BTC Daily TA Cautiously Bearish
BTCUSD daily guidance is cautiously bearish. Recommended ratio: 25% BTC, 75% Cash.
*SUNDAY SCARIES WATCH. As the world awaits Putin's next move on Ukraine and the West, the White House sent another 725m to Ukraine and Elon Musk reinstated free Starlink services to Ukraine today. Additionally, the White House's newly imposed sanctions on Chinese chipmakers is starting to be felt as many Chinese American workers are fleeing back to the USA and both supply + demand for Chinese chips is starting to see weakness. Key Upcoming Dates: US September Building Permits and Housing Starts at 830am EST 10/19; 19th GDPNow US Q3 GDP estimate 10/19.*
Price is currently trending down slightly at ~19130 as it continues to test $19417 support for what is now thirty one consecutive sessions; it's approaching the descending trendline from November 2021 which will likely coincide with the 50 MA at ~$19800 as resistance. Volume was Low (moderate) and favored sellers for a second consecutive session in today's session; Price continues to trade in the POC. Parabolic SAR flips bullish at $20280, this margin is neutral at the moment. RSI is currently trending up slightly at 45 after bouncing off of 42.41 support for the fourth time in the past month. Stochastic crossed over bearish today and is currently trending down at 10 as it approaches max bottom. MACD remains bearish for the second consecutive session and is continuing to trend sideways at -232.42 minor support for the sixth consecutive session. ADX is currently trending sideways at 15.5 as Price does the same at ~$19417, this is neutral at the moment.
If Price is able to bounce here and breakout above the 50 MA + the descending trendline from November 2021 at ~$19800 as resistance then it will likely aim to retest $24181 resistance. However, if Price breaks down here, it will likely retest the uptrend line from March 2020 at ~15k as support. Mental Stop Loss: (two consecutive closes above) $19800.
*SUNDAY SCARIES WATCH. As the world awaits Putin's next move on Ukraine and the West, the White House sent another 725m to Ukraine and Elon Musk reinstated free Starlink services to Ukraine today. Additionally, the White House's newly imposed sanctions on Chinese chipmakers is starting to be felt as many Chinese American workers are fleeing back to the USA and both supply + demand for Chinese chips is starting to see weakness. Key Upcoming Dates: US September Building Permits and Housing Starts at 830am EST 10/19; 19th GDPNow US Q3 GDP estimate 10/19.*
Price is currently trending down slightly at ~19130 as it continues to test $19417 support for what is now thirty one consecutive sessions; it's approaching the descending trendline from November 2021 which will likely coincide with the 50 MA at ~$19800 as resistance. Volume was Low (moderate) and favored sellers for a second consecutive session in today's session; Price continues to trade in the POC. Parabolic SAR flips bullish at $20280, this margin is neutral at the moment. RSI is currently trending up slightly at 45 after bouncing off of 42.41 support for the fourth time in the past month. Stochastic crossed over bearish today and is currently trending down at 10 as it approaches max bottom. MACD remains bearish for the second consecutive session and is continuing to trend sideways at -232.42 minor support for the sixth consecutive session. ADX is currently trending sideways at 15.5 as Price does the same at ~$19417, this is neutral at the moment.
If Price is able to bounce here and breakout above the 50 MA + the descending trendline from November 2021 at ~$19800 as resistance then it will likely aim to retest $24181 resistance. However, if Price breaks down here, it will likely retest the uptrend line from March 2020 at ~15k as support. Mental Stop Loss: (two consecutive closes above) $19800.
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