BTCUSD Daily neutral with a bearish bias. Recommended ratio: 40% BTC, 60% Cash.
*Cryptos are seeing some bullish relief in today's session after a continued sell-off throughout most of the weekend; if Futures (Equities) start the week bullish then this could carry over into Cryptos. Key Upcoming Dates: S&P US August PMI at 945am EST 08/23; US Q2 Final GDP Estimate at 830am EST 08/25; US July PCE at 830am EST 08/26; UofM Final August Sentiment Survey Index at 10am EST 08/26; Jackson Hole Economic Symposium on 08/25-08/27.*
Price is currently trending up at $21.4k after bouncing off of the uptrend line from 06/18/22 at ~$20.7k; the next resistance is the 50MA at ~$22.3k (which it broke below on 08/19/22). Volume remains Moderate and is on track to favor buyers for a second consecutive session. Parabolic SAR flips bullish at $24783, this margin is mildly bullish. RSI is currently trending up at 40 as it approaches 42.41 resistance. Stochastic crossed over bullish in today's session and is currently trending up at 12, the next resistance is at 30. MACD remains bearish and is currently testing -232 minor support with no signs of trough formation. ADX is currently trending sideways at 21 as Price attempts to find support, this is neutral at the moment.
If Price is able to continue this bounce then it will likely test the 50MA as resistance at ~$22.3k. However, if Price breaks down here, it will likely retest the uptrend line from 06/18/22 at ~$20.8k as support before potentially retesting $19417 major support. Mental Stop Loss: (two consecutive closes above) $22.3k.
*Cryptos are seeing some bullish relief in today's session after a continued sell-off throughout most of the weekend; if Futures (Equities) start the week bullish then this could carry over into Cryptos. Key Upcoming Dates: S&P US August PMI at 945am EST 08/23; US Q2 Final GDP Estimate at 830am EST 08/25; US July PCE at 830am EST 08/26; UofM Final August Sentiment Survey Index at 10am EST 08/26; Jackson Hole Economic Symposium on 08/25-08/27.*
Price is currently trending up at $21.4k after bouncing off of the uptrend line from 06/18/22 at ~$20.7k; the next resistance is the 50MA at ~$22.3k (which it broke below on 08/19/22). Volume remains Moderate and is on track to favor buyers for a second consecutive session. Parabolic SAR flips bullish at $24783, this margin is mildly bullish. RSI is currently trending up at 40 as it approaches 42.41 resistance. Stochastic crossed over bullish in today's session and is currently trending up at 12, the next resistance is at 30. MACD remains bearish and is currently testing -232 minor support with no signs of trough formation. ADX is currently trending sideways at 21 as Price attempts to find support, this is neutral at the moment.
If Price is able to continue this bounce then it will likely test the 50MA as resistance at ~$22.3k. However, if Price breaks down here, it will likely retest the uptrend line from 06/18/22 at ~$20.8k as support before potentially retesting $19417 major support. Mental Stop Loss: (two consecutive closes above) $22.3k.
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Disclaimer
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.