BTC Daily TA Cautiously BullishBTCUSD Daily cautiously bullish. Recommended ratio: 90% BTC, 10% Cash. *CRYPTO WEEKEND RALLY WATCH . Waiting for the next candle print to determine if the Bull Trap/Short Squeeze narrative has been invalidated but as of now it's looking very bullish going into this weekend. With all this talk of the Fed pivoting it should provide enough bullishness to carry over into the beginning of next week before the next Employment Situation on 08/05 . Expect for some volatility like we saw on Monday-Wednesday this week from Wednesday-Friday of next week; if unemployment goes up and/or nonfarm payroll goes down, expect for some bearishness to reenter the market. If the numbers end up being better than expected or simply not significantly different, expect for most of August to continue being bullish leading into the next big trove of economic data before the September FOMC meeting on 09/20-09/21. I say this because with the first GDPNow Q3 GDP estimate projected to be +2.1% compared to the BEA Q2 first estimate of -0.9% , analysts are already seeing light at the end of the tunnel regarding inflation and the EOY economic outlook.* Price is currently retesting $24180 minor resistance after forming a bullish engulfing candle to break back above the 50 MA. Volume is Moderate and currently on track to favor buyers three consecutive sessions if it can close today in the green. Parabolic SAR flips bearish at $20763, this margin is neutral at the moment. RSI is currently trending sideways at 61 after breaking back above the 50/50 uptrend line from November 2018 at 57.34 resistance; if it is able to turn 57.34 to support then the next resistance (minor) is at 70. Stochastic remains bullish and is currently breaking above 78 resistance and trending up at 91 as it aims to retest max top. MACD remains bullish and is currently breaking out above 313 resistance as it trends up at 421, the next resistance is at 891. ADX is completing a trough formation and is currently trending up at 20 as Price pushes higher, this is mildly bullish but can become very bullish if it can continue surging up past 25. If Price is able to break out above $24180 minor resistance, the next likely target is a retest of the descending trendline from November 2021 at ~$28k as resistance ; this would make testing the 50/50 uptrend line from March 2017 at $30507 resistance likely as well. However, if Price is rejected here then it will likely retest the 50 MA at ~$21.6k before potentially retesting $19417 support . Mental Stop Loss: (one close below) $22300.
