly reversing on the following Monday.

Before heading into the weekend trading session, Q notes Silver (XAG/USD)...

Qluster Research
XAG/USD, Silver Trade Idea & Precious Metals Update with Nikolai Bull
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Qluster Research Premium Readers can expect delivery of a detailed technical assessment and updated chart examinations soon.

See you again for the next update.

- q

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