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BTC Daily TA Neutral BearishBTCUSD daily guidance is neutral with a bearish bias. Recommended ratio: 48% BTC, 52% Cash. * SUNDAY SCARIES WATCH . Cryptos are largely flat with some altcoins seeing buying pressure as we get halfway through the weekend. Someone has used a car bomb to explode the only supply line from Crimea to Russia and many presume it to be the Ukrainians , which reignites a whole new round of fears regarding the potential usage of chemical or nuclear warfare by Russia on Ukraine. Of course in this scenario, it would almost certainly result in NATO intervention and may finally be the event that gets the media to use the term World War 3. Because war is historically bullish for DXY, if rate hikes continue into 2023 and war escalates, you can almost assuredly bet that DXY will hit $120 like it did in the early 80's and 2000-02. And if DXY keeps going higher, "Risk-On" assets like Growth Stocks and Cryptos will likely keep going lower. Key Upcoming Dates: FOMC Minutes at 2pm EST 10/12; September US CPI at 830am EST 10/13; September US Retails Sales at 830am EST 10/14; 18th GDPNow US Q3 GDP Estimate 10/14; UofM October Consumer Sentiment Index at 10am EST 10/15.* Price is currently testing $19417 support for the second consecutive session as it gets closer to retesting the descending trendline from November 2021 at ~$20200 as resistance. Volume is Low (low) and currently on track to favor sellers for a fourth consecutive session if it closes today's session in the red. Parabolic SAR flips bearish at $18.3k, this margin is mildly bearish at the moment. RSI is currently trending down slightly at 46.5 as it approaches a retest of the descending trendline from January 2021 as support at 42.41 support. Stochastic remains bearish and is currently testing 55.55 support with no signs of trough formation, the next support after that is at 29.70. MACD remains bullish and continues to trend sideways for the third consecutive session at -70, it's still technically testing -232.42 minor support. ADX is currently trending down at 15 with no signs of trough formation as Price is falling, this is neutral at the moment. If Price is able to bounce here then it will likely retest the 50 MA at ~$20k as resistance before potentially retesting the descending trendline from November 2021 at ~$20200 as resistance . However, if Price breaks down here, it will likely continue to trend sideways until it reaches the descending trendline where it will either break out of the almost one year long descending trend or be rejected and fall to retest the uptrend line from March 2020 at $15k as support for the first time since September 2020. Mental Stop Loss: (two more consecutive closes above) $19417.
COINBASE:BTCUSD
by dailytaguy
BTC Daily TA Neutral BearishBTCUSD daily guidance is neutral with a bearish bias. Recommended ratio: 40% BTC, 60% Cash. *Technically, BTC and many other Cryptos look relatively good right now compared to Equities which have continued to get sold off in favor of DXY and US Treasuries; some may view this is as a decoupling moment, others as a market lag, and me as a technical correction ("everything is bearish, so it's bullish"). Fed Chair Jerome Powell reiterated the need for crypto regulation , and also mentioned that it would take years of additional research for a 'Fedcoin', at a French central bank event today. September US Consumer Confidence rose to 108 compared to 103.6 in August . In the same optimistic light, US New Home Sales went up 28.8% from 532k in July to 685k in August . The 14th GDPNow Q3 GDP estimate remained the same as on 09/20 at 0.3% . Key Upcoming Dates: Final US Q2 GDP revision at 830am EST 09/29; August US PCE price index at 830am EST 09/30; S&P US September Manufacturing PMI at 945am EST 10/03; September Employment Situation at 830am EST 10/07.* Price is currently retesting $19417 support for what is now 26 out of the past 30 sessions after briefly touching $20.4k. Volume is currently High (high) and on track to favor sellers for what would be four out of the past five sessions if it closes today's session in the red. Parabolic SAR flips bullish at $20474, this margin is bullish. RSI is currently trending down at 43 after getting rejected by the descending trendline from January 2021 at ~44, the next support is at 42.41. Stochastic remains bullish and is currently testing 55.55 resistance with no signs of peak formation. MACD remains bearish and is currently on the verge of crossing over bullish at -453, if it can stay above -453 this would be a bullish crossover; the next resistance (minor) is at -232.42. ADX is currently trending down at 25 as Price attempts to get back above $19417 support, this is mildly bearish. If Price is able to close above $19417 support for two consecutive sessions, it will likely retest the 50 MA at ~$21k as resistance before potentially retesting the descending trendline from November 2021 at ~$22k. However, if Price continues to break down here then it will likely retest the uptrend line from March 2017 at ~$15k as support . Mental Stop Loss: (two consecutive closes above) $19417.
COINBASE:BTCUSD
by dailytaguy
BTC Daily TA Neutral BearishBTCUSD Daily guidance is neutral with a bearish bias. Recommended ratio: 40% BTC, 60% Cash . *Cryptos are giving back some of the gains they made last night and are now trading mainly flat for the weekend. The White House administration (once again) urged the SEC and CFTC yesterday to double down on developing new Crypto regulations to protect investors . Key Upcoming Dates: US August Building Permits and Housing Starts at 830am EST 09/20; 13th GDPNow US Q3 GDP estimate 09/20; FOMC meeting 09/20-09/21 (Statement Released at 2pm EST on 09/21); S&P US September Manufacturing PMI at 945am EST 09/23.* Price continues to hover around $20k psychological support for a fifth consecutive session. Volume finished yesterday's session Moderate and has favored buyers in the past two sessions, it's currently on track to favor sellers in today's session if it closes in the red. Parabolic SAR flips bullish at $22466, this margin is neutral at the moment. RSI is currently testing the descending trendline from January 2021 at 45 as support, if it breaks below it will likely test 42.41 support. Stochastic is currently trending sideways and attempting to cross over bullish at 45; it's still technically testing 55.55 support. MACD remains bullish as it defies a bearish crossover at -327 for a second consecutive session just below -232 minor resistance; if it drops below -325 this would be a bearish crossover. ADX is currently trending down at 20 as Price continues to trend sideways, this is neutral at the moment. If Price is able to bounce here then it will likely retest the 50 MA + the uptrend line from 06/18/22 at $21.6k as resistance . However, if Price breaks down here, it will likely formally retest $19417 support before potentially testing the uptrend line from March 2017 at $15k as support . Mental Stop Loss: (two consecutive closes above) $20315 .
