dailytaguy

BTC/USD Daily TA Neutral Bullish

COINBASE:BTCUSD   Bitcoin
BTC/USD Daily neutral with a bullish bias. *Both equity and crypto markets have become so overwhelmingly bearish that they're starting to run out of sellers in the short term. This is shaping up to be somewhat of a contrarian trade and may even just be a short squeeze before falling lower; but as of now there is support at these levels and buying pressure is mounting.* Recommended ratio: 55% BTC, 45% cash. Price is currently testing the 50/50 uptrend line from March 2017 at ~$29k for a thirteenth consecutive session and in doing so is forming a Descending Triangle (bearish). Volume remains moderate (low) and has favored buyers in three of the past four sessions, indicating that there is significant support at the third largest supply/demand zone on the chart. Parabolic SAR flips bearish at $26234, this margin is neutral at the moment. RSI is currently trending up slightly at 38.31 as it approaches a test of the uptrend line from 01/21/22 (as resistance) at 42.41 resistance. Stochastic remains bullish and is currently trending sideways at 90 (on the verge of crossing over bearish). MACD remains bullish and is currently trending up slightly at -2181 while still technically testing -2497 support; the next resistance is at -1435. ADX is currently trending down slightly at 43 as Price continues to test this critical support in hopes of staging a retracement or reversal, this is mildly bullish. If Price is able to breakout above $30507 resistance then the next likely target is a test of $36258 minor resistance. However, if Price breaks down out of this Descending Triangle from 05/10/22, it will likely test $24180 minor support before potentially heading lower. Mental Stop Loss: (tight stop loss - one close below) $28600.

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