ETHUSD Daily guidance is bearish. Recommended ratio: 5% ETH, 95% Cash.
*Cryptos are experiencing a Sunday Scaries sell-off to end the week as Equity Futures are down to start the week. This is all likely in anticipation for what is expected to be a volatile week with US Building Permits and Housing Starts data coming in before the Federal Reserve announces what is expected to either be a 75bp or 100bp FFR hike on 09/21 at 2pm. Key Upcoming Dates: US August Building Permits and Housing Starts at 830am EST 09/20; 13th GDPNow US Q3 GDP estimate 09/20; FOMC meeting 09/20-09/21 (Statement Released at 2pm EST on 09/21); S&P US September Manufacturing PMI at 945am EST 09/23.*
Price is currently trending down at ~$1300 after breaking below $1427 support in yesterday's session, the next support (psychological) is at ~$1k. Volume was High in yesterday's session and is on track to favor sellers for a second consecutive session if it closes today in the red. Parabolic SAR flips bullish at $1695. RSI is currently trending down at 33 after breaking below the uptrend line from November 2018 at 37 as support, the next support is the uptrend line from 01/22/22 at ~32. Stochastic remains bearish and is currently attempting to crossover bullish at 5 as it approaches a potential test of max bottom. MACD remains bearish and is currently trending down at -61 but is still technically testing -46 minor support; the next support is at -91. ADX is currently trending up at 20 as Price is breaking down, this is mildly bearish at the moment; should ADX climb above 25 AND Price continue lower, this would be very bearish.
If Price is able to bounce here then it will likely test $1427 as resistance. However, if Price continues to break down then it will likely retest $1k psychological support. Mental Stop Loss: (two consecutive closes above) $1427.
*Cryptos are experiencing a Sunday Scaries sell-off to end the week as Equity Futures are down to start the week. This is all likely in anticipation for what is expected to be a volatile week with US Building Permits and Housing Starts data coming in before the Federal Reserve announces what is expected to either be a 75bp or 100bp FFR hike on 09/21 at 2pm. Key Upcoming Dates: US August Building Permits and Housing Starts at 830am EST 09/20; 13th GDPNow US Q3 GDP estimate 09/20; FOMC meeting 09/20-09/21 (Statement Released at 2pm EST on 09/21); S&P US September Manufacturing PMI at 945am EST 09/23.*
Price is currently trending down at ~$1300 after breaking below $1427 support in yesterday's session, the next support (psychological) is at ~$1k. Volume was High in yesterday's session and is on track to favor sellers for a second consecutive session if it closes today in the red. Parabolic SAR flips bullish at $1695. RSI is currently trending down at 33 after breaking below the uptrend line from November 2018 at 37 as support, the next support is the uptrend line from 01/22/22 at ~32. Stochastic remains bearish and is currently attempting to crossover bullish at 5 as it approaches a potential test of max bottom. MACD remains bearish and is currently trending down at -61 but is still technically testing -46 minor support; the next support is at -91. ADX is currently trending up at 20 as Price is breaking down, this is mildly bearish at the moment; should ADX climb above 25 AND Price continue lower, this would be very bearish.
If Price is able to bounce here then it will likely test $1427 as resistance. However, if Price continues to break down then it will likely retest $1k psychological support. Mental Stop Loss: (two consecutive closes above) $1427.