COINBASE:BTCUSD
by dailytaguy
ETH Daily TA Cautiously BearishETHUSD Daily guidance is cautiously bearish. Recommended ratio: 25% ETH, 75% Cash. *After a successful Merge, Ethereum is now a Proof of Stake network... and in classic Crypto fashion, it appears to be going through a "Buy the Rumor, Sell the News" cycle. Cryptos, Equities, Futures, Commodities and the VIX are down while the Euro, US Treasuries and DXY are up on the day. US August Retail Sales were up 0.3% compared to consensus estimates of 0.1% and July's -0.4% reading. This higher than expected reading on US Retail Sales paired with a higher CPI will likely influence the Fed to stick to their 'beyond-neutral' commitment to getting inflation down by raising FFR by 75bps or even 100bps on 09/21. The 12th GDPNow US Q3 GDP estimate is now 0.5% compared to 1.3% on 09/09/22 . Key Upcoming Dates: UofM Consumer Sentiment Index at 10am EST 09/16; US August Building Permits and Housing Starts at 830am EST 09/20; FOMC meeting 09/20-09/21 (Statement Released at 2pm EST on 09/21); S&P US September Manufacturing PMI at 945am EST 09/23.* Price is currently trending down at ~$1500 as it breaks below the uptrend line from 06/18/22 at ~$1640, the next support is at $1427. Volume is currently High (low) and is on track to favor sellers in today's session, if it does it would make four of the past five session dominated by sellers. Parabolic SAR flips bullish at $1785, this margin is neutral at the moment. RSI is currently trending down at 42 after being rejected by the upper trendline of the Symmetrical Triangle from February 2020 at 55 resistance, the next support is the lower trendline of the Symmetrical Triangle at 37 support. Stochastic remains bearish and is currently trending down at 10 but is still technically testing 18 support. MACD is currently crossing over bearish at 3.5 after being rejected by 28 resistance, the next support is at -46. ADX is currently trending up slightly at 16 as Price falls, this is mildly bearish at the moment. If Price is able to bounce here then it will likely retest the uptrend line from 06/18/22 as resistance between ~$1600 and $1711 minor resistance . However, if Price continues to fall, it will likely formally retest $1427 support . Mental Stop Loss: (two consecutive closes above) $1600.
COINBASE:ETHUSD
by dailytaguy
BTC Daily TA Cautiously BearishBTCUSD Daily guidance is cautiously bearish. Recommended ratio: 35% BTC, 65% Cash. *Cryptos and Equities started the day off in the green but are now selling off, interestingly Futures, Gold, DXY, US Treasuries and VIX are down while Energy and certain Precious Metals are up on the day. The Merge is scheduled to launch on Ethereum's Mainnet at around 1am EST tomorrow morning if all goes well . Risk-On markets are awaiting the decision by the Fed of whether to raise FFR 75bps or higher next week after a higher than expected CPI report yesterday. Key Upcoming Dates: The Merge (Ethereum) at ~1am EST 09/15; US August Retail Sales at 830am EST 09/15; 12th GDPNow US Q3 US GDP estimate 09/15; UofM Consumer Sentiment Index at 10am EST 09/16; FOMC meeting 09/20-09/21 (Statement Released at 2pm EST on 09/21).* Price is currently trending down at ~$19800 after breaking below the uptrend line from 06/18/22 (~$21.3k) as it quickly approaches a retest of $19417 support. Volume remains Moderate and is on track to favor buyers for a second consecutive session if it closes today in the red. Parabolic SAR flips bearish at $19548, this margin is bearish at the moment. RSI is currently trending down at 44 and is testing the descending trendline from January 2021 at 44.5 as support, the next support is at 42.41. Stochastic remains bearish for the second consecutive session and is currently trending down at 63, the next support is at 55.55. MACD remains bullish and is currently forming a soft peak as it tests -232 minor resistance; if it crosses below -417 it would be a bearish crossover. ADX is currently trending down at 22 as Price is continuing to see downward pressure, this is neutral at the moment. If Price is able bounce here then it will have to clear $20k psychological resistance before it can retest the uptrend line from 06/18/22 at ~$21.3k as resistance . However, if Price continues to break down here then it will likely formally retest $19417 support before potentially retesting the uptrend line from March 2017 at ~$15k. Mental Stop Loss: (two consecutive closes above) $20k.
COINBASE:BTCUSD
by dailytaguy
ETH Daily TA Neutral BullishETHUSD Daily TA neutral with a bullish bias. Recommended ratio: 55% ETH, 45% Cash. *Cryptos remained relatively flat but to the upside this weekend as US Equity Futures are currently up heading into the market open this week. Gold is down and DXY is up. Economic data is showing a slowdown in inflation and demand leading up to the August CPI print on 09/13 but the commitment by the Fed to getting FFR up to at least 4% by early 2023 presents an interesting dilemma going forward. This is because a stronger DXY and US Treasuries naturally puts a cap on potential near-term/medium-term alpha in Equities by attracting liquidity from investors whom are hedging against a global recession. Yes, USD is still king and it's being proven with DXY hitting highs last seen in 2000; Russian Ruble is also thriving but this is largely due to effects of sanctions. The Merge is set for launch on Ethereum's Mainnet on 09/14 . 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 trending sideways at ~$1575 for a fourth consecutive session as it attempts to retest the 50 MA at ~$1660 as resistance. Volume remains Low and fairly balanced between buyer and seller dominance over the last few sessions, it has also been shrinking for seven consecutive sessions which is indicative of an impending breakout or breakdown. Parabolic SAR flips bullish at $1621, this is bullish. RSI continues to trend sideways at ~47 for four consecutive sessions now, the next resistance is at 55.31 and support at 37. Stochastic remains bullish and is currently trending up at 75 as it defies a bearish crossover right below 81 resistance, if it can break above 81 then it will likely be bullish until max top. MACD remains bearish but is currently on the verge of crossing over bullish at -28 support. ADX is currently trending down at 16 as Price continues to consolidate in attempt to move higher, this is mildly bearish at the moment. If Price is able to continue higher then it will likely retest the 50 MA at ~$1660 as resistance before potentially retesting $1711 minor resistance . However, if Price breaks down here, it will likely retest $1500 as support before potentially retesting $1427 support . Mental Stop Loss: (one close below) $1534.
COINBASE:ETHUSD
by dailytaguy
ETH Daily TA Neutral BearishETHUSD Daily neutral with a bearish bias. Recommended ratio: 40% ETH, 60% Cash. *Big day for f**kery. Equities, Cryptos, US Treasuries, Precious Metals are all down while VIX, DXY, Commodities (aside from Precious Metals) are up. July PCE price index decreased by -0.1% from July , and was 6.3% higher than in July of 2021 (compared to 6.8% higher last month); both of these numbers reflect the effects of the White House tapping into SPR in July. The 8th GDPNow US Q3 GDP estimate came in today at +1.6% compared to +1.4% on 08/24/22. The UofM survey reported August consumer sentiment at 58.2 (compared to 51.5 in July) and a nearly 60% surge in year-ahead economic expectations from lows last seen in 2008-2010. Even though the economic data today was largely positive, it wasn't enough for Fed Chair Pow. He kept the hawkish rhetoric by emphasizing today at Jackson Hole that the Fed will be maintaining "restrictive monetary policy" until Core PCE drops meaningfully closer to their 2% target and that they won't hesitate to raise rates by another 75bps in September. To some bull's delight, he made mention that the Fed would have to eventually slow down rate hikes as the inflation situation improves (logically). The Merge is still scheduled for launch on Ethereum mainnet 09/15/22 . Key Upcoming Dates: August Consumer Confidence Index at 10am EST 08/30 ; 9th GDPNow US Q3 GDP estimate at 10am EST 09/01; August Employment Situation 830am EST 09/02.* Price was rejected by $1560 minor resistance and is currently on the verge of breaking below the uptrend line from 06/18/22 (~$1625) as it tests the 50 MA (~$1585) as support. Volume is High and fairly balanced between buyers and sellers in the past few sessions but is on track to favor sellers in today's session if it closes in the red. Parabolic SAR flips bullish at $1914, this margin is mildly bullish. RSI is currently trending down at 41 as it approaches a retest of the descending trendline from 07/17/22 at ~39 (this would likely coincide with a retest of 37 support). Stochastic crossed over bearish today after being rejected by 18 resistance and is currently trending down at 15; the next support is max bottom. MACD remains bearish and is currently trending down at -6 after a failed initial trough formation; the next support (minor) is at -46. ADX is currently trending sideways at 23 as Price is deciding on whether or not to break down out of the uptrend from 06/18/22, this is neutral at the moment. If Price is able to bounce here off of the 50 MA and reclaim the uptrend line from 06/18/22 as support at $~1640 , it will then have to break above $1711 minor resistance in order to retest $1941 resistance . However, if Price breaks down below the 50 MA, the next likely target is a retest of $1427 support . Mental Stop Loss: (two consecutive closes above) $1711.
