BTC/USD, XAU/USD (Gold), XAG/USD (Silver): Technical Outlook, Edition #47 (10/07/21)
Bitcoin buyers return with conviction, precious metals gearing up for a robust Monday open. Beware the dangers of trading low volume crypto markets over the weekend sessions and read more now...
Bitcoin buyers return with conviction, precious metals gearing up for a robust Monday open
Bitcoin claws its way above USD 33K, and the bulls breathe a sigh of relief as BTC/USD consolidates under resistance around USD 34K.
Bitcoin, BTC/USD - 4 Hour (H4)
A bullish breakout would appear like the forecast above, price breaks above sloped resistance and then re-tests the trendline for support to flip it.
Conversely, the bearish forecast depicts price rejecting the sloping resistance and consequently loses uptrend support.
Weekends tend to be unpredictable when determining the next logical walk for BTC/USD. The temporary absence of large US trading exchanges, CBOE, and CME causes a significant reduction in trading volume.
If in doubt, it's wise to play it safe - avoid the risk and let BTC/USD steer you through the choppy conditions.
In addition, Gold (XAU) and Silver (XAG) ended their U.S Friday Close above support which bodes well for the Sydney Open on Monday at 10 AM AEST.
Today's edition spotlight forecasts feature both the H4 XAU/USD and H4 XAG/USD charts, outlined below:
Gold, XAU/USD - 4 Hour (H4)
Silver, XAG/USD - 4 Hour (H4)
As the proverb says...
Time and tide wait for no one
While waiting for conditions to settle, a good fisherman readies their gear and waits patiently for the next opportunity to land a keeper.
Let the tide work for you before casting out.
See you again for the next update. - q
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