BTC Daily neutral with a bullish bias. Recommended ratio: 51% BTC, 49% Cash. *Cryptos led stocks this week with a bullish weekend/Juneteenth leading into a bullish day for equities today, they could also just as easily lead them back down with a bearish catalyst this week (Powell testimony, PMI report, higher global inflation numbers, etc.). It's unclear how much further Bitcoin (and cryptos in general) can fall without forcing mass liquidations at already struggling institutions like 3AC, Celsius, Microstrategy and Babel; but to counter this argument, exchanges like FTX have been stepping in to fund liquidations at crypto lenders like Voyager and BlockFi. All that said, Bitcoin has yet to formally retest the uptrend line from April 2017 at ~$15k (last time was September 2020) so it is a scenario to be mindful of in these times of sporadic volatility.* Price is currently trending up at $20900 as it attempts to close above $21335; if this were to happen it would likely continue the rally to retest $24180 minor resistance. Volume remains Moderate and fairly balanced between buyer and seller dominance (indicative of consolidation); it is on track to shrink for a fourth consecutive session which hints at an impending breakout or breakdown. Parabolic SAR flips bullish at $23250, this margin is mildly bullish. RSI is currently trending up slightly at 31 as it attempts to reclaim support at the uptrend line from 01/22/22 at 25.60 support. Stochastic remains bullish and is currently trending up at 32 as it tests 29.70 resistance. MACD remains bearish and is currently forming a trough at -2915, a break above -2497 support would likely form a bullish crossover. ADX is currently trending up at 43 and is beginning to form a soft peak as Price is seeing some buying pressure here in this relief rally, this is neutral at the moment but can turn bullish if it begins to trend downward as Price continues up. If Price is able to continue up here and close above $21335 (two consecutive times, so today + tomorrow) then it will likely retest $24180 minor resistance for the first time since December 2020. However, if Price breaks down here and falls back below $19417 support, it will likely retest the uptrend line from April 2017 at ~$15k for the first time since September 2020. Mental Stop Loss: (two consecutive closes 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.