COINBASE:ETHUSD
by dailytaguy
ETH Daily TA Neutral BullishETHUSD Daily neutral with a bullish bias. Recommended ratio: 55% ETH, 45% Cash. *Cryptos and Equities both saw minor corrections at critical resistance levels after China's weak economic data, the Fed minutes and this week's barrage of recession-fear inducing US economic data (declining housing market, tightening credit market, shrinking GDP estimates, flattening retail sales), but both are now trending up in today's session. In what is now seemingly 2022 fashion, Precious Metals (aside from Copper and Palladium), VIX, Treasuries, Agriculture (aside from Oil and Soy) are all down while DXY, Cryptos and Equities are up. Yesterday's 6th GDPNow Q3 estimate came in at 1.6% compared to the one the day before (08/16) at 1.8%. The Merge is still estimated to launch on Ethereum' Mainnet 09/15/22 . It has also been disclosed that Coinbase has a 15% share of the current supply of ETH and stands to benefit from The Merge, however CEO Brian Armstrong also mentioned that they could shut down ETH staking if they came under regulatory threat from the SEC or US Treasury Department. Key Upcoming Dates: S&P US August PMI at 945am EST 08/23; US Q2 Final GDP Estimate at 830am EST 08/25; US July PCE at 830am EST 08/26; UofM Final August Sentiment Survey Index at 10am EST 08/26; Jackson Hole Economic Symposium on 08/25-08/27.* Price is currently finding a bit of support at $1850 after it was rejected by $1941 resistance again in yesterday's session. Volume remains Moderate (high) and is on track to break a four day streak of seller dominance if it can close today's session in the green. Parabolic SAR flips bearish at $1819, this margin is mildly bearish in the very-short-term. RSI is currently trending up at 60 after bouncing off the uptrend line from 06/18/22 at ~58, the next resistance is at 77. Stochastic is currently testing 18 support and is currently beginning to form a soft trough. MACD is in its first day being bearish and is currently trending down at 103; because this is a lagging indicator there is a chance that the bearish crossover is relatively short-lived so it's important not to overreact. ADX is currently trending sideways at 34 as Price is attempting to find support to push higher, this is neutral at the moment. If Price is able to bounce here then it will likely retest $1941 resistance before potentially breaking out higher to test a trio of resistances (the 200 MA + the 50/50 uptrend line from February 2017 + the upper trendline of the descending channel from November 2021) at ~$2200 as resistance . However, if Price continues to break down here, it will likely retest $1711 minor support . Mental Stop Loss: (two consecutive closes below) $1800.
COINBASE:ETHUSD
by dailytaguy
BTC Daily TA BullishBTCUSD Daily bullish. Recommended ratio: 90% BTC, 10% Cash . * SUNDAY/MONDAY SCARIES WATCH . Cryptos are enjoying a mixed weekend with altcoins getting most of the gains while BTC and ETH stay relatively flat. The Sunday/Monday volatility seems to be rather tempered this weekend and it's reasonable to expect for more bullishness if Futures open green at 5pm today. Key dates this week: US Housing Starts and Building Permits at 830am EST 08/16; 5th GDPNow US Q3 GDP estimate at 915am EST 08/16 ; US Retail Sales at 830am EST 08/17; FOMC Minutes 2pm EST 08/17 .* Price is currently breaking out above $24180 minor resistance after closing above it for the second consecutive session, the Ascending Triangle breakout is currently in play. Volume remains Moderate and is on track to favor buyers for a third consecutive session if it can close today's session in the green; this in conjunction with the attempted breakout is bullish. Parabolic SAR flips bearish at $22.7k, this margin is neutral at the moment. RSI is currently trending up slightly at 63 after reclaiming support of the 50/50 uptrend line from November 2018 at 58 and flipping 57 resistance to support; the next resistance is at 70. Stochastic remains bullish and is currently on the verge of testing max top. MACD remains bullish and continues trending up slightly at 580, the next resistance is at 890. ADX is currently trending up at 22 as Price is attempting to breakout of the Ascending Triangle, this is mildly bullish. If Price is able to continue up here, the next likely target is the Ascending Triangle breakout target of ~$28k as resistance which coincides with the descending trendline from November 2021. However, if Price breaks back down below $24180, it will likely retest the lower trendline of the Ascending Triangle at ~$23k as support before potentially falling lower to retest the uptrend line from 06/18/22 at $20k psychological support . Mental Stop Loss: (one close below) $22.5k .
COINBASE:BTCUSD
by dailytaguy
ETH Daily TA Cautiously BullishETHUSD Daily cautiously bullish. Recommended ratio: 65% ETH, 35% Cash . * SUNDAY/MONDAY SCARIES WATCH . Cryptos are enjoying a weekend rally as more Risk-On investors shake off inflation and rate hike concerns while continuing to jump back into markets. However, several major cryptos are currently testing critical resistances so we may see some volatility at these levels over the next couple of sessions. The merge is estimated to be launched on Ethereum's Mainnet ~09/15/22 . As always during weekend rallies, be wary of a potential Sunday/Monday sell off heading into a relatively tame week. Key dates next week: US Housing Starts and Building Permits at 830am EST 08/16; 5th GDPNow US Q3 GDP estimate at 915am EST 08/16; US Retail Sales at 830am EST 08/17.* Price is currently testing $2k psychological support and is still technically testing $1941 resistance; if it can close above $1941 in today and tomorrow's session it will confirm a flip to support. Volume is Moderate and currently on track to favor buyers for four consecutive sessions (seven of the past ten sessions have been buyer dominant). Parabolic SAR flips bearish at $1574, this margin is mildly bearish (20%+). RSI has reclaimed the uptrend line from 06/18 as support at ~67 and is currently testing the 50/50 uptrend line from November 2018 at ~72 as resistance; the next resistance is at 77. Stochastic remains bullish and is currently testing max top. MACD remains bullish and is currently trending up at 124 with no signs of peak formation as it approaches a retest of the descending trendline from November 2021 at ~137. ADX is currently trending up at 32 as Price continues to trend up, this is bullish. If Price is able to close above $1941 in both today and tomorrow's session, then the next likely target is a retest of the 50/50 uptrend line from February 2017 which should coincide with the 200 MA at ~$2200 . However, if Price breaks down below $1941, it will likely retest $1700-$1800 . Mental Stop Loss: (two consecutive closes below) $1941.
