BitcoinShort
BTC/USD, BTC.D, DXY : Technical Outlook, Edition #33 (26/06/21)
Bitcoin lost the H4 20 EMA (GREEN, Exponential Moving Average), which it had been riding as support.
Now, let's get straight to it and begin with charts.
Q's Forecast: Bitcoin, BTC Dominance
Bitcoin, BTC/USD - 4 Hour (H4)
In addition to losing bullish support, our micro 0.5 Fibonacci retracement zone (approx. USD 34,899) unveiled a bears' ambush around USD 35K.
We can consider this as confirmation that the recent bounce from USD 29K was, in fact, a bear flag.
While bears triumph in repelling a flip of the D1 20 EMA (GREEN), our bulls must now swallow a costly defeat and endure this as a clear sign that sellers are still in command.
Bitcoin, BTC/USD - Daily (D1)
Price action on BTC/USD is very bearish now, and time is running out for the bulls.
If buyers cannot defend USD 27K, then bears will welcome a shot at taking out all positive gains for the year.
Bitcoin dominance, BTC.D - Daily (D1)
Bitcoin Dominance has formed a bullish Adam & Eve reversal and is well on track for sucking in over 50% of the cryptocurrency market cap.
Should the BTC/USD pair continue to fall, price action also infers altcoins will suffer more than Bitcoin.
Q’s Conclusion
On a closing note, the
DXY (US Dollar Strength) appears bullish as it tries to flip the D1 200 MA (BLUE, Moving Average).
A resurgence in dollar strength implies yet another bloodbath for other markets.
We've put the spotlight on attempts to confirm a USD bullish reversal on the chart below.
US Dollar Currency Index,DXY - Daily (D1)
See you again for the next update.
- q
Now, let's get straight to it and begin with charts.
Q's Forecast: Bitcoin, BTC Dominance
Bitcoin, BTC/USD - 4 Hour (H4)
In addition to losing bullish support, our micro 0.5 Fibonacci retracement zone (approx. USD 34,899) unveiled a bears' ambush around USD 35K.
We can consider this as confirmation that the recent bounce from USD 29K was, in fact, a bear flag.
While bears triumph in repelling a flip of the D1 20 EMA (GREEN), our bulls must now swallow a costly defeat and endure this as a clear sign that sellers are still in command.
Bitcoin, BTC/USD - Daily (D1)
Price action on BTC/USD is very bearish now, and time is running out for the bulls.
If buyers cannot defend USD 27K, then bears will welcome a shot at taking out all positive gains for the year.
Bitcoin dominance, BTC.D - Daily (D1)
Bitcoin Dominance has formed a bullish Adam & Eve reversal and is well on track for sucking in over 50% of the cryptocurrency market cap.
Should the BTC/USD pair continue to fall, price action also infers altcoins will suffer more than Bitcoin.
Q’s Conclusion
On a closing note, the
DXY (US Dollar Strength) appears bullish as it tries to flip the D1 200 MA (BLUE, Moving Average). A resurgence in dollar strength implies yet another bloodbath for other markets.
We've put the spotlight on attempts to confirm a USD bullish reversal on the chart below.
US Dollar Currency Index,
DXY - Daily (D1) See you again for the next update.
- q
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