BTCUSD daily guidance is bearish. Recommended ratio: 5% BTC, 95% Cash.
*CRITICAL SUPPORT WATCH. Cryptos continue to get clobbered as more and more news about the FTX/Alameda meltdown is coming out. Old videos of people like Jim Cramer and Kevin O'Leary promoting FTX and vouching for SBF is kinda funny but in a sad way. It's quite likely that 10 people having sex with each other on amphetamines in the Bahamas gave the death knell to Cryptos in the short to medium term, and one can only assume that more institutions are likely to experience deleveraging and forced liquidations as a result of the collapse. Users of Crypto.com have been withdrawing funds after Crypto.com "accidentally" sent 320k ETH to Gate.IO instead of to a new cold storage address, apparently it was all returned and completely accidental but the timing of it was just a little sus. Equity Futures and NI225 are down while HSI, DXY and Long-Term US Treasuries are up.
Key Upcoming Dates: Fourth GDPNow Q4 GDP estimate 11/16; US October Retail Sales at 830am EST 11/16; US October Building Permits and Housing Starts at 830am EST 11/17; Russia/Ukraine Grain Deal Expiration on 11/19; 2nd Estimate of US Q3 GDP at 830am (EST) 11/30; October PCE Index at 830am EST 12/ 01 ; Last FOMC Rate Hike Announcement of 2022 at 2pm EST 12/14 .*
Price is currently testing the descending trendline from November 2021 at ~$16100 as support which is just above the uptrend line from March 2017 at ~$15600. Volume finished yesterday's session Moderate (low) and is on track to favor sellers for four consecutive sessions if it closes today's session in the red. Parabolic SAR flips bullish at $20400, this margin is bullish at the moment. RSI is currently trending down slightly at 32 after being rejected by the uptrend line from January 2022 at ~35 as resistance. Stochastic crossed over bearish in today's session after being rejected by 29.70 resistance and is currently trending down at 21, the next support is at max bottom. MACD remains bearish and is currently testing -868 minor support. ADX is currently trending up at 33 as Price continues seeing selling pressure, this is bearish.
If Price is able to bounce here then it will likely test the local high of ~$17700 before potentially testing $19417 resistance. However, if Price continues to breakdown, it will likely formally test the uptrend line from March 2017 at ~$15700 as support before potentially testing $13477 minor support. Mental Stop Loss: (two consecutive closes above) $17600.
*CRITICAL SUPPORT WATCH. Cryptos continue to get clobbered as more and more news about the FTX/Alameda meltdown is coming out. Old videos of people like Jim Cramer and Kevin O'Leary promoting FTX and vouching for SBF is kinda funny but in a sad way. It's quite likely that 10 people having sex with each other on amphetamines in the Bahamas gave the death knell to Cryptos in the short to medium term, and one can only assume that more institutions are likely to experience deleveraging and forced liquidations as a result of the collapse. Users of Crypto.com have been withdrawing funds after Crypto.com "accidentally" sent 320k ETH to Gate.IO instead of to a new cold storage address, apparently it was all returned and completely accidental but the timing of it was just a little sus. Equity Futures and NI225 are down while HSI, DXY and Long-Term US Treasuries are up.
Key Upcoming Dates: Fourth GDPNow Q4 GDP estimate 11/16; US October Retail Sales at 830am EST 11/16; US October Building Permits and Housing Starts at 830am EST 11/17; Russia/Ukraine Grain Deal Expiration on 11/19; 2nd Estimate of US Q3 GDP at 830am (EST) 11/30; October PCE Index at 830am EST 12/ 01 ; Last FOMC Rate Hike Announcement of 2022 at 2pm EST 12/14 .*
Price is currently testing the descending trendline from November 2021 at ~$16100 as support which is just above the uptrend line from March 2017 at ~$15600. Volume finished yesterday's session Moderate (low) and is on track to favor sellers for four consecutive sessions if it closes today's session in the red. Parabolic SAR flips bullish at $20400, this margin is bullish at the moment. RSI is currently trending down slightly at 32 after being rejected by the uptrend line from January 2022 at ~35 as resistance. Stochastic crossed over bearish in today's session after being rejected by 29.70 resistance and is currently trending down at 21, the next support is at max bottom. MACD remains bearish and is currently testing -868 minor support. ADX is currently trending up at 33 as Price continues seeing selling pressure, this is bearish.
If Price is able to bounce here then it will likely test the local high of ~$17700 before potentially testing $19417 resistance. However, if Price continues to breakdown, it will likely formally test the uptrend line from March 2017 at ~$15700 as support before potentially testing $13477 minor support. Mental Stop Loss: (two consecutive closes above) $17600.