COINBASE:ETHUSD
by dailytaguy
ETH Daily TA Neutral BearishETHUSD Daily neutral with a bearish bias. Recommended ratio: 47% ETH, 53% Cash . * SUNDAY/MONDAY SCARIES . Cryptos are a mixed bag over the weekend with some rallying and others staying relatively flat, Ethereum did the latter. The bullish narrative is still dominated by speculation of peak inflation, abnormally low unemployment, and expectations of a dovish pivot by early 2023. Equity futures are lower to start the week with CPI and PPI due to report 08/10 and 08/11; if numbers come in lower or show a lesser increase than the month prior, markets will likely interpret that as bullish leading up to the next PCE numbers on 08/26 (before the FOMC meeting on 09/20-09/21). It's another big week for earnings with Palantir (08/08), Coinbase (08/09), and Disney (08/10) set to report. Palantir and Coinbase will give investors an idea of how growth stocks are faring in this bear market rally that is bringing Risk back into markets, while Disney will give a broader update on the health of the consumer. The Merge is still scheduled for launch on Mainnet 09/12/22 . Key dates this week: PLTR earnings 08/08; COIN earnings 08/09; 4th US Q3 GDP estimate at 10am (EST) 08/10; CPI at 830am (EST) 08/10; Disney earnings 08/10; and PPI at 830am (EST) 08/11.* Price is currently testing $1711 minor resistance for a fourth consecutive session. Volume remains Moderate and fairly balanced between buyers and sellers, indicative of potential consolidation before moving higher. Parabolic SAR flips bearish at $1427 support, this margin is mildly bearish. RSI is currently trending sideways at 61 after breaking back down below the uptrend line from 06/18/22 at 62, the next support is the descending trendline from February 2020 (as support) at 55 support. Stochastic is currently crossing over bearish at 56, the next support is at 47. MACD remains (bearly*) bearish for a third consecutive session as it trends sideways at 86, the next support is at 28 while the next resistance is the upper trendline of the descending channel from August 2021 at ~131. ADX is currently trending down at 27 as Price is facing a lot of resistance in its attempt to push higher, this is neutral at the moment. If Price is able to breakout and close above $1711 minor resistance then the next likely target is $1941 resistance . However, if Price breaks down here then it will likely retest $1550 before potentially retesting $1427 support . Mental Stop Loss: (two consecutive closes above) $1711 minor resistance .
COINBASE:ETHUSD
by dailytaguy
BTC Daily TA Neutral BullishBTCUSD Daily neutral with a bullish bias. Recommended ratio: 53% BTC, 47% Cash. * SUNDAY/MONDAY SCARIES WATCH . Cryptos are attempting to rally this weekend heading into a big week for inflation data with CPI and PPI reports due on 08/10 and 08/11, respectively. Fed Governor Michelle Bowman (one of three governors who vote on FFR, Brainard and Waller being the other two) told the Kansas Bankers Association today that a third 75bps rate hike on September 21st is likely if inflation doesn't come down in the next two months. She also mentioned that she expects for the labor market to remain strong and for the economic outlook to improve in the second half of 2022. Key dates next week: 4th US Q3 GDP estimate at 10am (EST) 08/10; CPI at 830am (EST) 08/10; PPI at 830am (EST) 08/11.* Price is currently trending up at $23.2k after completing a Bull Flag formation and looks to retest $24181 minor resistance. Volume is currently Low and on track to favor sellers if it closes today's session in the red. Parabolic SAR flips bearish at $22.2k, this margin is mildly bearish. RSI is currently trending down at 54 after being rejected by the 50/50 uptrend line from November 2018 as resistance at 57 resistance, the next support is at the uptrend line from 06/18/22 at 51. Stochastic is currently crossing over bullish just below 55.55 support, the next resistance is at 78. MACD remains bullish and is currently resisting a bearish crossover for a third consecutive session as it trends sideways at 352, if it breaks below 350 it would be a bearish crossover. ADX is currently beginning to form a trough at 18 as Price is pushing higher, this is neutral at the moment but would be bullish if it started to trend up in conjunction with Price. If Price is able to continue going up in today or tomorrow's session then it will likely retest $24180 minor resistance . However, if Price breaks down here then it will likely retest the 50 MA at ~$21.5k as support before potentially retesting the uptrend line from 06/18/22 at ~$20k. Mental Stop Loss: (one close below) $22.4k.
COINBASE:BTCUSD
by dailytaguy
4
ETH Daily TA Neutral BullishETHUSD Daily neutral with a bullish bias. Recommended ratio: 57% ETH, 43% Cash . * The US Employment Situation was released this morning and, by some supernatural forces at play, the job Gods produced the lowest unemployment since February 2020 (pre-Covid) and Non-Farm Payrolls went up from 398k in June to 528k in July. Pair this with the improving GDP forecasts, wage growth and relatively strong retail sales and it's easy to see why markets are getting bullish. Next week's CPI and PPI reports will provide a clearer outlook as to how 2022 may end, but aside from that markets have noticeably tilted bullish in the short-to medium term. The Jackson Hole Economic Symposium on 08/25-08/27 will also help provide a EOY forecast for the US economy and help determine whether the Fed will raise 50bps, 75bps or 100bps on 09/21. The Merge is still scheduled for launch on Mainnet 09/12/22 . Key dates next week: 4th US Q3 GDP estimate at 10am (EST) 08/10; CPI at 830am (EST) 08/10; PPI at 830am (EST) 08/11.* Price is currently retesting $1711 minor resistance after completing a Bull Flag formation and bouncing at ~$1600. Volume remains Moderate (high) and is on track to end a two session streak of seller dominance if it can close today's session in the green; buyer dominance in today's session would be bullish. Parabolic SAR flips bearish at $1427 support, this margin is neutral at the moment. RSI is currently trending up at 63 as it attempts to reclaim support at the uptrend line from 06/18/22 (~61), if it can do this then the next resistance would be the 50/50 uptrend line from November 2018 at ~72. Stochastic crossed over bullish in today's session and is currently trending up at 44; it is still technically testing 47 support. MACD remains bearish for a second session and is currently forming a trough at 89, if it breaks above 93 it would reverse to a bullish crossover; the next resistance is the upper trendline of the descending channel from August 2021 just below 28 resistance. ADX is currently trending down at 28 as Price attempts to finish the correction and resume the rally. If Price is able to breakout above $1711 minor resistance and flip it to support, then it will likely test $1941 resistance for the first time since breaking below it on 06/10/22. However, if Price is rejected here, it will likely retest $1427 support . Mental Stop Loss: (one close below) $1566.
