BTC Daily TA Cautiously Bearish
BTCUSD Daily guidance is cautiously bearish. Recommended ratio: 35% BTC, 65% Cash.
*Cryptos and Equities started the day off in the green but are now selling off, interestingly Futures, Gold, DXY, US Treasuries and VIX are down while Energy and certain Precious Metals are up on the day. The Merge is scheduled to launch on Ethereum's Mainnet at around 1am EST tomorrow morning if all goes well. Risk-On markets are awaiting the decision by the Fed of whether to raise FFR 75bps or higher next week after a higher than expected CPI report yesterday. Key Upcoming Dates: The Merge (Ethereum) at ~1am EST 09/15; US August Retail Sales at 830am EST 09/15; 12th GDPNow US Q3 US GDP estimate 09/15; UofM Consumer Sentiment Index at 10am EST 09/16; FOMC meeting 09/20-09/21 (Statement Released at 2pm EST on 09/21).*
Price is currently trending down at ~$19800 after breaking below the uptrend line from 06/18/22 (~21.3k) as it quickly approaches a retest of $19417 support. Volume remains Moderate and is on track to favor buyers for a second consecutive session if it closes today in the red. Parabolic SAR flips bearish at $19548, this margin is bearish at the moment. RSI is currently trending down at 44 and is testing the descending trendline from January 2021 at 44.5 as support, the next support is at 42.41. Stochastic remains bearish for the second consecutive session and is currently trending down at 63, the next support is at 55.55. MACD remains bullish and is currently forming a soft peak as it tests -232 minor resistance; if it crosses below -417 it would be a bearish crossover. ADX is currently trending down at 22 as Price is continuing to see downward pressure, this is neutral at the moment.
If Price is able bounce here then it will have to clear 20k psychological resistance before it can retest the uptrend line from 06/18/22 at ~21.3k as resistance. However, if Price continues to break down here then it will likely formally retest $19417 support before potentially retesting the uptrend line from March 2017 at ~15k. Mental Stop Loss: (two consecutive closes above) 20k.
*Cryptos and Equities started the day off in the green but are now selling off, interestingly Futures, Gold, DXY, US Treasuries and VIX are down while Energy and certain Precious Metals are up on the day. The Merge is scheduled to launch on Ethereum's Mainnet at around 1am EST tomorrow morning if all goes well. Risk-On markets are awaiting the decision by the Fed of whether to raise FFR 75bps or higher next week after a higher than expected CPI report yesterday. Key Upcoming Dates: The Merge (Ethereum) at ~1am EST 09/15; US August Retail Sales at 830am EST 09/15; 12th GDPNow US Q3 US GDP estimate 09/15; UofM Consumer Sentiment Index at 10am EST 09/16; FOMC meeting 09/20-09/21 (Statement Released at 2pm EST on 09/21).*
Price is currently trending down at ~$19800 after breaking below the uptrend line from 06/18/22 (~21.3k) as it quickly approaches a retest of $19417 support. Volume remains Moderate and is on track to favor buyers for a second consecutive session if it closes today in the red. Parabolic SAR flips bearish at $19548, this margin is bearish at the moment. RSI is currently trending down at 44 and is testing the descending trendline from January 2021 at 44.5 as support, the next support is at 42.41. Stochastic remains bearish for the second consecutive session and is currently trending down at 63, the next support is at 55.55. MACD remains bullish and is currently forming a soft peak as it tests -232 minor resistance; if it crosses below -417 it would be a bearish crossover. ADX is currently trending down at 22 as Price is continuing to see downward pressure, this is neutral at the moment.
If Price is able bounce here then it will have to clear 20k psychological resistance before it can retest the uptrend line from 06/18/22 at ~21.3k as resistance. However, if Price continues to break down here then it will likely formally retest $19417 support before potentially retesting the uptrend line from March 2017 at ~15k. Mental Stop Loss: (two consecutive closes above) 20k.
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