BTCUSD Daily neutral with a bearish bias. Recommended ratio: 40% BTC, 60% Cash. *CPI REPORT WATCH. In line with the recent enforcement advancements that were promised by provisions regarding cybercrime in the Consolidated Appropriations Act in March 2022, the US Treasury Department has banned US citizens from interacting with Tornado Cash (a crypto mixer service) due to national security reasons stemming from its history of usage by a North Korean hacking group called Lazarus. The CHIPS Act finally got signed into law today but it didn't help semiconductor stocks much as most of them finished the session lower along with the broader market. VIX, Gold and Treasuries are up as the market prepares for tomorrow's CPI report at 830am EST. Key dates this week: COIN earnings at 530pm EST 08/09; 4th GDPNow US Q3 GDP estimate at 10am (EST) 08/10; CPI at 830am (EST) 08/10; Disney earnings 08/10; and PPI at 830am (EST) 08/11.* Price is currently trending down at $23.1k after getting rejected at $24180 minor resistance for a third time in three weeks, though seemingly bearish, if Price is able to defend support at the uptrend line from 07/18/22 (~$22k) then an Ascending Triangle formation would be valid. Volume is Moderate (high) and fairly balanced between buyers and sellers over the past few sessions. Parabolic SAR flips bearish at $22641, this margin is bearish. RSI is currently trending down at 53 after being rejected by the 50/50 uptrend line from November 2018 (as resistance) at 57 resistance, the next support is the uptrend line from 06/18/22 at ~50. Stochastic is currently crossing over bearish just above 55.55 support. MACD is currently trending sideways at 313 support, there is a slight tilt to the downside but it's almost perfectly neutral which indicates that this is a critical resistance for Price (also reflected in Volume Profile). ADX is currently trending sideways at 18 as Price is trading sideways, this is neutral at the moment. If Price is able to break out above $24180 minor resistance then it will likely retest the descending trendline from November 2021 at ~28k (as resistance). However, if Price continues to trend down here, the next likely target would be a retest of the uptrend line from 06/17/22 at ~$22k. Mental Stop Loss: (two consecutive closes above) $24180.
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.