BTCUSD Daily cautiously bearish. Recommended ratio: 25% BTC, 75% Cash. *SUNDAY/MONDAY SCARIES WATCH. A technical retracement/correction in cryptos is currently underway with DOGE (+20%) and ETH (+22%) leading the pack in the past 24 hours. Considering that the current level of this bounce is around the area of the long term uptrend line for many cryptos (suggesting that this could potentially be the bottom), it's still too early to say such things so please continue to tread with caution and remember to Dollar Cost Average into investments and out of trades during volatile times like these.* Price is currently testing $19417 support as the last support before having to test the uptrend line from April 2017 at ~$15k (which would almost certainly margin call a lot of large leveraged players). Volume is Moderate and currently on track to favor buyers in today's session if it can close in the green, we are in near perfect bull trap territory (Sunday/Monday Scaries) so please be mindful of overexposed long positions. Parabolic SAR flips bullish at $25652, this margin is mildly bullish. RSI is currently attempting to reclaim support from the uptrend line from 01/22/22 at 25.60 support (it still hasn't technically lost support from these levels). Stochastic is currently crossing over bullish at 7.76, the next resistance is at 29.70. MACD remains bearish and is finally beginning to form a trough at -2964 as it is still technically testing -2497 minor support. ADX is currently trending up at 40 as Price continues to fall, this is bearish; if it can peak and start to come down as Price continues its move up then this would be bullish. If Price is able to defend support at $19417 then it will likely test $24180 minor resistance. However, if Price continues to break down here then it will likely test the uptrend line from April 2017 at ~$15k for the first time since September 2020. Mental Stop Loss: (two consecutive closes above) $21335.
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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.