What Market Phase are we entering into has been the introductory question for our last appointments. Are we going to listen to the Bulls or the Bears? Are we going to see a Bull Market or a Bear Market?
Welcome to Surfing the Market, we are already at our 36th appointment and I hope that with these easy tech analysis we have helped you in some forms, even just to evaluate different market perspectives.
Let’s start from our usual weekly perspective
In the last week, Bitcoin broke the 31000$ threshold, but got rejected dropping towards the 27000$. I spoke about a possible Bull-trap happening during the FOMO that was rising.
What do I expect from a daily perspective?
In the last week the price dropped towards 27000$, while in the last hours we saw some strength from 27000$ towards the 29000$, broken a few minutes ago.
27000$ level has shown some resilience, and demand as we saw specific candles absorbed within the range and the current upward movement.
DXY is again around the 101–102 points as the American stock market has not yet fully recovered.
Guess what? Price has bounced perfectly on the 50-MA keeping the 50MA and the 200MA below the price action. Moving averages can act as dynamic support/resistance but they are not necessarily strong, as the volumes in those areas may be from past times and already crossed in more recent movements.
Ichimoku Clouds are gaining more width, both in the coming days and in the current days. Ichimoku gaining width is usually a synonym of bigger solidity of the level covered from the Cloud.
And now, what from a Volume perspective?
Volumes are in a “quiet area”, while there has been some real volumes into play in the recent days during the last week.
What to observe particularly?
I still expect some further bullish movement but keep noted that a lot of dormant wallets (since years) are activating back, meaning that there may be some potential selling pressure in the coming days when the price will try to break upwards so do not get fooled by potential upward break-up.
Stay tuned and be sure to follow to get noticed when my contents come out.
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None of what I write can represent a financial advice in any form. So Do your own research before taking any kind of action.
