BTC/USD, ETH, Silver: Technical Outlook, Edition #44 (07/07/21)

Bitcoin remains tentative as price action continues bouncing, wedged within a near-symmetrical pennant, on the H4 BTC/USD chart below. 

Bitcoin, BTC/USD - 4 Hour (H4)



When BTC/USD trades within a range - keep track of the Bitcoin Dominance (BTC.D) and start scouting for altcoin set-ups. 

Bitcoin Dominance, BTC.D - 4 Hour (H4)



The overall structure for BTC.D is still bullish and appears to be cooling off after a reversal up to 48.xx%.

Buyers losing steam may be why Ethereum and Altcoins are seeing relief rallies - while Bitcoin continues consolidating and as BTC.D falls. 

Let us demonstrate this relationship using the H4 ETH/BTC and ETH/USD graphs as a reference. 

Ethereum, ETH/BTC - 4 Hour (H4)



Ethereum, ETH/USD - 4 Hour (H4)



Ethereum is an excellent proxy for altcoin sentiment. 

If ETH/BTC is rising, then chances are many altcoins out there in the market. 

Q's Conclusion

As BTC.D approaches uptrend support around 44% dominance, this altcoin relief may be short-lived and an exit pump before trading back into BTC - if BTC.D rallies higher. 

Silver is also looking bullish and presents another trade idea for those who may want to steer clear of cryptocurrency. 

Silver, XAG/USD - 4 Hour (H4)



See you again for the next update.

- q