BTC Daily TA Neutral Bullish
BTCUSD daily guidance is neutral with a bullish bias. Recommended ratio: 52% BTC, 48% Cash.
*Markets rallied on hopes for a lower US November CPI tomorrow morning and if it's lower than in October expect for a continued rally in Cryptos and US Equities; however, if it's higher then a sharp downturn is likely. The last FOMC rate hike of 2022 will be following the day after on 12/14; if it's 50bps then a short-term rally is likely, whereas a 75bps rate hike would likely be bearish. SBF was reportedly finally arrested today in the Bahamas after pulling out from his agreement to testify to US Congress, he will be held in the Bahamas until a formal request for US extradition is made. The EU has placed sanctions on Iran for supplying Russia with drones for their attack on Ukraine in addition to their violent response to social protests.
Cryptos, US Equities, Commodities, VIX, Short-Term US Treasurys, GBPUSD, EURUSD, JPYUSD and NI225 ended today's session up. DXY, Long-Term US Treasurys, US Equity Futures (aside from NASDAQ), CNYUSD, HSI and N100 finished down.
Key Upcoming Dates: US November CPI 830am EST 12/13; Last FOMC Rate Hike Announcement of 2022 at 2pm EST 12/14; Next GDPNow US Q4 GDP estimate 12/15; US November New Residential Construction at 830am EST 12/20; US Final Q3 GDP Estimate at 830am EST 12/22; US November PCE Index at 830am EST 12/23; UofM Consumer Sentiment Index at 10am EST 12/23.*
Price is currently trending sideways at $17100 for a twelfth consecutive session as it approaches a retest of the 50MA at ~$17800 as resistance. Volume finished today's session Moderate (moderate) and broke a three day streak of seller dominance. Parabolic SAR flips bearish at $15700, this margin is neutral at the moment. RSI is currently trending down slightly at 50, the next resistance is the upper trendline of the descending channel from January 2021 at ~58 and the next support is at 42.41. Stochastic remains bearish and is currently on the verge of crossing over bearish at 88.29 support. MACD remains bullish and is currently trending sideways at -101, it's still technically testing -232.42 resistance. ADX is currently trending down slightly at 24 as Price continues to trend sideways, this is neutral at the moment.
If Price is able to breakout then it will have to get above the 50MA at ~$17800 as resistance before it can potentially test $19417 resistance. However, if Price breaks down here, it will likely retest the local low of $16200 as support before potentially retesting the uptrend line from March 2017 at $15800 as support. Mental Stop Loss: (one close below) $16800.
*Markets rallied on hopes for a lower US November CPI tomorrow morning and if it's lower than in October expect for a continued rally in Cryptos and US Equities; however, if it's higher then a sharp downturn is likely. The last FOMC rate hike of 2022 will be following the day after on 12/14; if it's 50bps then a short-term rally is likely, whereas a 75bps rate hike would likely be bearish. SBF was reportedly finally arrested today in the Bahamas after pulling out from his agreement to testify to US Congress, he will be held in the Bahamas until a formal request for US extradition is made. The EU has placed sanctions on Iran for supplying Russia with drones for their attack on Ukraine in addition to their violent response to social protests.
Cryptos, US Equities, Commodities, VIX, Short-Term US Treasurys, GBPUSD, EURUSD, JPYUSD and NI225 ended today's session up. DXY, Long-Term US Treasurys, US Equity Futures (aside from NASDAQ), CNYUSD, HSI and N100 finished down.
Key Upcoming Dates: US November CPI 830am EST 12/13; Last FOMC Rate Hike Announcement of 2022 at 2pm EST 12/14; Next GDPNow US Q4 GDP estimate 12/15; US November New Residential Construction at 830am EST 12/20; US Final Q3 GDP Estimate at 830am EST 12/22; US November PCE Index at 830am EST 12/23; UofM Consumer Sentiment Index at 10am EST 12/23.*
Price is currently trending sideways at $17100 for a twelfth consecutive session as it approaches a retest of the 50MA at ~$17800 as resistance. Volume finished today's session Moderate (moderate) and broke a three day streak of seller dominance. Parabolic SAR flips bearish at $15700, this margin is neutral at the moment. RSI is currently trending down slightly at 50, the next resistance is the upper trendline of the descending channel from January 2021 at ~58 and the next support is at 42.41. Stochastic remains bearish and is currently on the verge of crossing over bearish at 88.29 support. MACD remains bullish and is currently trending sideways at -101, it's still technically testing -232.42 resistance. ADX is currently trending down slightly at 24 as Price continues to trend sideways, this is neutral at the moment.
If Price is able to breakout then it will have to get above the 50MA at ~$17800 as resistance before it can potentially test $19417 resistance. However, if Price breaks down here, it will likely retest the local low of $16200 as support before potentially retesting the uptrend line from March 2017 at $15800 as support. Mental Stop Loss: (one close below) $16800.
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