LTC/USD, BTC/USD, Technical Outlook #96 (04/09/21)
Another one called by Q - Litecoin blasts through USD 215 🚀 Wrap up the weekly trading session with the latest intel and chart forecasts. Plan your next move now 👇
Bullish price action on Litecoin, Bitcoin - a further break upside imminent?
The wait is on as Bitcoin consolidates at USD 51K - under the .618 fib retracement resistance.
Price action continues to experience bullish pullbacks making higher lows with each successive advance.
Bitcoin, BTC/USD - Daily (D1)
Recent editions of the Technical Outlook explore the Golden Ratio, also known as:
The Golden Ration guides nature - bending even the financial markets to conform to its will…
Qluster analysts underscore that Bitcoin is no exception.
The behaviour of the BTC/USD trading pair around .618 has been promising thus far. However, it is too early to pass judgement on an upside continuation to USD 57K.
Allow price action to confirm an extended upside move by flipping the .618 into support.
Bitcoin, BTC/USD - 4 Hour (H4)
Bulls have an arduous yet straightforward task in advancing support for a continued uptrend.
As long as the BTC/USD continues closing above USD 49.2K on the H4 timeframe, this trend should continue above USD 51K.
Bitcoin, BTC/USD - 4 Hour (H4)
Ensuring an objective and comprehensive assessment of the technicals, Qluster analysts provide an idealised 'worst-case' scenario for the bulls above.
If this uptrend support does not hold, remain vigilant for a retest of USD 46.8K - the 0.5 fib retracement level.
Wrapping up tonight's Bitcoin analysis in this weekend edition of the Technical Outlook, Qluster analysts make a special mention to Litecoin.
In our recent article, the technical forecast offered a warning to bears contemplating a short on Litecoin:
Wake not a sleeping lion...
Since publishing, it appears someone poked the lion - Litecoin is awake and hungry.
Review a breakdown of the next move for Litecoin and evaluate the technical summaries noted below each chart:
Litecoin vs. Bitcoin, LTC/BTC - Daily (D1)
Buyers successfully took the 0.236 fib retracement zone and currently looks to be in consolidation.
Look to the H4 below and examine the progression of consolidation
Litecoin vs. Bitcoin, LTC/BTC - 4 Hour (H4)
Qluster analysts note a bullish H4 chart, with candle closes above the 0.236 fib retracement level boding well for the consolidation.
Litecoin vs. Bitcoin, LTC/BTC - 1 Hour (H1)
Observe the flag progresses along nicely, with a break upside beginning to manifest.
Litecoin, LTC/USD - Daily (D1)
LTC/USD blasted above the D1 200MA.
Price action appears determined to flirt with the 0.5 fib retracement level at USD 257.
A word of caution to those considering a foray in weekend trading - the markets happily oblige generous donations from impatient traders.
Avoid chasing pumps during illiquid weekend conditions and regulate potential dip-buying to bullish consolidations.
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
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