BTC/USD, Technical Outlook, Edition #70 (04/08/21)
Bitcoin hovers around the .382 fib retracement zone at USD 37.5K and remains pinned down by some minor sloped resistance.
Bitcoin, BTC/USD - 1 Hour (H1)
In these scenarios, whenever BTC/USD approaches a key pivot zone and coils tightly under resistance, it is generally safe to anticipate an impulse wave up or down.
A bullish impulse would see an initial break above the sloped resistance followed by a bullish re-test, and, lastly, enough volume is required to support the re-test from breaking down again.
Conversely, if BTC/USD fails to break up and/or re-test the resistance, thereby flipping it into support, then sellers would be looking to target a drop to USD 35K.
Q's Conclusion
The team favours an impulse break to the upside due to the significance of the .382 pivot zone. However, this will not be confirmed until a breakout, and bullish re-test occurs first.
Remember,
In uncertain markets, patience pays.
Bitcoin, BTC/USD - 1 Hour (H1)
In these scenarios, whenever BTC/USD approaches a key pivot zone and coils tightly under resistance, it is generally safe to anticipate an impulse wave up or down.
A bullish impulse would see an initial break above the sloped resistance followed by a bullish re-test, and, lastly, enough volume is required to support the re-test from breaking down again.
Conversely, if BTC/USD fails to break up and/or re-test the resistance, thereby flipping it into support, then sellers would be looking to target a drop to USD 35K.
Q's Conclusion
The team favours an impulse break to the upside due to the significance of the .382 pivot zone. However, this will not be confirmed until a breakout, and bullish re-test occurs first.
Remember,
In uncertain markets, patience pays.