BTC/USD Daily neutral with a bullish bias. *SELL OFF WATCH. Price has been testing $30k for twenty eight consecutive sessions now*. Recommended ratio: 51% BTC, 49% Cash. Price is currently back to trading in the second largest supply/demand zone just below $30507 resistance and is also testing the 50/50 uptrend line from March 2017 as support at $29.5k for a twenty fourth consecutive session. Volume remains Moderate (low) and has been shrinking for five consecutive sessions now (which implies that a breakout or breakdown is pending); it is currently on track to favor buyers three out of the past four sessions if it is able to close today in the green. Parabolic SAR flips bearish at $28.5k, this margin is mildly bearish. RSI is currently testing the uptrend line from 01/22/22 at 45 as resistance after bouncing from 42.41 support. Stochastic continues to test 55.55 support for a third consecutive session and is currently on the verge of a bullish crossover. MACD remains bullish and is currently trending up slightly at -920; the next resistance is at 312.67 and the next support at -1435. ADX is currently trending down slightly and beginning to form a trough at 32 as Price continues to consolidate at $30k; this is mildly bullish. If Price is able to break out (and close) above $30507, the next likely target is a test of the 50 MA at ~$34k as resistance. However, if Price breaks down here then it will likely fall fairly quickly to $24180 minor support before potentially falling lower to $20k. Mental Stop Loss: (tight stop - one close below) $29k.
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.