COINBASE:ETHUSD
by dailytaguy
UNFIUSDT Ranges and Value Areas to Trade TodayBYBIT:UNFIUSDT BINANCE:UNFIUSDT UNFI has been trading in a range for the last few days and I show you where to take potential trades. This asset can be extremely volatile, so trade with caution, but if you find yourself in a move in the right direction, a quick scalp trade could turn into a beautiful swing trade!! Not Financial Advice. DYOR. Papertrade before trading with real money. If you liked this idea, please give it a thumbs up and follow. Comment on how you are trading BTC right now. Safe trading! Shawn
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by zartraderguy
5
ETH Daily TA Neutral BullishETHUSD Daily neutral with a bullish bias. Recommended ratio: 52% ETH, 48% Cash. * Today in an interview with the Washington Post , Cleveland Fed President Loretta Mester said that inflation hasn't peaked yet and that we still have a ways to go on raising interest rates but that we are "not in a recession right now"; she also mentioned that she expects unemployment to go up and that investments, consumer expenditures and housing numbers are all starting to decline. US Speaker of the House Nancy Pelosi landed in Taiwan and is scheduled to meet with human rights activists and politicians tomorrow to the dismay of the PRC and PLA, it has yet to be seen what countermeasures will be taken by China in response but they are likely to be aimed at Taiwan directly. Kremlin Spokesman Dmitry Peskov said the trip is provocative and that Russia backs China's view that Taiwan is not independent. As for Ethereum, assuming no setbacks, the Merge is estimated to launch on 09/12/22 . The SEC continues its promise to bring increased regulation to crypto by charging 11 people for running a $300m Ponzi disguised as a decentralized smart contract platform. Earnings this week continue to point to a prolonged economic slowdown but this is hardly a factor as markets continue to look for more signs of a Fed pivot. Key dates remaining this week: St. Louis Fed President James Bullard speaks at 645 EST today; Nancy Pelosi speaks to Taiwanese human rights activists and politicians tomorrow (08/03); Cleveland Fed President Loretta Mester speaks at 12pm EST tomorrow (08/03); July BLS Employment Situation at 830am EST (08/04).* Price is currently trending down after getting rejected on its initial test of $1711 minor resistance and is currently looking for support at ~$1650 after briefly touching $1550. Volume is currently Moderate and on track to break a four session streak of seller dominance if it can close today in the green; this would help confirm that there is enough support for a retest of $1711 minor resistance. Parabolic SAR flips bearish at $1395, this margin is neutral at the moment. RSI is currently trending sideways at 60 as it tests the uptrend line from 06/18/22; if it breaks below this, the next support is the descending trendline from February 2020 at 55 support. Stochastic remains bearish and is currently testing 47 support with no signs of trough formation. MACD remains bullish and is currently trending down at 100 as it creeps toward a bearish crossover which would happen if it fell below 93; the next resistance is the upper trendline of the descending channel from August 2021 just below 28 resistance, the next support is at -46. ADX is currently trending down at 29 as Price is seeing selling pressure, this is mildly bullish. If Price is able to bounce here then it will likely retest $1711 minor resistance and potentially go higher to $1941 resistance. However, if Price continues to break down here, the next likely target is a retest of $1427 support . Mental Stop Loss: (one close below) $1550.
COINBASE:ETHUSD
by dailytaguy
ETH Daily TA Cautiously BullishETHUSD Daily cautiously bullish. Recommended ratio: 87% ETH, 13% Cash. * CRITICAL RESISTANCE WATCH (SUNDAY/MONDAY SCARIES) . Cryptos are enjoying a weekend rally leading up to anticipated volatility this week with PMI (08/01) and Unemployment (08/05) numbers scheduled to report. Economic outlook aside, risk-on investors continue to creep back into Ethereum prior to the expected launch of the Merge on mainnet 09/12 . ETH has a major resistance ahead at $1941 (in addition to $2k psychological resistance) so it would be prudent for traders to be mindful of position size on the first test of it. Key dates this week: July Final S&P Global US Manufacturing PMI estimate at 9:45am EST (08/01); BLS Employment Situation at 830am EST (08/05).* Price is currently forming an Ascending Triangle as it tests $1711 minor resistance for a third consecutive session. Volume is currently Moderate (low) and on track to favor sellers for a second consecutive session, this is only mildly bearish considering the volume has dropped in both sessions which is indicative of profit taking. Parabolic SAR flips bearish at $1373, this margin (25%) is mildly bearish. RSI is currently trending sideways at 67, the next resistance is the 50/50 uptrend line from November 2018 at ~72; the next support is the uptrend line from 06/18/22 at ~60. Stochastic remains bullish for a third consecutive session and is currently trending up at 87 as it breaks above 81 resistance; the next resistance is max top. MACD remains bullish and is currently trending up at 314 as it approaches a retest of the upper trendline of the descending channel from August 2021 at ~136 (just below 155 major resistance). ADX is currently trending up slightly at 31 as Price is pushing higher, this is bullish. If Price is able to breakout above $1711 minor resistance then the next likely target is a retest of $1941 resistance for the first time since 05/30/22; $1941 resistance is a major resistance because it served as support from April 2021-May 2022. However, if Price is rejected here, it will likely find a bit of support at $1550 before potentially retesting $1427 support . Mental Stop Loss: (one close below) $1596.
