ICP/USDT, BTC/USD, ETH/BTC, BTC.D, Technical Outlook, Edition #143 (09/11/2021)
📣 Special announcement in Q's Conclusion - but first, dive into the latest market research and price action forecasts in tonight's edition of the Technical Outlook 👇
Bulls buck their way to new highs, Bitcoin hits USD 68K
Q opens tonight's research with a dilemma that lingers on the minds of hopeful bulls.
Now that Bitcoin has rallied to new highs, is the next stop the Fibonacci 1.618 extension level?
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Bitcoin, BTC/USD - Daily (D1)
Qluster analysts note that the pullback in ETH/BTC dominance - which appears to have decreased from 19.5% to 18.5% in the last 24 hours - might be attributable to the most recent rally.
In other words, speculators wishing to participate in the rally may have effectively sold Ether in exchange for Bitcoin. The markets conceptualise this flow of cryptocurrency as found in price action.
The byproduct of this rotation between digital assets is an increase in the available supply of Ether. Accordingly, a basic awareness of supply and demand suggests this will likely result in corresponding upward pressure on Bitcoin demand.
Q attempts to identify this dynamic relationship by referencing Bitcoin Dominance (BTC.D) and the ETH/BTC cross pair.