ETHUSD daily guidance is neutral with a bearish bias. Recommended ratio: 40% ETH, 60% Cash.
*SHORT SQUEEZE WATCH. US September Retail Sales came in at $684b, virtually unchanged from August but still 8.2% above September of last year. This strong consumer data will surely influence the Federal Reserve to continue pondering raising FFR by more than 75bps on November 2nd. The 18th GDPNow US Q3 GDP estimate is 2.8%, down from 2.9% on 10/7. Preliminary results for the October UofM Consumer Sentiment Survey show an increase from 58.6 in September to 59.8 in October. Putin made more threats regarding a "global catastrophe" to NATO should they become directly involved in Russia's war against Ukraine. He also set the stage for reclosing the humanitarian corridors Russia agreed to allow Ukraine to use to transport grain and fleeing citizens; this could lead to more supply chain woes in the near future. Cryptos, Equities, Equity Futures, Commodities, GBPUSD, EURUSD, JPYUSD and CNYUSD are all down while DXY, US Treasuries and VIX are up. Key Upcoming Dates: US September Building Permits and Housing Starts at 830am EST 10/19; 19th GDPNow US Q3 GDP estimate 10/19.*
Price is currently testing $1270 minor support for the fifth consecutive session as it continues to trade in the largest trading zone (POC) on the chart for twenty three consecutive sessions now. Volume is currently High (moderate) and on track to favor buyers in today's session after favoring sellers in yesterday's session. Parabolic SAR flips bullish at $1389, this margin is mildly bullish. RSI is currently trending up at 43 after bouncing off of the uptrend line (also the lower trendline of the massive Symmetrical Triangle) from November 2018 at 36.91 support, the next resistance is the descending trendline from February 2020 at ~51.25. Stochastic crossed over bullish in today's session and is currently testing 46.76 resistance. MACD remains bullish and is trending up slightly at ~-35 as it continues to test -46.46 minor resistance for the ninth consecutive session. ADX is currently trending sideways at 31 as Price attempts to defend $1270 minor support, this is neutral at the moment.
If Price is able to defend $1270 minor support then it will likely aim to retest the 50 MA as resistance at $1427 resistance. However, if Price breaks down here, it will likely retest $1k minor support before potentially retesting $776 support for the first time since January 2021. Mental Stop Loss: (two consecutive closes above) $1270.
*SHORT SQUEEZE WATCH. US September Retail Sales came in at $684b, virtually unchanged from August but still 8.2% above September of last year. This strong consumer data will surely influence the Federal Reserve to continue pondering raising FFR by more than 75bps on November 2nd. The 18th GDPNow US Q3 GDP estimate is 2.8%, down from 2.9% on 10/7. Preliminary results for the October UofM Consumer Sentiment Survey show an increase from 58.6 in September to 59.8 in October. Putin made more threats regarding a "global catastrophe" to NATO should they become directly involved in Russia's war against Ukraine. He also set the stage for reclosing the humanitarian corridors Russia agreed to allow Ukraine to use to transport grain and fleeing citizens; this could lead to more supply chain woes in the near future. Cryptos, Equities, Equity Futures, Commodities, GBPUSD, EURUSD, JPYUSD and CNYUSD are all down while DXY, US Treasuries and VIX are up. Key Upcoming Dates: US September Building Permits and Housing Starts at 830am EST 10/19; 19th GDPNow US Q3 GDP estimate 10/19.*
Price is currently testing $1270 minor support for the fifth consecutive session as it continues to trade in the largest trading zone (POC) on the chart for twenty three consecutive sessions now. Volume is currently High (moderate) and on track to favor buyers in today's session after favoring sellers in yesterday's session. Parabolic SAR flips bullish at $1389, this margin is mildly bullish. RSI is currently trending up at 43 after bouncing off of the uptrend line (also the lower trendline of the massive Symmetrical Triangle) from November 2018 at 36.91 support, the next resistance is the descending trendline from February 2020 at ~51.25. Stochastic crossed over bullish in today's session and is currently testing 46.76 resistance. MACD remains bullish and is trending up slightly at ~-35 as it continues to test -46.46 minor resistance for the ninth consecutive session. ADX is currently trending sideways at 31 as Price attempts to defend $1270 minor support, this is neutral at the moment.
If Price is able to defend $1270 minor support then it will likely aim to retest the 50 MA as resistance at $1427 resistance. However, if Price breaks down here, it will likely retest $1k minor support before potentially retesting $776 support for the first time since January 2021. Mental Stop Loss: (two consecutive closes above) $1270.