BTC/USD, Technical Outlook, Edition #67 (31/07/21)
Overzealous selling at USD 40K resistance without volume, Bulls sigh with relief as Bitcoin yanks the pants off bears. Check out Q's latest forecasts and due diligence for the weekly session close now
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Overzealous selling at USD 40K resistance without volume, bears over-extended?
Bitcoin seizes bears by the shorts with a squeeze up to USD 42K
This explosive bounce from USD 29K is sure to impress despairing buyers hoping for a glimmer of respite.
However, it is crucial to remain vigilant against the infatuations of optimism - seducing frustrated speculators from the faithful embrace of proper due diligence.
This bounce from USD 29K, albeit impressive, does not offer reliable confirmation of a bullish reversal until BTC/USD flips the D1 200MA (BLUE) into support at USD 44.5K.
Bitcoin, BTC/USD - Daily (D1)
We enter the "no-trade-zone".
Bitcoin approaches downward sloping resistance, which still appears to be forming one massive descending triangle.
Usually, this is a bearish pennant by nature.
Thus, when BTC/USD trades near significant resistance, altcoins and their /BTC trading pairs tend to sustain relief bounces.
Bitcoin Dominance, BTC.D - Daily (D1)
Ethereum vs. Bitcoin, ETH/BTC - Daily (D1)
Q's Conclusion
Should BTC.D fall while BTC/USD consolidates at resistance, ETH/BTC will likely break up.
Succumbing to FOMO and jumping the gun can prove costly - resist the temptation and keep trigger fingers at bay.
"Patience is bitter, but its fruit is sweet" - Rousseau
See you again for the next update. - q
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