BTC Daily TA Neutral Bullish

COINBASE:BTCUSD   Bitcoin / U.S. Dollar
BTCUSD daily guidance is neutral with a bullish bias. Recommended ratio: 55% BTC , 45% Cash.

*SUNDAY SCARIES WATCH. Cryptos are mixed today after numerous Altcoins like DOGE, REN (on rumors of Binance acquisition) and LINK rallied to start the weekend. Billionaire hedge fund manager Bill Ackman reiterated his support for Cryptos and their underlying technology. Yesterday, Vitalik Buterin transferred 40k ETH ($48m) to an unknown wallet and Justin Sun cashed out $58m worth of ETH for unknown reasons. Ukraine is still trying to restore power to major cities while Russia continues to fire missiles onto critical infrastructure. Even with this going on, Ukraine managed to host a summit in Kyiv to promote their "Grain from Ukraine" initiative which will strive to send 60 vessels full of grain exports to countries currently most vulnerable to famine and drought (including Ethiopia, Sudan, South Sudan, Somalia and Yemen). Chinese citizens continue to protest the Covid lockdowns in cities like Urumqi where the lockdowns are ironically contributing to deaths, and this morning officials in Urumqi announced that they will begin to phase out restrictions in "low-risk areas". This is after China reported a third consecutive daily record for new Covid cases.

In lighter news, Ben Armstrong is in the Bahamas with intentions of interviewing SBF lol.

Key Upcoming Dates: US Consumer Confidence Index at 10am EST 11/29; 2nd BEA Estimate of US Q3 GDP at 830am EST 11/30; Fed Chair Jerome Powell speech at Brookings Institute at 130pm EST 11/30; Beige Book at 2pm EST 11/30; October PCE Index at 830am EST 12/ 01 ; November Employment Situation at 830am EST 12/02; Last FOMC Rate Hike Announcement of 2022 at 2pm EST 12/14.*

Price is currently trending sideways at ~$16450 as it continues to hover above the uptrend line from March 2017 (~$15600) for a fifth consecutive session. Volume continues to shrink for a sixth consecutive session which is indicative of an impending breakout/breakdown and is on track to favor sellers for a third consecutive session if it closes today's session in the red. Parabolic SAR flips bullish at $17900, this is mildly bullish at the moment. RSI is currently trending sideways at 39, the next resistance is at 42.41. Stochastic remains bearish and is currently trending down at 90 as it approaches a test of 88.29 support. MACD remains bullish and is currently trending up at -705, the next resistance (minor) is at -232. ADX is currently trending sideways at 45 as Price continues to trend sideways as well, this is neutral at the moment.

If Price is able to breakout here then it will likely test the 50MA at ~$18670 as resistance. However, if Price breaks down here, it will likely retest the uptrend line from March 2017 at ~$15600 as support. Mental Stop Loss: (one close below) $15600.


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