US Oil, $DXY, DJI30, NDX, SPI500, BTC/USD, Technical Outlook, Edition #161 (14/12/2021)
Is the end nigh for the crypto bull market? Read on and see what to look out for in the latest price action analysis - featuring charts from Forex, Commodity, Stock & Crypto markets 👇
Qluster Research is a reader-supported publication. To receive new posts and support our work, consider becoming a free or paid subscriber 🤗
Everyone is a Genius in a Bull Market
Uncertainty and speculation come hand in hand quite frequently.
Despite the flurry of market punditry, Q remains faithful to objective technical analysis by overlooking the conflagration of opinions and conjecture.
Instead, it is critical to note that these corrections often require patience from the market - while awaiting discernable clues of impending action...
Qluster analysts observe a slump downside for Bitcoin, with retests of the 200-day moving average indicator (D1 200 MA) likely stoked a fear contagion spreading across other financial markets.
This prevailing market fear is likely due to the escalating Omicron outbreak.
Furthermore, it seems that rumours have taken hold with suggestions that Omicron is far more transmissible - and possibly able to bypass the current vaccines' efficacy - despite being less aggressive than the Delta variant.
As a result of publishing these headlines, the financial markets appear to respond with swift rejections of significant resistance levels. Updating from Edition # 160, the US Dollar Strength Index ($DXY) consolidates just under 96.50 points.
Q recognises the theoretical basis for suggesting the $DXY as a helpful indicator for technical practitioners trading across various markets.
One disregards the so-called 'Boomer Markets' at their peril...
Investing time to build an understanding of the relative strength between the mighty Greenback (USD) and other major fiat currencies can offer fresh insight for cryptocurrency traders - considering that the /USD trading pairs are usually the most liquid.
Notwithstanding, the US Dollar holds a commanding and often inversely correlated relationship with most asset markets as the world's preeminent reserve currency.
Hence, Qluster analysts consider resounding strength in the $DXY a persuasive argument for looming increases in sell-side pressure for these respective markets.
Q begins tonight's technical analysis with a selection of charts from currency (Forex), stock equity, and commodity markets below...
⭐ Read the rest of this article with Premium Access ⭐
Here's a 7-day free trial so you can do your own due diligence on Qluster Research 🚀
Cancel at any time. No hard feelings 🤗