BTC Daily TA Cautiously Bullish
BTCUSD Daily cautiously bullish. Recommended ratio: 70% BTC, 30% Cash.
*Cryptos are attempting to continue their rally into the weekend (surprisingly led by LUNA2) as we approach the week of the long anticipated Merge on Ethereum's mainnet. As economic data continues to improve and demand is beginning to get more in line with supply, markets appear to be ok with the Fed's commitment to getting FFR to 4% and having it there or above for the first half of 2023. Key Upcoming Dates: August CPI at 830am EST 09/13; The Merge (Ethereum) at ~6pm EST 09/14; US August Retail Sales at 830am EST 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 up at ~21.5k as it attempts to reclaim the uptrend line from 06/18/22 as support at 21k; the next resistance is the 50 MA at ~22k. Volume is Moderate and on track to favor buyers for four consecutive sessions if it closes today in the green. Parabolic SAR flips bearish at 18.6k, this margin is neutral at the moment. RSI is currently trending up slightly at 56 as it approaches a retest of 57.34 resistance. Stochastic remains bullish and is currently trending up at 96 as it approaches a test of max top; even though it's approaching max top, it's still technically testing 78 resistance. MACD remains bullish and is currently trending up at -420, the next resistance (minor) is at -232.42. ADX is currently trending down at 24 as Price continues to push higher, this is mildly bearish at the moment.
If Price is able to break above the 50 MA at ~22k as resistance, the next likely target is a retest of $24180 resistance which would coincide with the descending trendline from November 2021 (as resistance). However, if Price is rejected by the 50 MA then it will likely retest the uptrend line from 06/18/22 at ~21k as support before potentially retesting $19417 support. Mental Stop Loss: (two consecutive closes below) $21214.
*Cryptos are attempting to continue their rally into the weekend (surprisingly led by LUNA2) as we approach the week of the long anticipated Merge on Ethereum's mainnet. As economic data continues to improve and demand is beginning to get more in line with supply, markets appear to be ok with the Fed's commitment to getting FFR to 4% and having it there or above for the first half of 2023. Key Upcoming Dates: August CPI at 830am EST 09/13; The Merge (Ethereum) at ~6pm EST 09/14; US August Retail Sales at 830am EST 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 up at ~21.5k as it attempts to reclaim the uptrend line from 06/18/22 as support at 21k; the next resistance is the 50 MA at ~22k. Volume is Moderate and on track to favor buyers for four consecutive sessions if it closes today in the green. Parabolic SAR flips bearish at 18.6k, this margin is neutral at the moment. RSI is currently trending up slightly at 56 as it approaches a retest of 57.34 resistance. Stochastic remains bullish and is currently trending up at 96 as it approaches a test of max top; even though it's approaching max top, it's still technically testing 78 resistance. MACD remains bullish and is currently trending up at -420, the next resistance (minor) is at -232.42. ADX is currently trending down at 24 as Price continues to push higher, this is mildly bearish at the moment.
If Price is able to break above the 50 MA at ~22k as resistance, the next likely target is a retest of $24180 resistance which would coincide with the descending trendline from November 2021 (as resistance). However, if Price is rejected by the 50 MA then it will likely retest the uptrend line from 06/18/22 at ~21k as support before potentially retesting $19417 support. Mental Stop Loss: (two consecutive closes below) $21214.
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