dailytaguy

BTC Daily TA Neutral Bullish

COINBASE:BTCUSD   Bitcoin
BTCUSD Daily neutral with a bullish bias. Recommended ratio: 53% BTC, 47% Cash. *SUNDAY/MONDAY SCARIES WATCH. Cryptos are attempting to rally this weekend heading into a big week for inflation data with CPI and PPI reports due on 08/10 and 08/11, respectively. Fed Governor Michelle Bowman (one of three governors who vote on FFR, Brainard and Waller being the other two) told the Kansas Bankers Association today that a third 75bps rate hike on September 21st is likely if inflation doesn't come down in the next two months. She also mentioned that she expects for the labor market to remain strong and for the economic outlook to improve in the second half of 2022. Key dates next week: 4th US Q3 GDP estimate at 10am (EST) 08/10; CPI at 830am (EST) 08/10; PPI at 830am (EST) 08/11.* Price is currently trending up at $23.2k after completing a Bull Flag formation and looks to retest $24181 minor resistance. Volume is currently Low and on track to favor sellers if it closes today's session in the red. Parabolic SAR flips bearish at $22.2k, this margin is mildly bearish. RSI is currently trending down at 54 after being rejected by the 50/50 uptrend line from November 2018 as resistance at 57 resistance, the next support is at the uptrend line from 06/18/22 at 51. Stochastic is currently crossing over bullish just below 55.55 support, the next resistance is at 78. MACD remains bullish and is currently resisting a bearish crossover for a third consecutive session as it trends sideways at 352, if it breaks below 350 it would be a bearish crossover. ADX is currently beginning to form a trough at 18 as Price is pushing higher, this is neutral at the moment but would be bullish if it started to trend up in conjunction with Price. If Price is able to continue going up in today or tomorrow's session then it will likely retest $24180 minor resistance. However, if Price breaks down here then it will likely retest the 50 MA at ~$21.5k as support before potentially retesting the uptrend line from 06/18/22 at ~$20k. Mental Stop Loss: (one close below) $22.4k.

Disclaimer

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.