BTC/USD, ETH/USD, XAG/USD (Silver): Technical Outlook, Edition #41 (04/07/21)
Bulls have the upper hand on price-action, Ethereum showing signs of confidence. Read Q's technical forecasts now and check out the teaser for this week's Silver (XAG/USD) Spotlight in the conclusion
Bulls appear to overwhelm bears and fortify support for a potential extended move to the upside
Bitcoin breaks above USD 35K as the buyers, currently overpowering the sellers, will now actualise this zone as support before attempting a move higher.
Once the bulls have secured USD 35K, they will aim to take on the H4 .618 Fibonacci retracement zone around USD 37K.
Q's Technical Forecast - Bitcoin
We've depicted this trading idea below using the H4 BTC/USD chart.
Bitcoin, BTC/USD - 4 Hour (H4)
On the other hand, Ethereum leads the way as the ETH/USD trading pair breaks above its H4 .618 Fibonacci zone at USD 2.3K.
A rally for ETH bodes well for Bitcoin as it lags behind Ethereum, eyeing off a similar break up to USD 37K.
Ethereum, ETH/USD - 4 Hour (H4)
Ethereum approaches resistance at USD 2.4K after its break above USD 2.3K and must not close below USD 2.2K.
Conversely, Bitcoin may be a better buy opportunity if it decides to close the gap on Ethereum and break up to USD 37K.
Stay tuned for our Silver (XAG/USD) Spotlight this week!
Don't miss our daily alerts and subscribe to the Technical Outlook email list - we've planned extensive Silver (XAG/USD) coverage over the coming days.
We'll wrap up our weekend special with this teaser...
A break above USD 26.60 per ounce (oz) and XAG/USD may be gearing up for a break well above USD 27 per oz.
Silver, XAG/USD - 4 Hour (H4)
See you again for the next update. - q
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