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ETH Daily TA Cautiously BullishETHUSD Daily cautiously bullish. Recommended ratio: 75% ETH, 25% Cash . * All US CPI numbers beat estimates this morning and Overall CPI stayed flat at 8.5%, causing Cryptos, Equities, Commodities and the 30yr Treasury Bond to go up. Meanwhile the VIX, DXY and all other Treasuries are falling. Markets are continuing to push the narrative of 'Peak Inflation' and 'Incoming Fed Pivot' as we near US midterm elections, this is driving investors to become more Risk-On. Overall CPI staying flat can be largely attributed to the White House finally deciding to tap in to the Strategic Oil Reserve (in addition to OPEC+ increasing output) last month, bringing gas prices down 19% from their ATH in July. Core CPI (which excludes energy and food) was still up 0.3% (compared to 0.5% estimated). The fourth GDPNow US Q3 GDP estimate released this morning is +2.5%, up from the previous estimate (08/04/22) of +1.4%; this likely added bullishness to today's session. Coinbase missed on earnings and revenue in Q2 and posted a $1b loss due to the ongoing 'Crypto Winter'. Chicago Fed President Charles Evans said that he supports a 4% FFR in 2023 and EOY FFR of 3.25%-3.5% for 2022, and that today's CPI reading was encouraging but that the next Employment Situation and PCE numbers will help determine whether or not inflation is really slowing. The Merge is currently scheduled for launch on Ethereum's Mainnet on 09/13/22 . Key dates this week: Disney Q3 earnings today at 430pm EST; PPI at 830am EST 08/11.* Price is currently breaking out above $1711 minor resistance and will look to retest $1941 resistance in the coming sessions if it can flip $1711 minor resistance to support. Volume is Moderate (high) and favoring buyers which indicates that this breakout has some momentum. Parabolic SAR flips bearish at $1477, this margin is mildly bearish. RSI is currently testing the uptrend line from 06/18/22 as resistance at ~66, if it can reclaim support here this would be bullish. Stochastic is currently crossing over bullish at 61 after bouncing abruptly at 53, the next resistance is at 81. MACD is currently crossing over bullish at 96 after trading sideways for 6 consecutive sessions, if it holds then the next resistance is the upper trendline of the descending channel from August 2021 at ~137 (just below 155 resistance). ADX is currently trending up slightly at 29 as Price is pushing higher, this is bullish. If Price is able to establish support at $1711 minor resistance then the next likely target is a retest of $1941 resistance . However, if Price breaks back below $1711 minor resistance , it will likely retest ~$1600 before potentially retesting $1427 support . Mental Stop Loss: (one close below) $1692 .
COINBASE:ETHUSD
by dailytaguy
BTC Daily TA Neutral BearishBTCUSD Daily neutral with a bearish bias. Recommended ratio: 40% BTC, 60% Cash . * CPI REPORT WATCH . In line with the recent enforcement advancements that were promised by provisions regarding cybercrime in the Consolidated Appropriations Act in March 2022 , the US Treasury Department has banned US citizens from interacting with Tornado Cash (a crypto mixer service) due to national security reasons stemming from its history of usage by a North Korean hacking group called Lazarus. The CHIPS Act finally got signed into law today but it didn't help semiconductor stocks much as most of them finished the session lower along with the broader market. VIX, Gold and Treasuries are up as the market prepares for tomorrow's CPI report at 830am EST. Key dates this week: COIN earnings at 530pm EST 08/09; 4th GDPNow US Q3 GDP estimate at 10am (EST) 08/10; CPI at 830am (EST) 08/10 ; Disney earnings 08/10; and PPI at 830am (EST) 08/11.* Price is currently trending down at $23.1k after getting rejected at $24180 minor resistance for a third time in three weeks, though seemingly bearish, if Price is able to defend support at the uptrend line from 07/18/22 (~$22k) then an Ascending Triangle formation would be valid. Volume is Moderate (high) and fairly balanced between buyers and sellers over the past few sessions. Parabolic SAR flips bearish at $22641, this margin is bearish. RSI is currently trending down at 53 after being rejected by the 50/50 uptrend line from November 2018 (as resistance) at 57 resistance, the next support is the uptrend line from 06/18/22 at ~50. Stochastic is currently crossing over bearish just above 55.55 support. MACD is currently trending sideways at 313 support, there is a slight tilt to the downside but it's almost perfectly neutral which indicates that this is a critical resistance for Price (also reflected in Volume Profile). ADX is currently trending sideways at 18 as Price is trading sideways, this is neutral at the moment. If Price is able to break out above $24180 minor resistance then it will likely retest the descending trendline from November 2021 at ~28k (as resistance). However, if Price continues to trend down here, the next likely target would be a retest of the uptrend line from 06/17/22 at ~$22k . Mental Stop Loss: (two consecutive closes above) $24180 .
COINBASE:BTCUSD
by dailytaguy
ETH Daily TA Cautiously BullishETHUSD Daily cautiously bullish. Recommended ratio: 87% ETH, 13% Cash. * CRITICAL RESISTANCE WATCH (SUNDAY/MONDAY SCARIES) . Cryptos are enjoying a weekend rally leading up to anticipated volatility this week with PMI (08/01) and Unemployment (08/05) numbers scheduled to report. Economic outlook aside, risk-on investors continue to creep back into Ethereum prior to the expected launch of the Merge on mainnet 09/12 . ETH has a major resistance ahead at $1941 (in addition to $2k psychological resistance) so it would be prudent for traders to be mindful of position size on the first test of it. Key dates this week: July Final S&P Global US Manufacturing PMI estimate at 9:45am EST (08/01); BLS Employment Situation at 830am EST (08/05).* Price is currently forming an Ascending Triangle as it tests $1711 minor resistance for a third consecutive session. Volume is currently Moderate (low) and on track to favor sellers for a second consecutive session, this is only mildly bearish considering the volume has dropped in both sessions which is indicative of profit taking. Parabolic SAR flips bearish at $1373, this margin (25%) is mildly bearish. RSI is currently trending sideways at 67, the next resistance is the 50/50 uptrend line from November 2018 at ~72; the next support is the uptrend line from 06/18/22 at ~60. Stochastic remains bullish for a third consecutive session and is currently trending up at 87 as it breaks above 81 resistance; the next resistance is max top. MACD remains bullish and is currently trending up at 314 as it approaches a retest of the upper trendline of the descending channel from August 2021 at ~136 (just below 155 major resistance). ADX is currently trending up slightly at 31 as Price is pushing higher, this is bullish. If Price is able to breakout above $1711 minor resistance then the next likely target is a retest of $1941 resistance for the first time since 05/30/22; $1941 resistance is a major resistance because it served as support from April 2021-May 2022. However, if Price is rejected here, it will likely find a bit of support at $1550 before potentially retesting $1427 support . Mental Stop Loss: (one close below) $1596.
COINBASE:ETHUSD
by dailytaguy