BitcoinShort
BTC/USD. ETH/USD, XAU: technical Outlook, Edition #38 (01/07/21)
Bitcoin ran out of bullish momentum around USD 35K while attempting to flip the D1 20 EMA (GREEN) into support
This stumble resulted in the BTC/USD trading pair falling nearly 5%, and bulls risk a further drop if bears achieve a daily close below USD 33K.
Plotted below on the D1 BTC/USD chart, we can see this stark rejection and why a daily close below USD 33K could lead to more bloodshed.
Bitcoin, BTC/USD - Daily (D1)
Further to this, the H4 BTC/USD chart depicts a nasty .618 Fibonacci retracement retraction from the last swing high at USD 41K.
Bitcoin, BTC/USD - 4 Hour (H4)
Ethereum has also ripped into resistance at USD 2.3K.
One can also see bearish divergence forming on the RSI as ETH/USD reaches higher highs price while the RSI makes higher lows.
Ethereum, ETH/USD - 4 Hour (H4)
Q's Conclusion
Cryptocurrency appears undecided for now; price action has been very choppy and shows signs of a liquidity crisis.
Digital assets aside, XAG/USD (Silver) is looking far more bullish as it makes a break past the sloped resistance pictured below…
Silver, XAG/USD - 4 Hour (H4)
See you again for the next update.
- q
This stumble resulted in the BTC/USD trading pair falling nearly 5%, and bulls risk a further drop if bears achieve a daily close below USD 33K.
Plotted below on the D1 BTC/USD chart, we can see this stark rejection and why a daily close below USD 33K could lead to more bloodshed.
Bitcoin, BTC/USD - Daily (D1)
Further to this, the H4 BTC/USD chart depicts a nasty .618 Fibonacci retracement retraction from the last swing high at USD 41K.
Bitcoin, BTC/USD - 4 Hour (H4)
Ethereum has also ripped into resistance at USD 2.3K.
One can also see bearish divergence forming on the RSI as ETH/USD reaches higher highs price while the RSI makes higher lows.
Ethereum, ETH/USD - 4 Hour (H4)
Q's Conclusion
Cryptocurrency appears undecided for now; price action has been very choppy and shows signs of a liquidity crisis.
Digital assets aside, XAG/USD (Silver) is looking far more bullish as it makes a break past the sloped resistance pictured below…
Silver, XAG/USD - 4 Hour (H4)
See you again for the next update.
- q
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.