BTC/USD Daily TA Cautiously Bullish
BTC/USD Daily cautiously bullish. *BTC has been consolidating around 30k for thirty consecutive sessions now.* Recommended ratio: 70% BTC, 30% Cash. Price is currently attempting to close above $30507 for a second consecutive session after defending support at the 50/50 uptrend line from March 2017 (29.5k). Volume remains Moderate (high) and is on track to favor buyers for a fourth consecutive session if it can close today in the green. RSI is currently testing the descending trendline from January 2021 at 52 after defending support at the uptrend line from January 2022 at 45; the next resistance is the uptrend line from November 2018. Stochastic remains bullish and is currently trending up at 87 as it is still technically testing 77.95 resistance; the next resistance is max top at 102.07. MACD remains bullish and is currently trending up at -542, the next resistance is at 312.67. ADX is currently trending down at 28 as Price continues pushing higher; this is mildly bullish and would become bullish if ADX formed a trough as Price continued to appreciate. If Price is able to break above the 30-day high at 32696 minor resistance, the next likely target is a retest of the 50 MA at $33347 (before potentially heading higher). However, if Price breaks back down below $30507 support then it will likely retest the 50/50 uptrend line from March 2017 at 29.5k before potentially falling lower ($24180 minor support). Mental Stop Loss: (one close below) $29273.
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