BTC/USD, Technical Outlook, Edition #99 (09/09/21)

Bitcoin bloodbath as El Salvador makes it a legal tender... Navigate uncertain waters with Q's latest intel and chart forecasts 🔑 BONUS - Celebrating edition 99 with a special announcement 🤩

Bears ravenous for beef as Bitcoin becomes legal tender of El Salvador

Bitcoin shit the bed - really bad...

BTC/USD dived roughly -20% after a failed re-test at USD 51K - the .618 fib retracement level.

The sudden bearish reaction follows the news that El Salvador had made the digital asset legal tender.


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Bitcoin, BTC/USD - Daily (D1)

Observe the D1 close below USD 46.8K - the 0.5 fib retracement level.

While this behaviour is bearish, some bullish confluence below is represented by the D1 50 (RED) and 200 (BLUE) moving averages. 

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Bitcoin, BTC/USD - Daily (D1)

Using the D1 BTC/USD above, Qluster analysts attempt to identify hotspots of confluence and perceive a relatively neutral playing field at present.

Thus, it goes without saying, bulls need to retake USD 46.8K and flip the 0.5 fib retracement level into support.

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Bitcoin, BTC/USD - 4 Hour (H4)

Now, breaking down the bullish and bearish scenarios...

Commence with the bullish 'A' breakout, which would see the BTC/USD pair break out above sloping resistance. 

Price action must then aim to close above USD 46.8K tomorrow morning. If successful, a continuation may see Bitcoin extend to USD 49K. 

The Market must accept the price to qualify for another attempt at USD 51K - in other words, flip resistance into support at .618.

Conversely, a bearish rejection of the sloped resistance around USD 46K would see the potential for a leg down to USD 42K, where bulls must hold the line at USD 42.5K - the .382 fib retracement level.


Q's Conclusion

As the struggle between buyers and sellers intensifies, prepare for things to get spicy.

Should the D1 200 MA continue holding as support at USD 46K, then it may provide the opportunity for an impulse bounce up to USD 48 - 49K

Failure to hold the D1 200 MA will likely result in a further selling frenzy.

See you again for the next update.

- q

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