BTC/USD, XAG/USD: Technical Outlook, Edition #42 (05/07/21)
Bitcoin retreats to uptrend support after yet another rejection from USD 36K
This bearish price action has shaped a sloped head and shoulders; one can observe the right shoulder forming below on the H4 BTC/USD chart.
Bitcoin, BTC/USD - 4 Hour (H4)
The 'Head and Shoulders' (HnS) is a widely-known bearish pattern within the trading community.
However, its reliability when it comes to a BTC/USD reversal is the bane of their existence.
An obvious HnS becomes tasty bait for Bitcoin Market Makers (MMs), who are often short-squeezing inexperienced traders betting on a drop to suck in their liquidity.
Should USD 33.5K fail to hold, we forecast a bullish bounce off uptrend support (and/or short squeeze) along with a potential breakdown.
When Bitcoin and the overall crypto markets are looking choppy, particularly as alts wait for BTC/USD to make a move, we like to extend our view into other markets for opportunities…
Q's Spotlight: Silver (XAG/USD)
Silver (XAG/USD) is looking ready for a reversal up to USD 27/Oz but currently faces some short-term resistance.
Any pullback may be an excellent opportunity to continue staggering entries if bulls sustain a re-test from this most recent breakout.
Silver, XAG/USD - 4 Hour (H4)
See you again for the next update.
- q
This bearish price action has shaped a sloped head and shoulders; one can observe the right shoulder forming below on the H4 BTC/USD chart.
Bitcoin, BTC/USD - 4 Hour (H4)
The 'Head and Shoulders' (HnS) is a widely-known bearish pattern within the trading community.
However, its reliability when it comes to a BTC/USD reversal is the bane of their existence.
An obvious HnS becomes tasty bait for Bitcoin Market Makers (MMs), who are often short-squeezing inexperienced traders betting on a drop to suck in their liquidity.
Should USD 33.5K fail to hold, we forecast a bullish bounce off uptrend support (and/or short squeeze) along with a potential breakdown.
When Bitcoin and the overall crypto markets are looking choppy, particularly as alts wait for BTC/USD to make a move, we like to extend our view into other markets for opportunities…
Q's Spotlight: Silver (XAG/USD)
Silver (XAG/USD) is looking ready for a reversal up to USD 27/Oz but currently faces some short-term resistance.
Any pullback may be an excellent opportunity to continue staggering entries if bulls sustain a re-test from this most recent breakout.
Silver, XAG/USD - 4 Hour (H4)
See you again for the next update.
- q
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