BTC/USD, ETH/USD: Technical Outlook, Edition #41 (04/07/21)

4 ก.ค. 2021

Bulls appear to overwhelm bears and fortify support for a potential extended move to the upside
Bitcoin breaks above USD 35K as the buyers, currently overpowering the sellers, will now actualise this zone as support before attempting a move higher.

Once the bulls have secured USD 35K, they will aim to take on the H4 .618 Fibonacci retracement zone around USD 37K.

Q's Technical Forecast - Bitcoin
We've depicted this trading idea below using the H4 BTC/USD chart.

Bitcoin, BTC/USD - 4 Hour (H4)



On the other hand, Ethereum leads the way as the ETH/USD trading pair breaks above its H4 .618 Fibonacci zone at USD 2.3K.
A rally for ETH bodes well for Bitcoin as it lags behind Ethereum, eyeing off a similar break up to USD 37K.


Ethereum, ETH/USD - 4 Hour (H4)



Q's Conclusion
Ethereum approaches resistance at USD 2.4K after its break above USD 2.3K and must not close below USD 2.2K.

Conversely, Bitcoin may be a better buy opportunity if it decides to close the gap on Ethereum and break up to USD 37K.

Stay tuned for our Silver (XAG/USD) Spotlight this week!
Don't miss our daily alerts and subscribe to the Technical Outlook email list - we've planned extensive Silver (XAG/USD) coverage over the coming days.

We'll wrap up this weekend special with this teaser...
A break above USD 26.60 per ounce (oz) and XAG/USD may be gearing up for a break well above USD 27 per oz.

Silver, XAG/USD - 4 Hour (H4)



See you again for the next update.

- q