BTC/USD, BTC.D , Technical Outlook, Edition #65 (29/07/21)

Bitcoin tests and consolidates under weekly resistance, USD 41K, and remains pinned down by the W1 20 EMA (GREEN).

Bitcoin, BTC/USD - 1 Day (D1)



Bitcoin, BTC/USD - 1 Week (W1)



Thus, a weekly close above the W1 20 EMA (GREEN) would certainly encourage the bulls to consider another leg higher.

Conversely, a weekly close below major resistance and bears could push the BTC/USD pair down to USD 35K, where bulls must hold the hold.

Bitcoin, BTC/USD - 1 Day (D1)



Additionally, Bitcoin Dominance (BTC.D) primes itself for a bullish reversal to 55% total market cap dominance.

Bitcoin Dominance - 1 Day (D1)



We can see that 49% poses some minor resistance as BTC.D flips 48% into support. However, this pullback may give altcoins a small sigh of relief before selling back to their /BTC pairs in preparation for the next BTC/USD move.

Q’s Conclusion

Bulls continue to push through key levels even though a barrage of FUD was emptied on the cryptocurrency markets in the last few weeks. BTC.D continues to grow, potentially stunting the altcoin rally as Bitcoin gains strength.

See you again for the next update.

- q