BTC Daily TA Neutral Bearish
BTCUSD daily guidance is neutral with a bearish bias. Recommended ratio: 40% BTC, 60% Cash.
*Technically, BTC and many other Cryptos look relatively good right now compared to Equities which have continued to get sold off in favor of DXY and US Treasuries; some may view this is as a decoupling moment, others as a market lag, and me as a technical correction ("everything is bearish, so it's bullish"). Fed Chair Jerome Powell reiterated the need for crypto regulation, and also mentioned that it would take years of additional research for a 'Fedcoin', at a French central bank event today. September US Consumer Confidence rose to 108 compared to 103.6 in August. In the same optimistic light, US New Home Sales went up 28.8% from 532k in July to 685k in August. The 14th GDPNow Q3 GDP estimate remained the same as on 09/20 at 0.3%. Key Upcoming Dates: Final US Q2 GDP revision at 830am EST 09/29; August US PCE price index at 830am EST 09/30; S&P US September Manufacturing PMI at 945am EST 10/03; September Employment Situation at 830am EST 10/07.*
Price is currently retesting $19417 support for what is now 26 out of the past 30 sessions after briefly touching 20.4k. Volume is currently High (high) and on track to favor sellers for what would be four out of the past five sessions if it closes today's session in the red. Parabolic SAR flips bullish at $20474, this margin is bullish. RSI is currently trending down at 43 after getting rejected by the descending trendline from January 2021 at ~44, the next support is at 42.41. Stochastic remains bullish and is currently testing 55.55 resistance with no signs of peak formation. MACD remains bearish and is currently on the verge of crossing over bullish at -453, if it can stay above -453 this would be a bullish crossover; the next resistance (minor) is at -232.42. ADX is currently trending down at 25 as Price attempts to get back above $19417 support, this is mildly bearish.
If Price is able to close above $19417 support for two consecutive sessions, it will likely retest the 50 MA at ~21k as resistance before potentially retesting the descending trendline from November 2021 at ~22k. However, if Price continues to break down here then it will likely retest the uptrend line from March 2017 at ~15k as support. Mental Stop Loss: (two consecutive closes above) $19417.
*Technically, BTC and many other Cryptos look relatively good right now compared to Equities which have continued to get sold off in favor of DXY and US Treasuries; some may view this is as a decoupling moment, others as a market lag, and me as a technical correction ("everything is bearish, so it's bullish"). Fed Chair Jerome Powell reiterated the need for crypto regulation, and also mentioned that it would take years of additional research for a 'Fedcoin', at a French central bank event today. September US Consumer Confidence rose to 108 compared to 103.6 in August. In the same optimistic light, US New Home Sales went up 28.8% from 532k in July to 685k in August. The 14th GDPNow Q3 GDP estimate remained the same as on 09/20 at 0.3%. Key Upcoming Dates: Final US Q2 GDP revision at 830am EST 09/29; August US PCE price index at 830am EST 09/30; S&P US September Manufacturing PMI at 945am EST 10/03; September Employment Situation at 830am EST 10/07.*
Price is currently retesting $19417 support for what is now 26 out of the past 30 sessions after briefly touching 20.4k. Volume is currently High (high) and on track to favor sellers for what would be four out of the past five sessions if it closes today's session in the red. Parabolic SAR flips bullish at $20474, this margin is bullish. RSI is currently trending down at 43 after getting rejected by the descending trendline from January 2021 at ~44, the next support is at 42.41. Stochastic remains bullish and is currently testing 55.55 resistance with no signs of peak formation. MACD remains bearish and is currently on the verge of crossing over bullish at -453, if it can stay above -453 this would be a bullish crossover; the next resistance (minor) is at -232.42. ADX is currently trending down at 25 as Price attempts to get back above $19417 support, this is mildly bearish.
If Price is able to close above $19417 support for two consecutive sessions, it will likely retest the 50 MA at ~21k as resistance before potentially retesting the descending trendline from November 2021 at ~22k. However, if Price continues to break down here then it will likely retest the uptrend line from March 2017 at ~15k as support. Mental Stop Loss: (two consecutive closes above) $19417.
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