dailytaguy

BTC Daily TA Neutral Bullish

COINBASE:BTCUSD   Bitcoin
BTCUSD Daily neutral with a bullish bias. Recommended ratio: 51% BTC, 49% Cash. *SELL-OFF WATCH. Cryptos look like they may lead the market sell-off if there isn't a bounce at some point in the next session or two. Bitcoin still has yet to test the uptrend line from March 2017 at ~$15k and many analysts are calling for a $13k bottom, sentiment seems to support this more and more every day but until BTC loses $20k ($19417 support) it's not confirmed.* Price is currently trending down at $20100 as it continues to trade sideways in the largest supply/demand zone on the chart at $20k psychological support. Volume is currently Low and on track to favor sellers for a second consecutive session. Parabolic SAR flips bearish at $19k, this margin is bearish at the moment. RSI broke below 42 support and is currently trending down at 38, if it can't bounce here then the next support is the uptrend line from 06/18/22 at 36; if it breaks below here it will likely test the uptrend line from 01/22/22 at ~28. Stochastic remains bearish and is currently testing 78 support. MACD remains bullish and is currently forming a soft peak as it tests -869 minor resistance. ADX is currently trending down at 30 and is beginning to form a soft trough as Price is breaking down, this is neutral at the moment. If Price is able to bounce here at $20k then it will likely retest the one-month high at $22500 before potentially testing $24180 minor resistance. However, if Price continues to break down here it will likely retest $19417 support before potentially retesting the uptrend line from April 2017 at ~$15k as support for the first time since September 2020. Mental Stop Loss: (one close below) $19417.

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