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.
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)
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
Follow us for more detailed analysis on all markets, including Decentralised technology. Check out the links below
Subscribe to our newsletter, with daily content free for a limited time only:
Join our Facebook group and speak with likeminded traders:
Like our Facebook page for future updates:
Follow us on LinkedIn for future updates:
Keep up with us on Twitter:
The information on this website is for general information purposes only. It is not intended as legal, financial and/or investment advice and should not be construed and/or relied on as such. Before making any commitment of a legal and/or financial nature you should seek advice from a qualified and registered legal practitioner and/or financial and/or investment adviser. No material contained within this website should be construed or relied upon as providing recommendations in relation to any legal and/or financial product. Qluster does not recommend and/or endorse products and does not receive remuneration based upon investment and/or other decisions