BTC/USD, XAU/USD (Gold): Technical Outlook, Edition #24 (16/06/21)

Bitcoin continues to consolidate and the stakes are high for bulls. Let's hammer out an in-depth and comprehensive review of BTC's possible future price - featuring Wyckoff chart overlay & more

Bulls approach a critical juncture - they must not falter during this consolidation

Let's not waste any time now.

We’ll start this deep dive with an hourly H1 chart. 

BTC/USD - 1 Hour (H1) 

Not surprisingly, buyers have been knocked down twice from USD 41K resistance due to the macro .382 fib retracement zone lying above and acting as a supply zone. 

Exacerbating the struggle to break through resistance, Bitcoin is approaching the D1 200 Moving Average (MA) located around USD 42K, and the D1 50MA is not far above at USD 43K. 

BTC/USD - Daily (D1) 

In other words, there's some work to get done before BTC/USD has a shot at USD 46K. 

The Wyckoff Accumulation Schematic 1 has been playing out nicely and appears to now be entering Phase D.

Take a look below at the overlay on the H4 BTC/USD chart. 

BTC/USD WYCKOFF Accumulation Schematic #1 - Overlay 4 Hour (H4)

A bullish retest on the H4 50 and 200 MA's align nicely with a potential pullback to USD 38K.

Now, moving on to the next segment of this technical deep dive...

We've previously looked at the apparent inverse relationship between the traditional and modern hedges against inflation:

Gold (XAU) and BTC

Don't worry if you missed our previous edition - we've included the link to the article in the footnotes of this article.

This zone may provide an attractive entry for those who are sidelined and prefer to stagger their entries. 

To the more savvy traders, our BTC/USD and XAU/USD inverse correlation could also be an opportunity for the Gold traders to swing trade if Bitcoin goes through a further correction.

If the relationship sticks then gold and silver are a good hedge if you don't want to sell BTC.

Gold (XAU/USD) - Daily (D1) 

Silver (XAG/USD) also uses Gold's performance as a tailwind and is the more volatile of the two metals...

Our weekly W1 chart intends on playing the breakout that is manifesting over the coming weeks. Make sure to stay tuned for more as the situation unfolds.

See you again for the next update.

- q


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Check out the previous edition for a detailed explanation of the inverse relationship between Gold (XAU) and Bitcoin

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