BTCUSD daily guidance is bullish. Recommended ratio: 90% BTC, 10% Cash.
*SUNDAY SCARIES WATCH. Cryptos are up with a few in rally-mode this weekend; DOGE is currently up 50% in the past 24 hours and rose as much as 80% in today's session and SHIB (riding on the coattails of the DOGE rally) and is currently up 35% in the past 24 hours. This likely has to do with Elon Musk's finalized purchase of Twitter for $44b and hopes of Twitter incorporating some kind of support for Dogecoin on their platform. It has yet to be seen if other altcoins are set for similar rallies but if they do, it'd be safe to say that it'll probably influence FOMC members' views on markets this upcoming Tuesday and Wednesday. As of now, federal funds rate speculators are still betting on a 75bps rate hike on Wednesday 11/02, but if Fed Chair Powell is to sign off on 100bps it would surely shake up this rally. Depending on what the headlines look like to begin the week, Cryptos and Equities could take another dip leading up to the FOMC statement at 2pm on Wednesday before continuing to rally if the Fed goes with 75bps and includes some dovish remarks in their statement. The alternative scenario would be that the Fed raises 100bps and includes more hawkish remarks in their statement, this would likely send Cryptos and Equities to new lows. Russia suspended the UN-brokered grain deal with Ukraine today, reigniting food supply chain woes. Key Upcoming Dates: 2nd GDPNow US Q4 GDP estimate 11/ 01 ; FOMC Statement at 2pm EST 11/02; October Employment Situation at 830am (EST) 11/04; 2nd Estimate of US Q3 GDP at 830am (EST) 11/30.*
Price continues to breakout from the descending trendline from November 2021 and is currently trending up at ~$20.9k as it attempts to break out of a short Bull Flag without formally testing the 50MA as support at ~$19.6k. Volume is currently Moderate (high) and is on track to favor buyers for a second consecutive session if it can close today's session in the green; Price is currently trading in the second largest VP supply/demand zone on the chart and Volume has been shrinking for five consecutive sessions, this hints at a potential impending breakout/breakdown. Parabolic SAR flips bearish at $18450 (which coincides with the descending trendline from November 2021), this margin is neutral at the moment. RSI is currently trending up at 64 after bouncing off of a critical juncture (the uptrend line from November 2018 as support at ~60 which coincides with the upper trendline of the descending channel from January 2021 just above 57.34 support). Stochastic continues to be bearish for a second consecutive session and is currently testing 78 support with no signs of trough formation. MACD remains bullish and is currently breaking above the weak uptrend line from May 2021 at ~132 as it tests 313 resistance with no signs of peak formation. ADX is currently trending up at 17.5 as Price pushes higher, this is mildly bullish at the moment.
If Price is able to continue to trend up here then it will likely retest $24181 resistance which should coincide with the 100MA as resistance. However, if Price breaks down here, it will likely formally test the 50 MA as support at around $19417 support. Mental Stop Loss: (two consecutive closes below) $19417.
*SUNDAY SCARIES WATCH. Cryptos are up with a few in rally-mode this weekend; DOGE is currently up 50% in the past 24 hours and rose as much as 80% in today's session and SHIB (riding on the coattails of the DOGE rally) and is currently up 35% in the past 24 hours. This likely has to do with Elon Musk's finalized purchase of Twitter for $44b and hopes of Twitter incorporating some kind of support for Dogecoin on their platform. It has yet to be seen if other altcoins are set for similar rallies but if they do, it'd be safe to say that it'll probably influence FOMC members' views on markets this upcoming Tuesday and Wednesday. As of now, federal funds rate speculators are still betting on a 75bps rate hike on Wednesday 11/02, but if Fed Chair Powell is to sign off on 100bps it would surely shake up this rally. Depending on what the headlines look like to begin the week, Cryptos and Equities could take another dip leading up to the FOMC statement at 2pm on Wednesday before continuing to rally if the Fed goes with 75bps and includes some dovish remarks in their statement. The alternative scenario would be that the Fed raises 100bps and includes more hawkish remarks in their statement, this would likely send Cryptos and Equities to new lows. Russia suspended the UN-brokered grain deal with Ukraine today, reigniting food supply chain woes. Key Upcoming Dates: 2nd GDPNow US Q4 GDP estimate 11/ 01 ; FOMC Statement at 2pm EST 11/02; October Employment Situation at 830am (EST) 11/04; 2nd Estimate of US Q3 GDP at 830am (EST) 11/30.*
Price continues to breakout from the descending trendline from November 2021 and is currently trending up at ~$20.9k as it attempts to break out of a short Bull Flag without formally testing the 50MA as support at ~$19.6k. Volume is currently Moderate (high) and is on track to favor buyers for a second consecutive session if it can close today's session in the green; Price is currently trading in the second largest VP supply/demand zone on the chart and Volume has been shrinking for five consecutive sessions, this hints at a potential impending breakout/breakdown. Parabolic SAR flips bearish at $18450 (which coincides with the descending trendline from November 2021), this margin is neutral at the moment. RSI is currently trending up at 64 after bouncing off of a critical juncture (the uptrend line from November 2018 as support at ~60 which coincides with the upper trendline of the descending channel from January 2021 just above 57.34 support). Stochastic continues to be bearish for a second consecutive session and is currently testing 78 support with no signs of trough formation. MACD remains bullish and is currently breaking above the weak uptrend line from May 2021 at ~132 as it tests 313 resistance with no signs of peak formation. ADX is currently trending up at 17.5 as Price pushes higher, this is mildly bullish at the moment.
If Price is able to continue to trend up here then it will likely retest $24181 resistance which should coincide with the 100MA as resistance. However, if Price breaks down here, it will likely formally test the 50 MA as support at around $19417 support. Mental Stop Loss: (two consecutive closes below) $19417.