COINBASE:ETHUSD
by dailytaguy
Deeper Network DPR Crypto TriangleDeeper Network DPR Crypto breaking bullish from a falling wedge with a bullish breakout that is now forming a triangle, will see if it hits the price point at .029cents. I am assuming it will do the drop afterwards when BTC Bitcoin does its next major drop. Bearish News: Eric CMO is apparently only doing his job for Deeper now on a part time basis because of his new job somewhere else, the employee turn over rate continues. Will they find another smooth talker, the possible new replacement is very choppy. Bullish News: Aug. 5 & 6, 2022 Deeper Network has an invitation to showcase at Sir Richard Branson’s Block Chain Summit on Necker Island at the Neckerverse Showcase for a chance to pitch to the Virgin Impact team and other global heavyweight investors. (On the AMA on 7/13/2022 at time spot 37:36 Eric said this might not translate directly into higher token prices. So that means something different and the thing right now we are also developing. I didn't get into too much of it, So apparently don't get your hopes up on a boost on the token price for this event. So they are just focusing on equipment sales I guess. Which has been a complaint from the community. Bearish News: Possible Token Crash Starting around September 6, 2022 thru the next 8 months, investors getting Deeper Chain DPR returned to them who bought in at .006cents to .02cents. Deeper is only allowing 750,000 DPR total perday from the miners and the invests to go over the bridge from Deeper Chain to the other two chains to get to an exchange and to sell. Some of the people have set up computer programs to keep dumping coins over the bridge first so they do not get locked out when the daily total of 750,000 is hit. There was 2Billion token allocated to sell but they only advertise 1Billion being sold. DPR given out already to the investors that crashed the coin the first time, there is an estimated amount of 3.3Million to 6.6Million Deeper Chain DPR being released each day to their investors for the next 8 months starting in September 2022 thru May 2023. Will Deeper fully open the bridge or will they try to control their investors cash out for a second time, well see what happens…….. How will the miners plan for this apocalyptic scenario of no longer being able to move Deeper Chain DPR across the bridge to get it on an exchange to pay for their expenses? I foresee another massive upset that Deeper Network will hush the investors by kicking people out of there Deeper Network community social groups when people complain and get upset like what happened when they lock up the investors DPR the first time without paying them back as was promised in their smart contract that had a hidden back door in the smart contract to reprogram it and to lock back up again. This is a lack of trust that I don’t think Deeper Network will every out live. -Crypto Whale Information: See the Whale news on my channel for their Wallet address & Location, as you can track for yourself who is a true supporter and who is a dumper…… (AMA said Whales are allowed in the project now) - Deeper Chain Community Governance - Currently being controlled directly by Deeper Network, not by the Community but thru a back door in the program (Verified on AMA) I don't foresee them giving the governance to the community within the next year or so because they like to be able to have fully control without have to wait for voting approvals, because the programing is far from being perfect.............. - 7 Validator Nodes on Deeper Chain, 3 have been verified to be in control of by Deeper Network DEVs, apparently they can control votes on the Governance with their locked DPR rewards- Wallet Addresses 1st 5C4vNVT5pDroqufEtXKYp3RKrNXVTHk9yqTeNNUSnJ6EbGGY ; 2nd 5CJDFR5RCMxPwVdzgH6JA9D7M625FEFKrdsJG1JnQVQdQkH2 ; 3rd 5HCG6MvAhYgLZdPoD1BVHEjgKee9n4AhMLKfq64VLiM4znuU -Deeper Chain DPR Crypto Burn Wallet #1: (Warning this is a subject Deeper does not like to talk about) There has not been a routine burn setup yet promised by Deeper to fight inflation . The only burning is est 21DPR perday equivalent to about .80cents per day!!! from the Validator transactions which they are calling a “Routine Burning or Every Gas Fee”. The old burning was every 7 days and burnt all the treasury wallet. Then they slowed it down to every 24 Days thru the Treasury and to burn only about 1% now. There is credit burning set up for the miners, which is false advertisement because they only burn 1% of the money paid to buy credit to increase mining rewards. The rest of the money is added to the treasury wallet for Deeper to pay their DEVs instead. Waiting for Deeper Network to provide Burn Wallet Address for all three Blockchains so the community can monitor what they are being told. Talking about this subject will get you band and removed from Deeper Network Social media accounts so be aware………… Deeper Network has responded to my concern about this saying "that 1% of the treasury wallet is burned each day" but I don't believe that's what happens, I believe that only 1% of each transaction that is transferred to the Treasury wallet is then sent into the burn wallet only during the transaction process, not that 1% of the treasury wallet total is burned. So once the funds go into the Treasury wallet once the 1% has been taken out, the remaining funds are no longer programed to be burned. (...to be determined) At the moment it is unknown how to see a total burn amount from this wallet but you can see how much DPR will be burned in the next 7 day burn period. -Deeper Chain DPR Crypto Burn Wallet #2: Deeper Network has not provided the wallet address from the burning during the Pico sale so the community can monitor the wallet activity. - Deeper Token ECR-20 Blockchain Ethereum Burn Wallet Address - Deeper Network has not provided the wallet address from the burning during the Pico sale so the community can monitor the wallet activity. - Deeper Token BSC Binance Smart Chain Burn Wallet Address - Deeper Network has not provided the wallet address, nothing would be in the wallet address that i would be aware of if it exist yet - Deeper Chain Treasury Wallet Address: 5EYCAe5ijiYfyeZ2JJCGq56LmPyNRAKzpG4QkoQkkQNB5e6Z (At the moment this is funded by the left over Validator Transactions & Burn DPR for Credit Score Increase, 1% of Transactions going into the wallet are Burned, this is confirmed) - Polkadot Parachain for Deeper Chain – not yet, no future plans at the moment (Verified by Polkadot Support) -10 Billion DPR Total: 6 Billion DPR will be mined within 25years (Verified on AMA); & 4 Billion DPR Belong to Deeper & Investors -Location of Deeper Network servers where VPN data is stored: Unverified, Programmers working from China, ect. , Government Jurisdiction over VPN data information unknown, Privacy VPN info shows data is kept by Deeper Network, time period kept unknown. - Deeper Network VPN / DPN equipment concerns: They say they do not keep logs of records of your internet access BUT!!!!! When you login to the device for the first time it makes you approve there two privacy agreements first. Terms and Condition of Use agreement under point Prohibited and restricted uses point #25 say : “We shall have the right… to monitor User Content”; The second agreement you must approve is the Deeper Network Privacy Policy under Data we Collect says “We may receive access to basic personal information from your social network accounts should you register or sign onto such services using Deeper Network Products or Services” (Why in the world is Deeper trying to collect your personal information?????????, also would they not also be able to see your banking information then...), then under section Data Retention it says “We will keep records containing personal data….. as maybe required by applicable laws (So then which governments laws are you under because there are countries that require no data collected) at the end of the day Deeper Network is not a Decentralized VPN because your data is collected in Deeper Networks Servers and Deeper Does not allow the Miners with the Exit Nodes for the VPN service to erase the VPN data on there own devices, even if their country allows for no logs to be collected. Will Deeper Network change their policy’s to be in harmony with what they told their community of NO LOGS/DATA KEEP BY DEEPER and ONLY DATA COLLECTED ON EACH EXIT NODE, apparently, they changed their minds…… Pico - At the moment the Pico is only good for mining with a Staked credit score, if the Pico has its own Public IP and is connected