BTCUSD daily guidance is cautiously bearish. Recommended ratio: 35% BTC, 65% Cash.
*BULL TRAP WATCH. The FOMC Minutes confirmed what every investor should be aware of and that is that the Federal Reserve will remain committed to raising the federal funds rate to restrictive levels until a meaningfully sustained decrease in inflation is observed. FOMC members noted that despite a slowdown in the labor market, the economy is still in good enough shape to withstand more rate hikes. Cryptos, Equities, Commodities, VIX, GBPUSD, EURUSD and CNYUSD are flat or down while DXY, US Treasuries, JPYUSD and Equity Futures are up. CPI reports tomorrow and will likely send markets lower if it doesn't show signs of slowing. Key Upcoming Dates: September US CPI at 830am EST 10/13; September US Retails Sales at 830am EST 10/14; 18th GDPNow US Q3 GDP Estimate 10/14; UofM October Consumer Sentiment Index at 10am EST 10/15.*
Price is currently trending down at ~$19100 and is risking losing $19417 minor support. Volume broke a two day streak of seller dominance and finished today's session High (low), it's currently on track to favor sellers if it closes tomorrow's session in the red. Parabolic SAR flips bearish at $18500, this margin is bearish. RSI is currently trending down slightly at 43.75 as it approaches a retest of 42.41 support. Stochastic remains bearish and is currently completing a trough as it approaches a bullish crossover at 6.50. MACD is currently beginning to trend bearish at -232.42 minor support after 3 consecutive sessions of trending sideways at this level. ADX is currently beginning to form a trough at 13.50 as Price is beginning to trend lower and risk losing $19417 minor support.
If Price is able to bounce here, be leery of a potential bull trap as it approaches a retest of the 50 MA at ~$19700 as resistance which should also coincide with the descending trendline from November 2021 (as resistance). However, if Price breaks down here and loses $19417 minor support, it will likely retest the uptrend line from March 2020 at ~$15k as support for the first time since September 2020. Mental Stop Loss: (two consecutive closes above) $20k.
*BULL TRAP WATCH. The FOMC Minutes confirmed what every investor should be aware of and that is that the Federal Reserve will remain committed to raising the federal funds rate to restrictive levels until a meaningfully sustained decrease in inflation is observed. FOMC members noted that despite a slowdown in the labor market, the economy is still in good enough shape to withstand more rate hikes. Cryptos, Equities, Commodities, VIX, GBPUSD, EURUSD and CNYUSD are flat or down while DXY, US Treasuries, JPYUSD and Equity Futures are up. CPI reports tomorrow and will likely send markets lower if it doesn't show signs of slowing. Key Upcoming Dates: September US CPI at 830am EST 10/13; September US Retails Sales at 830am EST 10/14; 18th GDPNow US Q3 GDP Estimate 10/14; UofM October Consumer Sentiment Index at 10am EST 10/15.*
Price is currently trending down at ~$19100 and is risking losing $19417 minor support. Volume broke a two day streak of seller dominance and finished today's session High (low), it's currently on track to favor sellers if it closes tomorrow's session in the red. Parabolic SAR flips bearish at $18500, this margin is bearish. RSI is currently trending down slightly at 43.75 as it approaches a retest of 42.41 support. Stochastic remains bearish and is currently completing a trough as it approaches a bullish crossover at 6.50. MACD is currently beginning to trend bearish at -232.42 minor support after 3 consecutive sessions of trending sideways at this level. ADX is currently beginning to form a trough at 13.50 as Price is beginning to trend lower and risk losing $19417 minor support.
If Price is able to bounce here, be leery of a potential bull trap as it approaches a retest of the 50 MA at ~$19700 as resistance which should also coincide with the descending trendline from November 2021 (as resistance). However, if Price breaks down here and loses $19417 minor support, it will likely retest the uptrend line from March 2020 at ~$15k as support for the first time since September 2020. Mental Stop Loss: (two consecutive closes above) $20k.