BTC/USD, XAG/USD: Technical Outlook, Edition #19 (11/06/21)
Bitcoin ran out of bullish momentum around USD 38.5K, where the H4 .618 fib retracement level stood firm. As a result, we can see price action setting another lower higher (LH).
The bulls now need to defend both the H4 50 MA (Moving Average) at USD 36.5K and the macro 0.5 fib retracement level around USD 34K.
If successful, then it may result in the higher low (HL) our bulls require for a shift in market structure to encourage a bullish reversal.
Conversely, the bears will still be in control and put Bitcoin at risk of yet another drop to the USD 30K order block if BTC/USD falls below USD 34K support.
Let's simulate the possibilities with BTC/USD chart analysis
The two scenarios, bullish and bearish, have been mapped below using the H4 BTC/USD chart:
Q's Conclusion: Due to the lack of change in bearish market structure, we have yet to see any indication of a potential bullish reversal up to USD 46K. This waiting game may drive speculators to look for better trade opportunities in other asset classes.
Silver is one to consider is the gargantuan bull-flag gearing up for USD 35 oz on the W1 should XAG/USD breakout to the upside.
XAG/USD chart:
See you again for the next update.
- q
The bulls now need to defend both the H4 50 MA (Moving Average) at USD 36.5K and the macro 0.5 fib retracement level around USD 34K.
If successful, then it may result in the higher low (HL) our bulls require for a shift in market structure to encourage a bullish reversal.
Conversely, the bears will still be in control and put Bitcoin at risk of yet another drop to the USD 30K order block if BTC/USD falls below USD 34K support.
Let's simulate the possibilities with BTC/USD chart analysis
The two scenarios, bullish and bearish, have been mapped below using the H4 BTC/USD chart:
Q's Conclusion: Due to the lack of change in bearish market structure, we have yet to see any indication of a potential bullish reversal up to USD 46K. This waiting game may drive speculators to look for better trade opportunities in other asset classes.
Silver is one to consider is the gargantuan bull-flag gearing up for USD 35 oz on the W1 should XAG/USD breakout to the upside.
XAG/USD chart:
See you again for the next update.
- q
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