BTCUSD Daily cautiously bearish. Recommended ratio: 15% BTC, 85% Cash. *Equity and crypto markets are bouncing today off of speculation that the Fed may be able to ring in inflation without a recession; this is highly speculative and is happening at a critical support level for BTC ($20k) which is important for bulls to defend in order to avoid mass liquidations from large institutionally levered players like Microstrategy (this would cause an even larger downward cascade in PA).* Price is currently hovering at $20500 as bulls are attempting to prevent it from breaking $20k to formally test $19417 support. Volume is currently Moderate and is on track to favor buyers in today's session if it can close in the green; this would be bullish going into the weekend. Parabolic SAR flips bullish at $28k, this margin is mildly bullish. RSI is currently trending up slight at 22 after being rejected by the uptrend line from 01/22/22 (as resistance) at 25.60 resistance; if it can stay above 25.60 for two consecutive sessions it will help confirm that the uptrend line from 01/22/22 is still intact. Stochastic remains bullish (barely) for a second consecutive session as it is trending up slightly at 5 after retesting max bottom. MACD remains bearish and is currently testing -2497 minor support with no signs of trough formation; the next support is the ATL at -5089. ADX is currently trending up at 36 as Price continues to fall, this is bearish. If Price is able to bounce here then it will likely test $24180 minor resistance. However, if Price continues to break down here, it will likely formally test $19417 support for the first time since breaking out above it in December 2020. Mental Stop Loss: (two consecutive closes above) $24180.
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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.