BTC/USD, XAG/USD (Silver): Technical Outlook, Edition #45 (08/07/21)

Bitcoin bulls exposed to downside risk after losing USD 33K. Playing with fire might be fun, but it's just plain dangerous. Check out Q's forecasts for BTC price-action and the latest Silver Spotlight

Bitcoin loses some key ground to the bears as they retake USD 33K

USD 33K is the mid-line to a critical range, leaving the bulls wide open for a drop to USD 31K. 

The BTC/USD trading pair is now attempting to muster up enough buyers at local support to encourage a re-test of the USD 34K trendline resistance. 

Whether this incoming re-test is bullish or bearish, both buyers and sellers need to be prudent in managing risk and allocating capital - in case of oblivious buying mid-correction or selling at a potential bottom. 

We have done our best to map out the projected path for BTC/USD to follow below.

Please note that the forecast by no means encourages any trading activity – sometimes, no trade is the best trade! 

Be patient and wait for an entry at either support or resistance. 

Catching knives might be fun, but it's just bloody dangerous… 

However, Bitcoin looks more likely to break upwards and return to USD 43K than fall below USD 27K. 

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Bitcoin, BTC/USD - 4 Hour (H4)

Conversely, Silver is painting a little more direction as XAG/USD puts in a second higher-low (HL) which bodes well for another higher-high (HH) around 27 USD per/oz. 

Silver, XAG/USD - 4 Hour (H4)

Q's Conclusion

Do not force trades if you are a cryptocurrency maximalist. 

Look for opportunities elsewhere by diversifying and maintaining an open perspective to set-ups in additional markets.

See you again for the next update.

- q

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