BTC/USD, BTC.D, DXY : Technical Outlook, Edition #33 (26/06/21)

Bitcoin lost the H4 20 EMA (GREEN, Exponential Moving Average), which it had been riding as support. 

Now, let's get straight to it and begin with charts.

Q's Forecast: Bitcoin, BTC Dominance

Bitcoin, BTC/USD - 4 Hour (H4)

 

In addition to losing bullish support, our micro 0.5 Fibonacci retracement zone (approx. USD 34,899) unveiled a bears' ambush around USD 35K.

We can consider this as confirmation that the recent bounce from USD 29K was, in fact, a bear flag.

While bears triumph in repelling a flip of the D1 20 EMA (GREEN), our bulls must now swallow a costly defeat and endure this as a clear sign that sellers are still in command. 

Bitcoin, BTC/USD - Daily (D1)



Price action on BTC/USD is very bearish now, and time is running out for the bulls.

If buyers cannot defend USD 27K, then bears will welcome a shot at taking out all positive gains for the year. 

Bitcoin dominance, BTC.D - Daily (D1)



Bitcoin Dominance has formed a bullish Adam & Eve reversal and is well on track for sucking in over 50% of the cryptocurrency market cap. 

Should the BTC/USD pair continue to fall, price action also infers altcoins will suffer more than Bitcoin. 

Q’s Conclusion

On a closing note, the DXY (US Dollar Strength) appears bullish as it tries to flip the D1 200 MA (BLUE, Moving Average). 

A resurgence in dollar strength implies yet another bloodbath for other markets.

We've put the spotlight on attempts to confirm a USD bullish reversal on the chart below.

US Dollar Currency Index, DXY - Daily (D1) 



See you again for the next update.

- q