BTC/USD. ETH/USD, XAU: technical Outlook, Edition #38 (01/07/21)

1 thg 7, 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