BTC Daily TA Neutral Bearish
BTCUSD Daily neutral with a bearish bias. Recommended ratio: 40% BTC, 60% Cash.
*In the August Employment Situation, Nonfarm Payrolls increased by 315,000 and Unemployment finally bucked the 7 month trend of declining or staying flat by increasing .2% from 3.5% in July to 3.7% in August. Cryptos and Equities rallied off the news early in the session and are currently in the red. After almost 6 months of Federal Reserve intervention via hawkish monetary policy... the Unemployment Rate finally goes up a bit, this slightly strengthens the credibility of the Fed in proving that their demand side interventions are starting to be effective (even if it's slight). That said, FFR futures traders are still largely betting on a 75bps rate increase on 09/21. Cryptos still have a bit of bullishness leading up to Ethereum's 'The Merge' on 09/15, but it's quickly withering. CPI on 08/13 should help provide more guidance regarding what the FOMC will do on 09/21. Key Upcoming Dates: 6th Beige Book at 2pm EST 09/07; August CPI at 830am EST 09/13; FOMC meeting 09/20-09/21 (Statement Released at 2pm EST on 09/21).*
Price is currently continuing to trend sideways at 20k psychological support for the seventh consecutive session. Volume is Moderate and on track to favor sellers in today's session if it closes today in the red. Parabolic SAR flips bullish at 21.4k, this margin is mildly bullish at the moment. RSI is currently trending down at 36 after forming a soft peak at 38; the next support is the uptrend line from 01/22/22 at ~30 while the next resistance is at 42. Stochastic remains bullish and is currently trending up at 59 with no signs of peak formation as it tests 55.55 resistance. MACD remains bearish and is currently continuing to form a trough at -747 as it hovers above -869 minor support; if it can break above -659 it would be a bullish crossover. ADX is currently trending up slightly at 24 as Price trends sideways, this is neutral at the moment.
If Price is able to bounce here then it will likely test the uptrend line from 06/18/22 at ~21k as resistance. However, if Price breaks down here, it will likely retest $19417 support; if Price loses $19417 support then it will likely retest the uptrend line from March 2017 at ~15k as support. Mental Stop Loss: (two consecutive closes above) 21k.
*In the August Employment Situation, Nonfarm Payrolls increased by 315,000 and Unemployment finally bucked the 7 month trend of declining or staying flat by increasing .2% from 3.5% in July to 3.7% in August. Cryptos and Equities rallied off the news early in the session and are currently in the red. After almost 6 months of Federal Reserve intervention via hawkish monetary policy... the Unemployment Rate finally goes up a bit, this slightly strengthens the credibility of the Fed in proving that their demand side interventions are starting to be effective (even if it's slight). That said, FFR futures traders are still largely betting on a 75bps rate increase on 09/21. Cryptos still have a bit of bullishness leading up to Ethereum's 'The Merge' on 09/15, but it's quickly withering. CPI on 08/13 should help provide more guidance regarding what the FOMC will do on 09/21. Key Upcoming Dates: 6th Beige Book at 2pm EST 09/07; August CPI at 830am EST 09/13; FOMC meeting 09/20-09/21 (Statement Released at 2pm EST on 09/21).*
Price is currently continuing to trend sideways at 20k psychological support for the seventh consecutive session. Volume is Moderate and on track to favor sellers in today's session if it closes today in the red. Parabolic SAR flips bullish at 21.4k, this margin is mildly bullish at the moment. RSI is currently trending down at 36 after forming a soft peak at 38; the next support is the uptrend line from 01/22/22 at ~30 while the next resistance is at 42. Stochastic remains bullish and is currently trending up at 59 with no signs of peak formation as it tests 55.55 resistance. MACD remains bearish and is currently continuing to form a trough at -747 as it hovers above -869 minor support; if it can break above -659 it would be a bullish crossover. ADX is currently trending up slightly at 24 as Price trends sideways, this is neutral at the moment.
If Price is able to bounce here then it will likely test the uptrend line from 06/18/22 at ~21k as resistance. However, if Price breaks down here, it will likely retest $19417 support; if Price loses $19417 support then it will likely retest the uptrend line from March 2017 at ~15k as support. Mental Stop Loss: (two consecutive closes above) 21k.
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