dailytaguy

BTC Daily TA Neutral Bullish

COINBASE:BTCUSD   Bitcoin
BTCUSD Daily TA neutral with a bullish bias. Recommended ratio: 65% BTC, 35% Cash. *SUNDAY/MONDAY SCARIES WATCH. Cryptos had a relatively flat weekend as the DXY continues to see downward pressure leading into a likely volatile week for all markets. Key dates this week: Google and Microsoft earnings 07/26; Meta earnings 07/27; FOMC statement on whether or not to raise more than 75bps at 2:00pm (EST) 07/27; First Q2 GDP estimate at 830am (EST) 07/28 (current GDPNow estimate is -1.6%); Amazon and Apple earnings 07/28; PCE inflation report released at 830am (EST) 07/29. If tech earnings and/or revenue misses and forward guidance is dismal, it will likely add bearish pressure to the major indexes. The first official Q2 GDP estimate will likely come in negative but if it comes in lower than the final Q1 estimate (-1.6%) then it may bring more risk-on traders back to markets, however if it comes in higher than -1.6% it will likely send short-term jitters through markets. As for the rate hike announcement on 07/27, 75bps is already priced in to markets. FFR futures are pointing to a 2.36% FFR by September (the effective FFR is currently 1.58%) which means very few traders are betting on a 100bps rate hike, this is largely due to shrinking PCE inflation (the Fed's favored measure of inflation) over the past 4 months (it is currently at November 2021 levels). However, though slim, there is still a possibility for a 100bps hike with resilient retail sales and a higher CPI increase in June than in May.* Price is currently testing the 200 MA as support at ~$22.5k for the fifth consecutive session. Volume is currently Low and on track to break a four session streak of sellers dominance if it can close today's session in the green; additionally, Volume has shrunken for the past six session which is indicative of a potential breakout/breakdown. Parabolic SAR flips bearish at $20.3k, this margin is mildly bearish. RSI is currently trending up slightly at 55 after bouncing at 54, just below the 50/50 uptrend line from November 2018 at 57 resistance. Stochastic remains bearish and is currently testing 78 support. MACD remains bullish and is currently forming a soft peak at 313 resistance. ADX is currently trending down slightly at 21 as Price continues to trade sideways at the 200 MA, this is neutral at the moment; if ADX is able to bounce as Price pushes higher, this would be bullish. If Price is able to bounce here off the 200 MA (~$22.5k) it would help to confirm that is has established support and will likely push price to formally retest $24180 minor resistance. However, if Price breaks down below the 200 MA then it will likely retest $19417 support before potentially heading lower. Mental Stop Loss: (one close below) $21.6k.

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