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BTC/USD, BTC.D: Technical Outlook, Edition #18 (10/06/21)

Our Bitcoin bulls have held their end of the field after ripping back hard from their support order block around USD 31K. 

They are still around - nevertheless, with a lot more work to do. After bouncing 20%, this price action is a great start. Moving forward, the cooling-off for BTC/USD needs to hold a few key zones. 

H4:
snapshot

Flipping above the H4 50 MA (Moving Average) at USD 36K and macro 0.5 fib retracement level around USD 34K has brought back some bullish sentiment. 

The next few days are critical as the bulls fight to hold these two zones; establishing support here would likely see a continuation to USD 41K. 

Two higher highs and higher lows (HH and HL) are needed to confirm a bullish reversal… until we see confirmation, this could be a bounce. So it may be wise to keep longs temporary if buying bounces. 

Until BTC/USD stops making consecutive lower highs (LH), then bearish bias remains. 

BTC.D (Bitcoin Dominance) is also looking bullish. However, altcoins may receive some love if Bitcoin consolidates. 

If the chart below puts in a higher low (HL), you may miss an opportunity by not trading altcoins back into BTC until this dominance play is over. 

H4: 
snapshot

Q's Conclusion: Focus on Bitcoin if altcoins bleed further by trying to pile into Bitcoin before the next move up or down.

See you again for the next update.

- q
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