AXS/USDT, BTC/USD, Technical Outlook, Edition #66 (30/07/21)
Bitcoin continues its consolidation under weekly resistance, USD 41-42K, and must close above the range by Monday 12 AM, UTC.
As mentioned earlier, the BTC/USD remains pinned down by the W1 20 EMA (GREEN), and BTC.D was likely to pull back from 49% before continuing higher.
Bitcoin, BTC/USD - 1 Day (D1)
Bitcoin, BTC/USD - 1 Week (W1)
Bitcoin Dominance - 1 Day (D1)
Conversely, if the bears manage to suppress the BTC/USD trading pair long enough and achieve a weekly close below major resistance, then USD 35K must hold.
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-community voters this week request some TA on AXS/USDT. Thus, we see that a pullback is more probable than another extension higher.
Overlaying the Fibonacci retracement tool has identified the key pivot points below. Chasing these highs after some 2000% rally is borderline madness.
Axie Infinity, AXS/USDT - 4 Hours (H4)
Thus, let the AXS/USD pair consolidate and breathe a little longer before deciding to risk capital.
Q’s Conclusion
Bears seem to have given the bulls a hard rejection as this report was being published. It’s best to avoid too much exposure in altcoins, as typically, a BTC correction will also heavily impact altcoins.
See you again for the next update.
- q
As mentioned earlier, the BTC/USD remains pinned down by the W1 20 EMA (GREEN), and BTC.D was likely to pull back from 49% before continuing higher.
Bitcoin, BTC/USD - 1 Day (D1)
Bitcoin, BTC/USD - 1 Week (W1)
Bitcoin Dominance - 1 Day (D1)
Conversely, if the bears manage to suppress the BTC/USD trading pair long enough and achieve a weekly close below major resistance, then USD 35K must hold.
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-community voters this week request some TA on AXS/USDT. Thus, we see that a pullback is more probable than another extension higher.
Overlaying the Fibonacci retracement tool has identified the key pivot points below. Chasing these highs after some 2000% rally is borderline madness.
Axie Infinity, AXS/USDT - 4 Hours (H4)
Thus, let the AXS/USD pair consolidate and breathe a little longer before deciding to risk capital.
Q’s Conclusion
Bears seem to have given the bulls a hard rejection as this report was being published. It’s best to avoid too much exposure in altcoins, as typically, a BTC correction will also heavily impact altcoins.
See you again for the next update.
- q