BTC Daily TA Neutral Bullish
BTCUSD Daily neutral with a bullish bias. Recommended ratio: 60% BTC, 40% Cash.
*It's only 10:30pm in California right now so there's still a place in the world where I haven't missed a TA on 09/08/22. Today was just another day in 2022: Fed Chair Jerome Powell made it clear that 75bps are still on the table for 09/21, SEC Chair Gary Gensler said that most cryptocurrencies are securities but that Bitcoin (and likely Ether) should be regulated by the Commodities and Futures Trading Commission, mortgage rates are at the highest since 2008 (5.95%) and Treasury Secretary Janet Yellen saying that the fall in gasoline brought headline inflation down in July and may do so again in August + that the US economy now is stronger than it was before the pandemic. Markets seemed to rally off of Yellen's comments, which brings the notion CPI may look good heading into midterms. Key Upcoming Dates: August CPI at 830am EST 09/13; The Merge (Ethereum) at 8am EST 09/14; FOMC meeting 09/20-09/21 (Statement Released at 2pm EST on 09/21).*
Price is currently trending up at ~$20400 after bouncing off of $19417 support as it aims to test the uptrend line from 06/18/22 at ~21k as resistance. Volume has shrunken for three consecutive sessions now and buyers for two, it is currently on track to both shrink and favor buyers again; if Volume shrinks again and Price continues rallying, this would be mildly bearish, but if Volume breaks out here along with Price this would be bullish. Parabolic SAR flips bearish at 18.6k, this margin is neutral at the moment. RSI is currently trending up at 48.5 after breaking above 42.41 resistance and the descending trendline from January 2021 at 45 (as resistance); the next resistance is at 57.34. Stochastic remains bullish for a second consecutive session and is currently testing 78 resistance. MACD is currently crossing over bullish at -689, if it can hold then it will likely test the next resistance is at 313. ADX is currently trending down at 26 as Price is rallying higher, this is neutral at the moment.
If Price is able to continue higher, it will likely test the uptrend line from 06/18/22 at ~21k as resistance before potentially testing the 50 MA at ~22k as resistance. However, if Price breaks down here then it will likely retest $19417 support. Mental Stop Loss: (once close below) $19417.
*It's only 10:30pm in California right now so there's still a place in the world where I haven't missed a TA on 09/08/22. Today was just another day in 2022: Fed Chair Jerome Powell made it clear that 75bps are still on the table for 09/21, SEC Chair Gary Gensler said that most cryptocurrencies are securities but that Bitcoin (and likely Ether) should be regulated by the Commodities and Futures Trading Commission, mortgage rates are at the highest since 2008 (5.95%) and Treasury Secretary Janet Yellen saying that the fall in gasoline brought headline inflation down in July and may do so again in August + that the US economy now is stronger than it was before the pandemic. Markets seemed to rally off of Yellen's comments, which brings the notion CPI may look good heading into midterms. Key Upcoming Dates: August CPI at 830am EST 09/13; The Merge (Ethereum) at 8am EST 09/14; FOMC meeting 09/20-09/21 (Statement Released at 2pm EST on 09/21).*
Price is currently trending up at ~$20400 after bouncing off of $19417 support as it aims to test the uptrend line from 06/18/22 at ~21k as resistance. Volume has shrunken for three consecutive sessions now and buyers for two, it is currently on track to both shrink and favor buyers again; if Volume shrinks again and Price continues rallying, this would be mildly bearish, but if Volume breaks out here along with Price this would be bullish. Parabolic SAR flips bearish at 18.6k, this margin is neutral at the moment. RSI is currently trending up at 48.5 after breaking above 42.41 resistance and the descending trendline from January 2021 at 45 (as resistance); the next resistance is at 57.34. Stochastic remains bullish for a second consecutive session and is currently testing 78 resistance. MACD is currently crossing over bullish at -689, if it can hold then it will likely test the next resistance is at 313. ADX is currently trending down at 26 as Price is rallying higher, this is neutral at the moment.
If Price is able to continue higher, it will likely test the uptrend line from 06/18/22 at ~21k as resistance before potentially testing the 50 MA at ~22k as resistance. However, if Price breaks down here then it will likely retest $19417 support. Mental Stop Loss: (once close below) $19417.
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