BTC Daily TA Cautiously Bearish

1 lug 2022

BTCUSD Daily cautiously bearish. Recommended ratio: 30% BTC, 70% Cash. *Global macro conditions are beginning to deteriorate at a faster pace every day, begging the question of when financial markets will have priced in a recession. The insolvency issues beleaguering 3AC and Voyager resulted in forced liquidation, while FTX is bailing out BlockFi with 400m in revolving credit and and option to acquire BlockFi outright for up to 240m, Babel is looking to hire a specialist in restructuring and distressed mergers/acquisitions, and it has yet to be seen what fate Celsius will see but it is not looking good for them (and crypto as a whole) in the near term. It's still premature to call a bottom but Weekly indicators have been oversold for quite some time now so if there is a time to be accumulating BTC for those with a longer time-horizon (5-10 years), now is probably a good time to start Dollar Cost Averaging a bit month-by-month.* Price is currently retesting $19417 support where it has the opportunity to form a local Double-Bottom; however, if it fails to defend $19417 support then it will likely fall to retest the uptrend line from April 2017 (~15k) for the first time since September 2020. Volume is Moderate and currently on track to favor sellers for a sixth consecutive session if it can close today's session in the red. Parabolic SAR flips bullish at 21.8k, this margin is mildly bullish. RSI is currently trending down at 29 as it quickly approaches a retest of the uptrend line from 01/22/22 as support at 26.50 support. Stochastic remains bearish and is currently trending down at 65; the next support is at 55.55. MACD remains bullish and is currently beginning to form a soft peak at -2055; the next resistance is at -1435 and next support (minor) is at -2497. ADX remains trending sideways at 46 as Price has been hovering above 20k for about a week now; if Price breaks down here and ADX continues up this would be bearish, and if Price bounces here and ADX goes down, it would be bullish. If Price is able to defend $19417 support (which would concomitantly defend 20k psychological support) then the next likely target is a test of $24180 minor resistance. However, if Price breaks down here, it will likely retest the uptrend line from April 2017 at ~15k for the first time since September 2020. Mental Stop Loss: (two consecutive closes above) 20k.