BTC/USD Daily TA Cautiously Bearish

13 Haz 2022

BTC/USD Daily cautiously bearish. *BTC has finally broken down below the 50/50 uptrend line from April 2017 and now risks falling to retest the official uptrend line from April 2017 (for the first time since October 2020) at 15k-19k. All eyes are on the FOMC meeting this Wednesday when the Fed will decide whether to go through with another 50bp rate hike or be even more dovish and go for 75bp (or even 100bp) in attempt to slow down inflation. As unfortunate as it may be, cryptos and equities will continue to be hit the hardest (highest amount of speculation here) until the Fed is able to ring in inflation. If we end up with a hard landing (and recession), this will likely signify that the bottom is in for cryptos and equities and the next focus can be on how to revitalize growth.* Recommended ratio: 5% BTC, 95% Cash. Price broke down below the 50/50 uptrend line from April 2017 after testing it as support for 30 consecutive sessions and is now testing $24180 minor support (currently trending down at 23K). Volume is High in today's session marked by a 15% sell off; it's currently on track to favor sellers for seven consecutive sessions if it can close today in the red. Parabolic SAR flips bullish at the 50 MA (~32k), this margin is mildly bullish. RSI is currently testing the [revised] uptrend line from 01/22/22 at 25.60 support. Stochastic remains bearish and is currently testing max bottom, where it can potentially coast in the "bearish autobahn zone" for a while. MACD crossed over bearish in today's session at -868 minor resistance, it is currently trending down at -1331 and fast approaching -1435 support. ADX is currently trending up at 27 as Price continues to fall, this is bearish. If Price is able to bounce here at $24180 minor support, it will likely trade sideways until it can test the 50/50 uptrend line from April 2017 as resistance at 29K or the descending trendline from November 2021 at 24k-29k. However, if Price continues to break down here then it will likely test $19417 support for the first time since breaking out above it in December 2020. Mental Stop Loss: (two consecutive closes above) $24180.