BTC Daily TA Neutral Bearish
BTCUSD daily guidance is neutral with a bearish bias. Recommended ratio: 40% BTC, 60% Cash.
*SUNDAY SCARIES WATCH. Cryptos are slightly down halfway through the weekend but mainly flat as investors prepare for another big week of economic data with the consensus estimate for the September Unemployment Rate staying the same at 3.7%. The escalation of the Russian attack of Ukraine will likely inflict more pain on global supply chains in the coming months. Key Upcoming Dates: S&P US September Manufacturing PMI at 945am EST 10/03; September Employment Situation at 830am EST 10/07.*
Price is currently trending down at ~$19317 as it continues trading sideways just below $19417 resistance for the sixth consecutive session, the next support is the uptrend line form March 2017 at ~15k. Volume is Low and on track to favor sellers for second consecutive session if it can close today in the red, Price has also been trading in the largest supply/demand zone (~20k) for the 34th consecutive session. Parabolic SAR flips bullish at $20185, this margin is mildly bullish at the moment. RSI is currently trending down at 45 as it approaches a retest of 42.41 support with signs of a soft trough formation beginning to show; it's also still technically testing the descending trendline from January 2021 at ~43 as resistance. Stochastic crossed over bearish at 92 in today's session and is currently trending down at 88, the next support is at 78. MACD remains bullish and continues to form a soft trough as it trends up slightly at -335, the next resistance (minor) is at -232 and support (minor) at -869. ADX is currently trending down at 21 as Price is trading sideways as it tries to edge higher, this is mildly bearish at the moment.
If Price is able to break above $19417 resistance and close above it for two consecutive sessions, it will likely retest the descending trendline from November 2021 at ~21k as resistance. However, if Price continues to break down here then it will likely retest the uptrend line from March 2017 at ~15k as support for the first time since September 2020. Mental Stop Loss: (two consecutive closes above) $19417.
*SUNDAY SCARIES WATCH. Cryptos are slightly down halfway through the weekend but mainly flat as investors prepare for another big week of economic data with the consensus estimate for the September Unemployment Rate staying the same at 3.7%. The escalation of the Russian attack of Ukraine will likely inflict more pain on global supply chains in the coming months. Key Upcoming Dates: S&P US September Manufacturing PMI at 945am EST 10/03; September Employment Situation at 830am EST 10/07.*
Price is currently trending down at ~$19317 as it continues trading sideways just below $19417 resistance for the sixth consecutive session, the next support is the uptrend line form March 2017 at ~15k. Volume is Low and on track to favor sellers for second consecutive session if it can close today in the red, Price has also been trading in the largest supply/demand zone (~20k) for the 34th consecutive session. Parabolic SAR flips bullish at $20185, this margin is mildly bullish at the moment. RSI is currently trending down at 45 as it approaches a retest of 42.41 support with signs of a soft trough formation beginning to show; it's also still technically testing the descending trendline from January 2021 at ~43 as resistance. Stochastic crossed over bearish at 92 in today's session and is currently trending down at 88, the next support is at 78. MACD remains bullish and continues to form a soft trough as it trends up slightly at -335, the next resistance (minor) is at -232 and support (minor) at -869. ADX is currently trending down at 21 as Price is trading sideways as it tries to edge higher, this is mildly bearish at the moment.
If Price is able to break above $19417 resistance and close above it for two consecutive sessions, it will likely retest the descending trendline from November 2021 at ~21k as resistance. However, if Price continues to break down here then it will likely retest the uptrend line from March 2017 at ~15k as support for the first time since September 2020. Mental Stop Loss: (two consecutive closes above) $19417.
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