BTCUSD Daily neutral with a bullish bias. Recommended ratio: 58% BTC, 42% Cash. *USD hit a 20-year high, Oil, Treasuries and Gold are down, and cryptos and equities are up slightly as global recession fears continue to be exacerbated by higher inflation numbers. The Euro is crashing due in large part to the ECB failing to raise central bank interest rates to combat inflation in time. Key dates: CPI report is published at 830am (EST) on 07/13. Bitcoin has been testing $20k for twenty one sessions now.* Price is currently attempting to break out of a twenty one day consolidation at $20k and if it is able to continue up it would likely form a local Double Bottom (short-term). Volume is Moderate and currently on track to favor buyers for a third consecutive session if it can close today's session in the green. Parabolic SAR flips bullish at $21500, this margin is mildly bullish. RSI is currently trending up at 40 as it quickly approaches a test of 42 resistance; if it breaks above 42 resistance then it would likely test the descending trendline from January 2021 at ~48. Stochastic remains bullish for a second consecutive session and is currently trending up at 73 as it closes in on a test of 78 resistance. MACD remains bullish and is currently trending up at -1600 as it quickly approaches -1435 resistance. ADX is currently trending down at 42 as Price is pushing higher, this is mildly bullish at the moment. If Price is able to continue up from here then it will likely test $24180 minor resistance (and would confirm a short-term Double Bottom). However, if Price breaks down here, it will likely retest $19417 support before potentially testing the uptrend line from April 2017 at ~$15k for the first time since September 2020. Mental Stop Loss: (one close below) $19417.
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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.