BTC Daily TA Bullish

2022년 7월 16일

BTCUSD Daily TA bullish. Recommended ratio: 90% BTC, 10% Cash. *WEEKEND RALLY. Cryptos continue rallying off of news that Ethereum's long awaited Merge is forecasted to be finalized and ready for launch on Mainnet ~09/19/22. Assuming that the final trial on the Goerli testnet goes well in August, this timeline should be fairly accurate; however, The Merge has been plagued by delays up until this point so take these forecasts with a grain of salt. Meanwhile, the macroeconomic/geopolitical/supply chain situation continues to worsen. This contrast can be unsettling hence the need to continue being vigilant; however, Weekly conditions continue to support the notion that cryptos may be close to a bottom due to extremely oversold conditions.* Price is currently testing the one-month high of 21.5k as resistance and will try to test the 50 MA at 23.5k if the weekend crypto rally can continue. Volume is currently Moderate (low) and on track to both shrink and favor buyers for a fourth consecutive session (indicating that a breakout/breakdown is potentially impending). Parabolic SAR flips bullish at 22k, this margin is bullish. RSI ripped through 42 resistance and is currently trending up at 50 as it tests the descending trendline from January 2021 at 49 as resistance; the next resistance is the uptrend line from November 2018. Stochastic remains bullish and is currently trending up at 96 as it approaches a retest of max top. MACD remains bullish after denying a soft peak formation and is currently breaking out above -869 resistance as it trends up at -622; the next resistance (minor) is at -232. ADX is currently trending down at 25 as Price is pushing higher, this is mildly bullish at the moment; if ADX can form a trough as Price continues to push higher this would be bullish. If Price is able to continue trending up here then it will likely test the 50 MA at 23.5k as resistance before potentially pushing higher to test $24180 minor resistance. However, if Price breaks down here, it will likely retest $19417 support before potentially retesting the uptrend line from April 2017 at ~15k as support for the first time since September 2020. Mental Stop Loss: (one close below) $19417.