BTC/USD, Technical Outlook, Edition #67 (31/07/21)
Overzealous selling at USD 40K resistance without volume, Bitcoin seizes bears by the shorts with a squeeze up to USD 42K.
This explosive bounce from USD 29K is sure to impress despairing buyers hoping for a glimmer of respite.
However, it is crucial to remain vigilant against the infatuations of optimism - seducing frustrated speculators from the faithful embrace of proper due diligence.
This bounce from USD 29K, albeit impressive, does not offer reliable confirmation of a bullish reversal until BTC/USD flips the D1 200MA (BLUE) into support at USD 44.5K.
Bitcoin, BTC/USD - Daily (D1)
We enter the "no-trade-zone".
Bitcoin approaches downward sloping resistance, which still appears to be forming one massive descending triangle.
Usually, this is a bearish pennant by nature.
Thus, when BTC/USD trades near significant resistance, altcoins and their /BTC trading pairs tend to sustain relief bounces.
Bitcoin Dominance, BTC.D - Daily (D1)
Ethereum vs. Bitcoin, ETH/BTC - Daily (D1)
Q's Conclusion
Should BTC.D fall while BTC/USD consolidates at resistance, ETH/BTC will likely break up.
Succumbing to FOMO and jumping the gun can prove costly - resist the temptation and keep trigger fingers at bay.
"Patience is bitter, but its fruit is sweet" - Rousseau
See you again for the next update.
- q
This explosive bounce from USD 29K is sure to impress despairing buyers hoping for a glimmer of respite.
However, it is crucial to remain vigilant against the infatuations of optimism - seducing frustrated speculators from the faithful embrace of proper due diligence.
This bounce from USD 29K, albeit impressive, does not offer reliable confirmation of a bullish reversal until BTC/USD flips the D1 200MA (BLUE) into support at USD 44.5K.
Bitcoin, BTC/USD - Daily (D1)
We enter the "no-trade-zone".
Bitcoin approaches downward sloping resistance, which still appears to be forming one massive descending triangle.
Usually, this is a bearish pennant by nature.
Thus, when BTC/USD trades near significant resistance, altcoins and their /BTC trading pairs tend to sustain relief bounces.
Bitcoin Dominance, BTC.D - Daily (D1)
Ethereum vs. Bitcoin, ETH/BTC - Daily (D1)
Q's Conclusion
Should BTC.D fall while BTC/USD consolidates at resistance, ETH/BTC will likely break up.
Succumbing to FOMO and jumping the gun can prove costly - resist the temptation and keep trigger fingers at bay.
"Patience is bitter, but its fruit is sweet" - Rousseau
See you again for the next update.
- q
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