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LTC/USD, ETH/USD, BTC/USD, Technical Outlook, Edition #93 (31/08/21)
research.qluster.co

LTC/USD, ETH/USD, BTC/USD, Technical Outlook, Edition #93 (31/08/21)

Spring comes early for crypto bulls - will it be Open Season on bears soon? 🤔 Join Q for a breaking review of dip-buying, looming technical powerplays and the 'Sleeping Lion'...

Qluster.co
Aug 31, 2021
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LTC/USD, ETH/USD, BTC/USD, Technical Outlook, Edition #93 (31/08/21)
research.qluster.co

Buyers kick into gear as Bitcoin consolidates at retracement zone

Bulls spring to life with the optimistic sideways consolidation presenting some excellent dip-buying opportunities. 

Meanwhile, the 0.5 fib retracement zone at USD 46.8K continues to hold.

Sustaining both the D1 20 EMA (GREEN) and D1 200 MA (BLUE) adds bullish confluence to the zone - while the BTC/USD trading pair maintains consolidation overhead.

Price action must now climb above USD 49.2K, where a successful recapture may inspire a further leg up to the .618 fib retracement zone at USD 51K.

Bitcoin, BTC/USD - Daily (D1)

TradingView Chart

Bitcoin, BTC/USD - 4 Hour (H4)

TradingView Chart

Bitcoin, BTC/USD - 1 Hour (H1)

TradingView Chart

The hourly BTC/USD chart above illuminates the significant value of achieving above USD 49K.

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Now, looking to Ethereum...

Qluster analysts underscore that beyond the bullish consolidation, the second-largest cryptocurrency appears to be the leader of the two. 

Ethereum, ETH/USD - Daily (D1)

TradingView Chart

The ETH/USD trading pair surfaces from its channel and endeavours to qualify a rally up to USD 3.7K - the next major resistance zone. 

However, buyers must first secure a daily close above the .618 fib retracement level at USD 3.36K for this perspective to carry any substance.

Ethereum vs. Bitcoin, ETH/BTC - Daily (D1)

TradingView Chart

The cross pair re-affirms technical bullishness as ETH/BTC breaks out of downward sloping resistance. 

Following a successful breakout, price distribution appears primed and ready to tackle the .618 fib retracement zone at 0.072216 SAT.

Litecoin: The ‘Sleeping Lion’

Litecoin, LTC/USD - Daily (D1)

TradingView Chart

From a risk to reward perspective, Litecoin is attractive but price action remains bashful.

While it is the most enticing of the three cryptocurrencies reviewed in tonight’s report, Qluster analysts emphasise its present dormancy.

A proverb for Litecoin short-sellers mistaking hibernation for vulnerability…

Wake not a ‘Sleeping Lion’

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Litecoin vs. Bitcoin, LTC/BTC - Daily (D1)

TradingView Chart

Qluster analysts intend to observe Litecoin closely as it continues consolidating.

See the LTC/BTC breakout and retest forecasts above - pending a flip of both the D1 20 EMA (GREEN) and D1 50 MA (RED) into support. 

Q’s Conclusion

In light of the technical analysis, cryptocurrency seems to remain bullish, with BTC/USD price action approaching the conclusion of its consolidation period.

It is truly incredible what can occur within 24 hours, simply by being patient and waiting for the market to produce added confirmation.

Our regular readers must now understand patience’s pivotal role in being a calm and collected technical practitioner.

See you again for the next update.

- q

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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 

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LTC/USD, ETH/USD, BTC/USD, Technical Outlook, Edition #93 (31/08/21)
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Mac
Aug 31, 2021Liked by Kanj Kanj

Keep it up Grif!

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