BTCUSD Daily neutral with a bearish bias. Recommended ratio: 40% BTC, 60% Cash.
*Consumer Confidence broke a three month streak of declines and increased to 103.2 in August from 95.3 in July. This is another situation in which investors are left to choose between being bullish on financial markets (Risk-On in particular) due to a resilient economy which reflects a strong consumer, OR, bearish on financial markets due to a resilient economy which wills a more hawkish Fed. As of now Cryptos, US Treasuries and DXY are up while Equities, Commodities, Futures and VIX are either down or flat. Key Upcoming Dates: 9th GDPNow US Q3 GDP estimate at 10am EST 09/01; August Employment Situation 830am EST 09/02; August CPI at 830am EST 09/13.*
Price is currently trending up at ~$19900 after bouncing off of $19417 support as it approaches a test of the uptrend line from 06/18/22 as resistance at ~$20900. Volume is High and on track to favor sellers if it can close today's session in the red, this would also make four out of the past five sessions seller dominant. Parabolic SAR flips bullish at $22285, this margin is neutral at the moment. RSI is currently trending down at 34.41 after peaking at 37, this is after bouncing off the uptrend line from 01/22/22 at 29 as support (which it may retest at ~30). Stochastic remains bullish for a second consecutive session and is currently trending up at 19, the next resistance is at 29.70. MACD remains bearish and is currently beginning to form a trough at -800 as it quickly approaches a test of -868.54 minor support. ADX is currently trending up slightly at 23 as Price is attempting to defend $19417 support, this is mildly bullish at the moment.
If Price is able to keep going higher then it will likely test the uptrend line from 06/18/22 at ~$20900 as resistance. However, if Price breaks down here, it will likely retest $19417 support. Mental Stop Loss: (two consecutive closes above) $21k.
*Consumer Confidence broke a three month streak of declines and increased to 103.2 in August from 95.3 in July. This is another situation in which investors are left to choose between being bullish on financial markets (Risk-On in particular) due to a resilient economy which reflects a strong consumer, OR, bearish on financial markets due to a resilient economy which wills a more hawkish Fed. As of now Cryptos, US Treasuries and DXY are up while Equities, Commodities, Futures and VIX are either down or flat. Key Upcoming Dates: 9th GDPNow US Q3 GDP estimate at 10am EST 09/01; August Employment Situation 830am EST 09/02; August CPI at 830am EST 09/13.*
Price is currently trending up at ~$19900 after bouncing off of $19417 support as it approaches a test of the uptrend line from 06/18/22 as resistance at ~$20900. Volume is High and on track to favor sellers if it can close today's session in the red, this would also make four out of the past five sessions seller dominant. Parabolic SAR flips bullish at $22285, this margin is neutral at the moment. RSI is currently trending down at 34.41 after peaking at 37, this is after bouncing off the uptrend line from 01/22/22 at 29 as support (which it may retest at ~30). Stochastic remains bullish for a second consecutive session and is currently trending up at 19, the next resistance is at 29.70. MACD remains bearish and is currently beginning to form a trough at -800 as it quickly approaches a test of -868.54 minor support. ADX is currently trending up slightly at 23 as Price is attempting to defend $19417 support, this is mildly bullish at the moment.
If Price is able to keep going higher then it will likely test the uptrend line from 06/18/22 at ~$20900 as resistance. However, if Price breaks down here, it will likely retest $19417 support. Mental Stop Loss: (two consecutive closes above) $21k.