BTC/USD,ETH/USD, Technical Outlook, Edition #61 (24/07/21)

Bulls come back with a vengeance, will they be able to sustain the weekly rally? A fresh wave of coronavirus infections around the world could put a damper on the global bull market.

Bitcoin makes a break for USD 34K and now looks to re-test USD 32.5K after flipping the resistance zone, which must be confirmed as support.

Bitcoin, BTC/USD - 4 Hour (H4)

This bullish forecast has been mapped above, and buyers await the re-test eagerly after waiting so patiently.

A well-timed death punch from our bears down to USD 30K would likely cause capitulation… and in markets, anything can happen. So, what does all this translate to?

Well, it is referred to as not getting caught with your pants down… play both sides of the market and keep your net exposure in favour of the current trend but hedging at the most obvious resistance or support.

Bitcoin, BTC/USD - 4 Hour (H4)

Ethereum, ETH/USD - 4 Hour (H4)

Moving forward, we extend our lens to Ethereum once again, more specifically the ETH/USD trading pair and can see that it tapped USD 2150, kissing the .618 fib retracement zone perfectly.

Both bullish and bearish expectations have been mapped out below. Let ETH/USD consolidate around the .618 zone first before becoming overly bullish. Conversely, if Bitcoin meets a bull trap, then Ethereum is surely to follow.

Q’s Conclusion

The bulls continue to push Bitcoin higher over the weekend. A fresh wave of bullish news is rallying the markets. However, it’s best not to get complacent in times of turbulence, to avoid being caught on the wrong side of the market.

See you again for the next update.

- q

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