BTC/USD Daily neutral with a bearish bias. *BTC is testing a critical support at ~$30k for a ninth consecutive session and is therefore on Bounce Watch.* Recommended ratio: 45% BTC, 55% cash. Price is currently testing the 50/50 uptrend line from March 2017 at $29.5k for a ninth consecutive session and is currently on track to close below $30507 resistance for a fourth consecutive session unless it sees a surge of buying before 8pm. Volume remains moderate and fairly balanced between buyers and sellers for the past five sessions; additionally, it has been growing since 05/14/22 and is doing so at the fourth largest supply/demand zone on the chart -- this indicates that it is desperately attempting to consolidate to avoid further capitulation. Parabolic SAR flips bearish at $26k, this margin is neutral at the moment. RSI is currently trending down at 35.39; the next resistance is at 42.41(which coincides with the uptrend line from 01/22/22) and the next support at 25.60. Stochastic remains bullish and is currently testing 77.95 resistance. MACD is currently on the verge of crossing over bullish at -2497 minor support, this is mildly bullish at the moment and would obviously be bullish if it can follow through with a crossover; however, it should be noted that a bullish crossover in these market conditions (negative macro environment and down day for equities) can potentially be short-lived as a Bull Trap. ADX continues to trend up slightly at 45 as it appears to be looking to form a peak; if it does and Price goes up, this would be mildly bullish in the short term. If Price is able to defend the 50/50 uptrend line from March 2017 ($29.5k) and close above $30507 for two consecutive sessions, then the next likely target is a retest of $36258. However, if Price breaks down here after nine days of testing this critical support, then it will likely test $21480 minor support before potentially falling to $20k. Mental Stop Loss: (two consecutive closes above) $30507.
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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.