BTC/USD, BTC.D, Technical Outlook, Edition #86 (23/08/21)

Bitcoin hits USD 50K elegantly following a bullish break in the flag discussed during last nights live trading session.

Bitcoin, BTC/USD - 4 Hour (H4)


USD 50K is bound to pose some ‘psychological resistance’ on speculators.

However, what matters to the technician is how the BTC/USD trading pair behaves when it touches the .618 fib retracement zone that persists around USD 51K.

Bitcoin, BTC/USD - Daily (D1)


As mentioned in previous reports, the ‘golden ratio’ is known as a messy pivot zone in financial markets and can potentially trigger some nasty volatility.

Keep an eye on Bitcoin Dominance, BTC.D, to see if altcoins will sell off if BTC/USD volatility increases (around USD 51K .618 fib level) - vice versa.

Q's Conclusion
BTC.D rises with BTC/USD, while altcoins suffer.
BTC.D falls as BTC/USD consolidates and altcoins bounce/rally.

Further, all four VIP trade ideas published this month to premium subscribers are in profit now.

Consider tightening up stop-losses by moving them into breakeven or profit - on the chance BTC/USD nukes around USD 51K.

See you again for the next update.
- q

Follow us for more detailed analysis on all markets, including Decentralised technology. Find us on Facebook!