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)

Bitcoin, BTC/USD - 4 Hour (H4)

Bitcoin, BTC/USD - 1 Hour (H1)

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)

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)

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)

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)

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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