BTC/USD, XAG/USD (Silver): Technical Outlook, Edition #19 (11/06/21)

Wyckoff Accumulation - can the Bitcoin bulls maintain uphill momentum? Find out the possible outcomes and be well-prepared to face any price action curveballs

Bitcoin ran out of bullish momentum around USD 38.5K, where the H4 .618 fib retracement level stood firm. As a result, we can see price action setting another lower higher (LH). 

The bulls now need to defend both the H4 50 MA (Moving Average) at USD 36.5K and the macro 0.5 fib retracement level around USD 34K. 

If successful, then it may result in the higher low (HL) our bulls require for a shift in market structure to encourage a bullish reversal. 

Conversely, Bitcoin could be at risk of another drop to USD 30K should it fail to create support above USD 34K - placing the bears firmly in control.

The Wyckoff Accumulation Schematic #1 remains intact, offering a persuasive argument for bullish confluence:

Let's simulate the possibilities with BTC/USD chart analysis

The two scenarios, bullish and bearish, have been mapped below using the H4 BTC/USD chart: 


Q's Conclusion: 

Due to the lack of change in bearish market structure, we have yet to see any indication of a potential bullish reversal up to USD 46K. This waiting game may drive speculators to look for better trade opportunities in other asset classes. 

Patience pays…

Silver is one of these brilliant looking set-ups to consider, as a gargantuan bull-flag gears up for a break to USD 35 per ounce on the 1W XAG/USD chart

XAG/USD chart:

See you again for the next update.

- q

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