BTC/USD Daily Neutral Bullish
BTC/USD Daily neutral with a bullish bias. *FUD regarding Ethereum's Merge (which, according to Ethereum devs and community including Vitalik Buterin was due to a "non-trivial segmentation error stemming from out of date software" is actively being resolved) may have pushed some investors to BTC as it dropped to $28000 temporarily but remains relatively flat at $29500 while ETH and the broader crypto market has fallen roughly 5%. Which makes the crypto/equities-decoupling case this week pretty strong.* Recommended ratio: 51% BTC, 49% cash. Price is doing its very best to hold on to support at the 50/50 uptrend line from March 2017 (29.5k) for what is now the sixteenth consecutive session (correction from the previous TA - the count was fourteen not thirteen then); it is completing a Descending Triangle which typically breaks to the downside so a tight stop loss is encouraged. Volume remains moderate and is on track to favor sellers for a second consecutive session if it closes today in the red, that wouldn't bode well for breakout chances. Parabolic SAR flips bearish at 26.6k, this margin is neutral at the moment. RSI is currently trending sideways at 39.26 as it hovers below the uptrend line from 01/22/22 at 42.41 resistance. Stochastic is currently trending up slightly at 93 and is barely bullish after trading neutrally since 05/23/22; the next resistance is max top (and it still has a bit of potential to coast in the 'Autobahn Zone' here). MACD remains bullish and is currently trending up at -1939 with no signs of peak formation; the next resistance is at -1435 and support (minor) at -2497. ADX is trending sideways at 44 while Price is trending sideways at ~29.5k, this is neutral at the moment. If Price can manage to break out of the Descending Triangle from 05/10/22 and turn $30507 from resistance to support, the next likely target is a test of $36258 minor resistance. However, if Price breaks down out of the Descending Triangle then it will likely fall to $24180 minor support before potentially heading lower. Mental Stop Loss: (tight stop loss - one close below) $28600.
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