BTCUSD Daily guidance is cautiously bearish. Recommended ratio: 10% BTC, 90% Cash.
*US August Consumer Confidence rose for the first time after three consecutive months of decline and is now 103.2, up from 95.3 in July. Meanwhile, Russia is furthering the WW3 narrative and the Federal Reserve is pushing the US into a recession... very 2022. Though Cryptos are mixed in price action today they are fairing better than Equities which have continued to plummet. Commodities, Equity Futures, EURUSD and Gold are all down while VIX, US Treasuries and DXY continue to go higher with DXY reaching a 22 year high of $112 in today's session. As long as DXY keeps going up, which it likely will if FFR keeps going up, it's going to suck liquidity from just about every other asset. Russia and China are currently wildcards that can either exacerbate or mitigate a financial migration to DXY as a safe haven asset. Key Upcoming Dates: September US Consumer Confidence Index at 10am EST 09/27; August US New-Home Sales at 10am EST 09/27; Final US Q2 GDP revision at 830am EST 09/29; August US PCE price index at 830am EST 09/30.*
Price is currently trending down at ~$18700 after being rejected by $19417 resistance for the third consecutive session. Volume is currently Moderate (high) and on track to favor sellers for three of the past four sessions if it closes today's session in the red. Parabolic SAR flips bullish at the 50 MA ($21.3k), this margin is neutral at the moment. RSI is currently trending down at 40 after being rejected by the descending trendline from January 2021 at 45 and breaking below 42.41 support. Stochastic remains bearish and is currently trending sideways at 15 as it attempts to crossover bullish. MACD remains bearish and is currently trending down at -571 with no signs of trough formation as it approaches -869 minor support. ADX is currently trending up at 24.34 as Price continues to fall, this is bearish.
If Price is able to bounce here then it will have to flip $19417 resistance to support if it is to test the descending trendline from November 2021 at $21k. However, if Price continues to break down here, it will likely retest the uptrend line from March 2017 at ~$15k as support. Mental Stop Loss: (two b2b closes above) $19417.
*US August Consumer Confidence rose for the first time after three consecutive months of decline and is now 103.2, up from 95.3 in July. Meanwhile, Russia is furthering the WW3 narrative and the Federal Reserve is pushing the US into a recession... very 2022. Though Cryptos are mixed in price action today they are fairing better than Equities which have continued to plummet. Commodities, Equity Futures, EURUSD and Gold are all down while VIX, US Treasuries and DXY continue to go higher with DXY reaching a 22 year high of $112 in today's session. As long as DXY keeps going up, which it likely will if FFR keeps going up, it's going to suck liquidity from just about every other asset. Russia and China are currently wildcards that can either exacerbate or mitigate a financial migration to DXY as a safe haven asset. Key Upcoming Dates: September US Consumer Confidence Index at 10am EST 09/27; August US New-Home Sales at 10am EST 09/27; Final US Q2 GDP revision at 830am EST 09/29; August US PCE price index at 830am EST 09/30.*
Price is currently trending down at ~$18700 after being rejected by $19417 resistance for the third consecutive session. Volume is currently Moderate (high) and on track to favor sellers for three of the past four sessions if it closes today's session in the red. Parabolic SAR flips bullish at the 50 MA ($21.3k), this margin is neutral at the moment. RSI is currently trending down at 40 after being rejected by the descending trendline from January 2021 at 45 and breaking below 42.41 support. Stochastic remains bearish and is currently trending sideways at 15 as it attempts to crossover bullish. MACD remains bearish and is currently trending down at -571 with no signs of trough formation as it approaches -869 minor support. ADX is currently trending up at 24.34 as Price continues to fall, this is bearish.
If Price is able to bounce here then it will have to flip $19417 resistance to support if it is to test the descending trendline from November 2021 at $21k. However, if Price continues to break down here, it will likely retest the uptrend line from March 2017 at ~$15k as support. Mental Stop Loss: (two b2b closes above) $19417.