BTC Daily TA Neutral Bullish
BTCUSD Daily neutral with a bullish bias. Recommended ratio: 52% BTC, 48% Cash.
*Cryptos are seeing some selling pressure as US Stock markets are closed for Labor Day to start the week. Equity Futures, DXY, Oil and US Treasuries are up while Gold and Cryptos are down or flat. Key Upcoming Dates: 10th GDPNow US Q3 GDP Estimate at 830am EST 09/07; 6th Beige Book at 2pm EST 09/07; August CPI at 830am EST 09/13; The Merge (Ethereum) at 8am EST 09/14; FOMC meeting 09/20-09/21 (Statement Released at 2pm EST on 09/21).*
Price is currently continuing to trend sideways at ~$19700 as it hovers above $19417 support for the ninth consecutive session. Volume is Moderate (low) and is on track to favor sellers in today's session if it closes today in the red, this would make three of the past four sessions seller dominant. Parabolic SAR flips bullish at $20758, this margin is mildly bullish. RSI is currently trending down at 36 after forming a soft peak at 38, the next support is at 26 and the next resistance at 42. Stochastic remains bullish and is continuing to trend sideways at 65 for a second session as it hovers above 56 support. MACD remains bearish and is currently trending up slightly at -747 as it looks to complete a trough formation; if it cross above -700 it would be a bullish crossover. ADX continues to trend sideways at ~23 for the fourth consecutive session as Price continues to consolidate.
If Price is able to break out of this consolidation to the upside then it will likely retest the uptrend line from 06/18 at ~$21200 as resistance. However, if Price breaks down here, it will likely retest $19417 support. Mental Stop Loss: (two consecutive closes below) $19417.
*Cryptos are seeing some selling pressure as US Stock markets are closed for Labor Day to start the week. Equity Futures, DXY, Oil and US Treasuries are up while Gold and Cryptos are down or flat. Key Upcoming Dates: 10th GDPNow US Q3 GDP Estimate at 830am EST 09/07; 6th Beige Book at 2pm EST 09/07; August CPI at 830am EST 09/13; The Merge (Ethereum) at 8am EST 09/14; FOMC meeting 09/20-09/21 (Statement Released at 2pm EST on 09/21).*
Price is currently continuing to trend sideways at ~$19700 as it hovers above $19417 support for the ninth consecutive session. Volume is Moderate (low) and is on track to favor sellers in today's session if it closes today in the red, this would make three of the past four sessions seller dominant. Parabolic SAR flips bullish at $20758, this margin is mildly bullish. RSI is currently trending down at 36 after forming a soft peak at 38, the next support is at 26 and the next resistance at 42. Stochastic remains bullish and is continuing to trend sideways at 65 for a second session as it hovers above 56 support. MACD remains bearish and is currently trending up slightly at -747 as it looks to complete a trough formation; if it cross above -700 it would be a bullish crossover. ADX continues to trend sideways at ~23 for the fourth consecutive session as Price continues to consolidate.
If Price is able to break out of this consolidation to the upside then it will likely retest the uptrend line from 06/18 at ~$21200 as resistance. However, if Price breaks down here, it will likely retest $19417 support. Mental Stop Loss: (two consecutive closes below) $19417.
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