BTC/USD Daily TA Neutral BearishBTC/USD Daily neutral with a bearish bias. *BTC is testing a critical support at ~$30k for a ninth consecutive session and is therefore on Bounce Watch .* Recommended ratio: 45% BTC, 55% cash. Price is currently testing the 50/50 uptrend line from March 2017 at $29.5k for a ninth consecutive session and is currently on track to close below $30507 resistance for a fourth consecutive session unless it sees a surge of buying before 8pm. Volume remains moderate and fairly balanced between buyers and sellers for the past five sessions; additionally, it has been growing since 05/14/22 and is doing so at the fourth largest supply/demand zone on the chart -- this indicates that it is desperately attempting to consolidate to avoid further capitulation. Parabolic SAR flips bearish at $26k, this margin is neutral at the moment. RSI is currently trending down at 35.39; the next resistance is at 42.41(which coincides with the uptrend line from 01/22/22) and the next support at 25.60. Stochastic remains bullish and is currently testing 77.95 resistance. MACD is currently on the verge of crossing over bullish at -2497 minor support, this is mildly bullish at the moment and would obviously be bullish if it can follow through with a crossover; however, it should be noted that a bullish crossover in these market conditions (negative macro environment and down day for equities) can potentially be short-lived as a Bull Trap. ADX continues to trend up slightly at 45 as it appears to be looking to form a peak; if it does and Price goes up, this would be mildly bullish in the short term. If Price is able to defend the 50/50 uptrend line from March 2017 ($29.5k) and close above $30507 for two consecutive sessions, then the next likely target is a retest of $36258. However, if Price breaks down here after nine days of testing this critical support, then it will likely test $21480 minor support before potentially falling to $20k. Mental Stop Loss: (two consecutive closes above) $30507.
