dailytaguy

BTC Daily TA Neutral Bearish

COINBASE:BTCUSD   Bitcoin
BTCUSD Daily neutral with a bearish bias. Recommended ratio: 35% BTC, 65% Cash. *Bitcoin has been testing $20k (a critical psychological level) for nineteen consecutive sessions. As many cryptos have returned almost all of their gains after March 2020 (when Federal Reserve dropped rates to 0.25% and started aggressive QE and Congress began issuing stimulus checks), Bitcoin would have to fall to ~$10k for it to return all 'Covid-19 relief gains'. That said, some like Michael Saylor see this is as a good time to start buying; Microstrategy solidified their position as the largest corporate holder of Bitcoin by buying 480 more BTC.* Price is currently testing $19417 support (second largest supply/demand zone) as it attempts to establish a local Double-Bottom but risks falling to test the uptrend line from April 2017 at ~$15k if it loses this critical support. Volume is Low and is currently on track to favor sellers for an eighth consecutive session if it closes today's session in the red. Parabolic SAR flips bullish at $21819, this margin is mildly bullish. RSI is currently trending sideways at 29 as it hovers above the uptrend line from 01/22/22 at 26 support. Stochastic remains bearish and is currently testing 30 support with no signs of trough formation. MACD remains bullish and is trending up slightly at -1945 as it continues its attempt to establish support at -2497; the next resistance is at -1435. ADX continues to trend sideways at 45 as Price continues to trade around $20k, this is neutral at the moment; should ADX come down as Price goes up, this would be bullish -- and should ADX continue up as Price falls, this would be bearish. If Price is able to bounce here at $19417 major support and reclaim $20k psychological support, then it will likely retest $24180 minor resistance. However, if Price loses $19417 major support, 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) $20k.

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