Search
Products
Community
Markets
News
Brokers
More
IN
Get started
Community
/
Ideas
/
BTC/USD. ETH/USD, XAU: technical Outlook, Edition #38 (01/07/21)
Bitcoin
Short
BTC/USD. ETH/USD, XAU: technical Outlook, Edition #38 (01/07/21)
By UnknownUnicorn22694773
Follow
Follow
Jul 1, 2021
2
Cheer
Cheer
Jul 1, 2021
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
Technical Indicators
Trend Analysis
Wave Analysis
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
.