for months without being disconnected it will currently not get 10mb of traffic each day to get an increased organic credit score as an exit node, the network currently will choose a faster path out thru a Mini instead. So the Pico at the moment is not a good mining device if that's what you bought it for organically. This has been confirmed. -Company Info: -Deeper Network INC of the Marshal Islands (no office location there currently) Crypto Currency company that was set up as a shell company, filed on March 8, 2019 Entity number 100333 (Legal system mixed legal system of US and English common law, customary law, and local statutes; International law organization participation accepts compulsory ICJ jurisdiction with reservations; accepts ICCt jurisdiction) -Deeper Network Inc of Delaware USA (no office location there currently) Software Developer/ VPN / DPN , Entity 201816910575 6/14/2018, EIN Tax ID# 841835438, State ID 04799167 This is the company that controls everything. -Location Of Head Quartiers Office (5200 Great America Pkwy, Santa Clara, California, 95054) : The main temp office rental location no longer exists that is advertised and on Entity Documents the location is currently enmity and abandoned, supposedly working remotely from home and out of a shipping warehouse since the past two years or longer, unable to verify from the last trip to California. No new permanent office location currently that I am aware of that has been verified. Even from there past video of this office location you can tell it was just a temp location as if it was like one of those rent a cubical to work at temporary location. (A Few people have come and gone from the head ranks, not sure if currently accurate) Chief Executive Officer: Hui (Russell) Liu; San Jose, California Chief Technology Officer: Hui Liu/Chao Ma Secretary/Chief Financial Officer: Xiaoshuai (Cheryl) Liu ; Maple Ridge, British Columbia, Canada Corporate Officer: Adam Wolfe Lei Chang; Saratoga, California Chief Marketing Officer: Eric Ma (Thailand) (Working only part time now, another one of the upper ranks leaving, I believe the next person will be #3+ for this job title next) Chief Branding Officer: Yinan S. Software Developer: Arturo Jimenez Product manager: Kain Xu
by C-J_
BTC Daily TA Cautiously BullishBTCUSD Daily cautiously bullish. Recommended ratio: 90% BTC, 10% Cash. *CRYPTO WEEKEND RALLY WATCH . Waiting for the next candle print to determine if the Bull Trap/Short Squeeze narrative has been invalidated but as of now it's looking very bullish going into this weekend. With all this talk of the Fed pivoting it should provide enough bullishness to carry over into the beginning of next week before the next Employment Situation on 08/05 . Expect for some volatility like we saw on Monday-Wednesday this week from Wednesday-Friday of next week; if unemployment goes up and/or nonfarm payroll goes down, expect for some bearishness to reenter the market. If the numbers end up being better than expected or simply not significantly different, expect for most of August to continue being bullish leading into the next big trove of economic data before the September FOMC meeting on 09/20-09/21. I say this because with the first GDPNow Q3 GDP estimate projected to be +2.1% compared to the BEA Q2 first estimate of -0.9% , analysts are already seeing light at the end of the tunnel regarding inflation and the EOY economic outlook.* Price is currently retesting $24180 minor resistance after forming a bullish engulfing candle to break back above the 50 MA. Volume is Moderate and currently on track to favor buyers three consecutive sessions if it can close today in the green. Parabolic SAR flips bearish at $20763, this margin is neutral at the moment. RSI is currently trending sideways at 61 after breaking back above the 50/50 uptrend line from November 2018 at 57.34 resistance; if it is able to turn 57.34 to support then the next resistance (minor) is at 70. Stochastic remains bullish and is currently breaking above 78 resistance and trending up at 91 as it aims to retest max top. MACD remains bullish and is currently breaking out above 313 resistance as it trends up at 421, the next resistance is at 891. ADX is completing a trough formation and is currently trending up at 20 as Price pushes higher, this is mildly bullish but can become very bullish if it can continue surging up past 25. If Price is able to break out above $24180 minor resistance, the next likely target is a retest of the descending trendline from November 2021 at ~$28k as resistance ; this would make testing the 50/50 uptrend line from March 2017 at $30507 resistance likely as well. However, if Price is rejected here then it will likely retest the 50 MA at ~$21.6k before potentially retesting $19417 support . Mental Stop Loss: (one close below) $22300.
COINBASE:BTCUSD
by dailytaguy
ETH Daily TA Cautiously BullishETHUSD Daily cautiously bullish. Recommended ratio: 85% ETH, 15% Cash. *Cryptos, Equities, Commodities (aside from Oil) and Futures are all up; while DXY, Oil (due to recent increases in global output capacity) and Treasuries are all down. There's been a clear shift in market sentiment after the Fed raised another 75bps and Powell gave a couple of hardly dovish hints in conjunction with a full-court press by the White House in shutting down fears of a recession. SEC Chair Gary Gensler said today that the SEC is ramping up moves to get crypto exchanges registered with the SEC . Ethereum devs yesterday confirmed that the Merge is on schedule and is expected to launch on Goerli, the final testnet before launch on Mainnet, on ~August 11th; the estimated date for launch on Mainnet is 09/11/22 . AMZN and AAPL both beat on top and bottom lines today (earnings and revenue) sending their shares higher after-hours; this earnings beat can largely be credited to inflation pushing up prices. Overall, things are bullish in the short-term unless economic data tomorrow surprises significantly. Economic data tomorrow: Employment Cost Index (ECI) (a number Fed Chair JPow said to look out for in yesterday's FOMC press conference) reports tomorrow (07/29) at 830am EST; PCE numbers (the Fed's preferred gauge of inflation in Personal Income and Outlays report) report tomorrow at 830am EST; University of Michigan Consumer Sentiment Survey (which gives a more detailed look into personal finances) reports tomorrow (07/29) at 10am EST. Things to note about the aforementioned economic data: ECI is reported quarterly so this number is expected to be down from where it was three months ago, this may be viewed as bearish in the short term because it would signal that the job market is beginning to slow down which would renew fears of a recession; PCE numbers also lag by about 3 weeks but are still central to the Fed's assessment of the inflation situation, so if the Index is higher/lower this would be bearish/bullish; as for Consumer Sentiment it will likely reflect some kind of relief from OPEC and the USA raising oil output caps but will overall show that the consumer is still becoming defensive toward inflation.* Price is currently breaking above $1711 minor resistance and will attempt to close above it in today and tomorrow's sessions on its way to retesting $1941 resistance for the first time since 06/06/22. Volume is Moderate (high) and currently on track to favor buyers for three consecutive sessions, this is bullish considering the Morning Doji Star pattern that Price completed by printing a Bullish Engulfing candle in yesterday's session. Parabolic SAR flips bearish at $1358, this margin is neutral at the moment. RSI is currently trending up at 69 as it aims to formally retest the 50/50 uptrend line from November 2018 at 71; if it breaks through that then the next resistance is at 77. Stochastic crossed over bullish at 67 in today's session and is currently trending up at 75, the next resistance is at 81. MACD remains bullish and is currently trending up at 103 as it aims to retest the upper trendline of the descending channel from August 2021 at 140; due to the proximity of 155 resistance it may retest that level as well. ADX is currently completing a soft trough and is beginning to trend up slightly at 30 as Price is pushing higher, this is bullish. If Price is able to rip through $1711 minor resistance , the next likely target is a retest of $1941 resistance . However, if Price is rejected at $1711 minor resistance then it will likely find a bit of support at ~$1550 before potentially retesting $1427 support . Mental Stop Loss: (two consecutive closes below) $1641.
