BTCUSD daily guidance is neutral with a bearish bias. Recommended ratio: 40% BTC, 60% Cash.
*BOUNCE WATCH. Midterm elections are still undecided as results from Arizona, Nevada and Georgia are still being tallied. US October CPI report is due at 830am today, if it comes in lower we may get an intraday pump but the longer term trend is still down. In what feels like the most hectic two days in Crypto in a long time, Binance backed out of their bid to acquire FTX after looking into their balance sheet. Justin Sun tweeted that him and his team are putting together a solution for FTX; FTX retweeted it. When LUNA/UST depegged and entered a death spiral on 05/07/22 - 05/09/22, Bitcoin went down 30% from 05/07/22 - 05/12/22; the FTX fiasco has brought Bitcoin down 25% from 11/08/22 - now. Cryptos are currently correcting up after a sharp downturn. Equity Futures, JPYUSD, GBPUSD, EURUSD, Natural Gas and Agriculture are also up. Whereas DXY, Long Term US Treasuries, HSI, NI225, Gold, Oil and CNYUSD are down. The third GDPNow US Q4 GDP estimate came in at 4%, up from 3.6% on 11/03/22.
Key Upcoming Dates: US October CPI at 830am EST 11/10; UofM November US Consumer Sentiment Survey at 10am EST 11/11; Fourth GDPNow Q4 GDP estimate 11/16; Russia/Ukraine Grain Deal Expiration on 11/19; 2nd Estimate of US Q3 GDP at 830am (EST) 11/30; Last FOMC Rate Hike Announcement of 2022 at 2pm EST 12/14 .*
Price is currently bouncing off the uptrend line from March 2017 at ~$15750 as support and is also testing the descending trendline from November 2021 as support at ~$16700. Volume is back down to being Moderate (high) after reaching an all time in yesterday's session and is on track to break a four session streak of seller dominance if it can close today's session in the green. Parabolic SAR flips bullish at ~$21100, this margin is bullish at the moment. RSI is currently exhibiting bullish divergence with Price and is currently trending up at 32 after bouncing off of 25.60 support; the next resistance is the uptrend line from 01/22/22 at ~35. Stochastic is currently trending sideways and forming a trough at 6.50, a break above ~12 would be a bullish crossover. MACD is currently trending down at -449 with no signs of trough formation and is at risk of losing -232 minor support. ADX is currently trending up at 25 as Price continues to see selling pressure, this is bearish at the moment.
If Price is able to defend support at the descending trendline from November 2021 at ~$16700 then it will likely aim to retest $19417 resistance. However, if Price continues to fall below the uptrend line from March 2017 at ~$15750, it will likely test $13477 minor support. Mental Stop Loss: (two consecutive closes above) $16700.
*BOUNCE WATCH. Midterm elections are still undecided as results from Arizona, Nevada and Georgia are still being tallied. US October CPI report is due at 830am today, if it comes in lower we may get an intraday pump but the longer term trend is still down. In what feels like the most hectic two days in Crypto in a long time, Binance backed out of their bid to acquire FTX after looking into their balance sheet. Justin Sun tweeted that him and his team are putting together a solution for FTX; FTX retweeted it. When LUNA/UST depegged and entered a death spiral on 05/07/22 - 05/09/22, Bitcoin went down 30% from 05/07/22 - 05/12/22; the FTX fiasco has brought Bitcoin down 25% from 11/08/22 - now. Cryptos are currently correcting up after a sharp downturn. Equity Futures, JPYUSD, GBPUSD, EURUSD, Natural Gas and Agriculture are also up. Whereas DXY, Long Term US Treasuries, HSI, NI225, Gold, Oil and CNYUSD are down. The third GDPNow US Q4 GDP estimate came in at 4%, up from 3.6% on 11/03/22.
Key Upcoming Dates: US October CPI at 830am EST 11/10; UofM November US Consumer Sentiment Survey at 10am EST 11/11; Fourth GDPNow Q4 GDP estimate 11/16; Russia/Ukraine Grain Deal Expiration on 11/19; 2nd Estimate of US Q3 GDP at 830am (EST) 11/30; Last FOMC Rate Hike Announcement of 2022 at 2pm EST 12/14 .*
Price is currently bouncing off the uptrend line from March 2017 at ~$15750 as support and is also testing the descending trendline from November 2021 as support at ~$16700. Volume is back down to being Moderate (high) after reaching an all time in yesterday's session and is on track to break a four session streak of seller dominance if it can close today's session in the green. Parabolic SAR flips bullish at ~$21100, this margin is bullish at the moment. RSI is currently exhibiting bullish divergence with Price and is currently trending up at 32 after bouncing off of 25.60 support; the next resistance is the uptrend line from 01/22/22 at ~35. Stochastic is currently trending sideways and forming a trough at 6.50, a break above ~12 would be a bullish crossover. MACD is currently trending down at -449 with no signs of trough formation and is at risk of losing -232 minor support. ADX is currently trending up at 25 as Price continues to see selling pressure, this is bearish at the moment.
If Price is able to defend support at the descending trendline from November 2021 at ~$16700 then it will likely aim to retest $19417 resistance. However, if Price continues to fall below the uptrend line from March 2017 at ~$15750, it will likely test $13477 minor support. Mental Stop Loss: (two consecutive closes above) $16700.