ETHUSD daily guidance is bullish . Recommended ratio: 90% ETH, 10% Cash.
**THIS POST WAS HIDDEN BY MODS YESTERDAY 😔. As you may know, I work full-time as an independent trader. When I'm not trading, I spend time with my wife and dog... and when I'm not spending time with my wife and dog, I post content on other social media as dailytaguy. In the name of fairness, I rotate between assets I perform daily TA on in an equitable fashion. Sometimes, the day that I do a TA on an asset is a good day for that asset, and other times not so much. My job is to give you a broader understanding of the environment you're trading in on the day you're trading. For those of you looking for guidance through trades, I'm working on figuring out how to provide that in the near future. That said, today is a good day for the asset I'm doing a TA on.**
*Cryptos are mixed with some altcoins up on the session. Oil , DXY , DJI and JPYUSD are up while Nat Gas, Metals, Agriculture, US Treasury Bonds, Equities, Equity Futures , CNYUSD , GBPUSD and EURUSD are down. The first estimate for US Q3 GDP was reported at +2.6% compared to the final Q2 estimate coming in at -0.6%. This reversal is reportedly being attributed to an increase in Federal Government spending on Defense and exports (petroleum, products, nondurable goods, travel services). Key Upcoming Dates: Amazon Q3 and Apple Q4 Earnings 10/27 (after-hours); First GDPNow US Q3 GDP estimate 10/28; US September PCE Price Index at 8am (EST) 10/28; FOMC Statement at 2pm EST 11/02; October Employment Situation at 830am (EST) 11/04; 2nd Estimate of US Q3 GDP at 830am (EST) 11/30.*
Price is currently at ~$1560 after breaking out above both the 50 MA and $1427 resistance, it is now attempting to retest the upper trendline of the descending channel from October 2021 which would likely coincide with both the 100 MA and $1711 minor resistance. Volume remains High (moderate) and is on track to break a two-day streak of buyer dominance if it can close today's session in the red; Price is currently trading in the second largest VP supply/ demand zone on the chart, so a bit of resistance here is expected. Parabolic SAR flips bearish at $1256, this margin is mildly bearish at the moment. RSI is currently trending down slightly at 71, the next support (minor) is at 63 and the next resistance at 77. Stochastic remains bullish after defying a bearish crossover in yesterday's session and is currently testing Max Top. MACD remains bullish and is currently trending up slightly at 34 as it tests 27.77 resistance, the next resistance is the upper trendline of the descending channel from August 2021 at 110. ADX is currently trending up slightly at 29 as Price pushes higher, this is bullish at the moment.
If Price is able to keep going higher then it will likely retest the upper trendline of the descending channel from October 2021 which is likely to coincide with the 100 MA at ~$1711 minor resistance. However, if Price breaks down here, it will likely test $1427 as support (which would simultaneously test the 50 MA as support). Mental Stop Loss: (one close below) $1479.
**THIS POST WAS HIDDEN BY MODS YESTERDAY 😔. As you may know, I work full-time as an independent trader. When I'm not trading, I spend time with my wife and dog... and when I'm not spending time with my wife and dog, I post content on other social media as dailytaguy. In the name of fairness, I rotate between assets I perform daily TA on in an equitable fashion. Sometimes, the day that I do a TA on an asset is a good day for that asset, and other times not so much. My job is to give you a broader understanding of the environment you're trading in on the day you're trading. For those of you looking for guidance through trades, I'm working on figuring out how to provide that in the near future. That said, today is a good day for the asset I'm doing a TA on.**
*Cryptos are mixed with some altcoins up on the session. Oil , DXY , DJI and JPYUSD are up while Nat Gas, Metals, Agriculture, US Treasury Bonds, Equities, Equity Futures , CNYUSD , GBPUSD and EURUSD are down. The first estimate for US Q3 GDP was reported at +2.6% compared to the final Q2 estimate coming in at -0.6%. This reversal is reportedly being attributed to an increase in Federal Government spending on Defense and exports (petroleum, products, nondurable goods, travel services). Key Upcoming Dates: Amazon Q3 and Apple Q4 Earnings 10/27 (after-hours); First GDPNow US Q3 GDP estimate 10/28; US September PCE Price Index at 8am (EST) 10/28; FOMC Statement at 2pm EST 11/02; October Employment Situation at 830am (EST) 11/04; 2nd Estimate of US Q3 GDP at 830am (EST) 11/30.*
Price is currently at ~$1560 after breaking out above both the 50 MA and $1427 resistance, it is now attempting to retest the upper trendline of the descending channel from October 2021 which would likely coincide with both the 100 MA and $1711 minor resistance. Volume remains High (moderate) and is on track to break a two-day streak of buyer dominance if it can close today's session in the red; Price is currently trading in the second largest VP supply/ demand zone on the chart, so a bit of resistance here is expected. Parabolic SAR flips bearish at $1256, this margin is mildly bearish at the moment. RSI is currently trending down slightly at 71, the next support (minor) is at 63 and the next resistance at 77. Stochastic remains bullish after defying a bearish crossover in yesterday's session and is currently testing Max Top. MACD remains bullish and is currently trending up slightly at 34 as it tests 27.77 resistance, the next resistance is the upper trendline of the descending channel from August 2021 at 110. ADX is currently trending up slightly at 29 as Price pushes higher, this is bullish at the moment.
If Price is able to keep going higher then it will likely retest the upper trendline of the descending channel from October 2021 which is likely to coincide with the 100 MA at ~$1711 minor resistance. However, if Price breaks down here, it will likely test $1427 as support (which would simultaneously test the 50 MA as support). Mental Stop Loss: (one close below) $1479.