COINBASE:ETHUSD
by dailytaguy
BTC Daily TA Neutral BearishBTC daily neutral with a bearish bias. Recommended ratio: 45% BTC, 55% Cash. * BULL TRAP WATCH . All eyes are on the FOMC statement due to be released in approximately twenty minutes (2pm EST), market consensus is a 75bps rate hike but there is still a slim chance for a 100bps. July's Consumer Confidence Index released yesterday came in at 95.7 (from 98.4 in June) and showed a third consecutive month of decline; additional data on consumer confidence from University of Michigan's Consumer Sentiment Index is due to be reported on 07/29. The Atlanta Fed's latest GDPNow estimate (-1.2%) was reported this morning and is up from the previous estimate on 07/19 (-1.6%), this should allay some fears that economic productivity is worsening in time for the 1st Q2 GDP estimate due tomorrow (07/28) at 830am EST. That said, it will be interesting to see how the markets respond to today's FFR rate hike and tomorrow's GDP estimate as the economic slowdown is still beginning to show in housing sales, canceled home purchases, and corporate earnings/layoffs. Regarding crypto, SEC launched a formal investigation into Coinbase's "alleged security listings" which the SEC failed to provide clear guidance on for the crypto industry; "investment guru" Cathie Woods just offloaded $75m in COIN at a steep loss. Key dates remaining this week: FOMC statement at 2pm EST today, META earnings after-hours today, 1st Q2 GDP estimate at 830am EST tomorrow (07/28), AAPL and AMZN earnings after-hours tomorrow (07/28), PCE Index report at 830am EST (07/29) and University of Michigan Consumer Sentiment Index (07/29).* Price is currently testing the 50 MA at ~$21.8k as resistance after breaking below it two sessions ago. Volume is Moderate (low) and is currently on track to break a two day streak of seller dominance if it can close today's session in the green; it is also due to shrink for a third consecutive session which is indicative of a potential breakdown or breakout, this is after the last six day shrinkage streak saw a sell-off Volume surge bringing Price down below the 50 MA (and $21.6k mental stop loss). Parabolic SAR flips bullish at $24180 minor resistance, this margin is neutral at the moment. RSI bounced from 46 and is currently testing the descending trendline from January 2021 at 49 as resistance after breaking back down below it on 07/25. Stochastic remains bearish and is currently testing 30 support with no signs of trough formation. MACD remains bullish and continues to defy a bearish crossover for the second consecutive session as it trades sideways at 84, if it crosses below 25 it would be a bearish crossover; the next support is at -232 and the next resistance at 313. ADX continues to trend down with no signs of trough formation and is currently at 18 as Price continues to attempt to push higher, this is mildly bearish at the moment; if ADX bounces and Price pushes higher, this would be bullish. If Price is able to reclaim support at the 50 MA (~$21.8k) then the next likely target is a retest of $24180 minor resistance . However, if Price breaks down here, it will likely retest $19417 support for the fourth time in about a month before potentially heading lower to test the uptrend line from March 2017 at ~$15k . Mental Stop Loss: (two consecutive closes above) $22k.
COINBASE:BTCUSD
by dailytaguy
ETH Daily TA Neutral BearishETHUSD Daily neutral with a bearish bias. Recommended ratio: 48% ETH, 52% Cash. *SUPER SHORT-TERM BEARISH. Cryptos are currently seeing the Sunday/Monday scaries and it could translate into an overall bearish week if economic data (FFR hike, Consumer Confidence, GDP, and PCE) surprises higher and/or earnings from Alphabet, Amazon, Apple, Meta and Microsoft surprise lower. However, DXY is trending down as well and if it sustains more downward pressure it could help alleviate the aforementioned potentially bearish situation. Regardless of short term noise, the current estimated Merge date is 09/12/2022 and provides a bullish backdrop to Price action over the next month or so.* Price is currently trending down as it approaches its first test of $1427 support. Volume remains Moderate (low) and is currently on track to break a two session streak of buyer dominance if it can close today's session in the red. Parabolic SAR flips bearish at $1336, this margin is mildly bearish. RSI is currently trending down at 59 as it approaches a test of a triple support: the uptrend line from 06/18/22, the descending trendline from February 2020 and 55 support; this area should provide a lot of support. Stochastic remains bearish and is currently trending down at 88 as it approaches a test of 81 support. MACD is currently forming a soft peak as it trends sideways at 86, the next resistance is the upper trendline of the descending channel from August 2021 at ~156 resistance; it's also still technically testing 28 support. ADX is beginning to trend down at 30 as Price sees selling pressure, this is mildly bullish at the moment because it indicates that there is a momentum shift. If Price is able to bounce here then it will likely face a bit of resistance at ~$1600 before potentially testing $1711 resistance for the first time since breaking below it on 06/10/22. However, if Price continues to break down here, it will likely test $1427 support for the first time since breaking above it on 07/18/22. Mental Stop Loss: (one close above) $1611.
COINBASE:ETHUSD
by dailytaguy
BTC Daily TA Neutral BullishBTCUSD Daily TA neutral with a bullish bias. Recommended ratio: 65% BTC, 35% Cash. *SUNDAY/MONDAY SCARIES WATCH. Cryptos had a relatively flat weekend as the DXY continues to see downward pressure leading into a likely volatile week for all markets. Key dates this week: Google and Microsoft earnings 07/26; Meta earnings 07/27; FOMC statement on whether or not to raise more than 75bps at 2:00pm (EST) 07/27 ; First Q2 GDP estimate at 830am (EST) 07/28 ( current GDPNow estimate is -1.6% ); Amazon and Apple earnings 07/28; PCE inflation report released at 830am (EST) 07/29 . If tech earnings and/or revenue misses and forward guidance is dismal, it will likely add bearish pressure to the major indexes. The first official Q2 GDP estimate will likely come in negative but if it comes in lower than the final Q1 estimate (-1.6%) then it may bring more risk-on traders back to markets, however if it comes in higher than -1.6% it will likely send short-term jitters through markets. As for the rate hike announcement on 07/27, 75bps is already priced in to markets. FFR futures are pointing to a 2.36% FFR by September (the effective FFR is currently 1.58%) which means very few traders are betting on a 100bps rate hike, this is largely due to shrinking PCE inflation (the Fed's favored measure of inflation) over the past 4 months (it is currently at November 2021 levels). However, though slim, there is still a possibility for a 100bps hike with resilient retail sales and a higher CPI increase in June than in May.* Price is currently testing the 200 MA as support at ~$22.5k for the fifth consecutive session. Volume is currently Low and on track to break a four session streak of sellers dominance if it can close today's session in the green; additionally, Volume has shrunken for the past six session which is indicative of a potential breakout/breakdown. Parabolic SAR flips bearish at $20.3k, this margin is mildly bearish. RSI is currently trending up slightly at 55 after bouncing at 54, just below the 50/50 uptrend line from November 2018 at 57 resistance. Stochastic remains bearish and is currently testing 78 support. MACD remains bullish and is currently forming a soft peak at 313 resistance. ADX is currently trending down slightly at 21 as Price continues to trade sideways at the 200 MA, this is neutral at the moment; if ADX is able to bounce as Price pushes higher, this would be bullish. If Price is able to bounce here off the 200 MA (~$22.5k) it would help to confirm that is has established support and will likely push price to formally retest $24180 minor resistance . However, if Price breaks down below the 200 MA then it will likely retest $19417 support before potentially heading lower. Mental Stop Loss: (one close below) $21.6k.
COINBASE:BTCUSD
by dailytaguy