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 22th 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
Price is still on the green support but this week has shown little to no movement at all.
Today price has knocked again on the Green Support. The more time we knock there, the higher the probabilities for its breakdown and in that moment I would start looking again for bullish trend since there may be a huge Bear Trap.
But anyway, these are just my ideas and I will keep sharing my thoughts here.
As said before, in my personal opinion Bitcoin price can only drop towards 15000$ if major bad news come up, like a huge electricity crisis, a mobile network crisis or a gas limitation from Russia.
Screenshot on a D-TimeFrame of the Dollar Currency Index
Dollar Strength Index is still testing the maximum and today had a bullish excursion that locally made the price of Bitcoin (and also of Gold) dropping momentarily.
Screenshot on a D-TimeFrame of Gold ($/oz)
What do I expect from a daily perspective?
I am expecting almost nothing until the expiration of the options and the next opening of the USA markets (Monday next week). Markets are weak because of the general world situation that is currently not sending new hope messages yet.
50MA on a Daily TF is acting as a resistance and now the range between the 50MA and the Green Support is narrowing down. In the coming days we may jump into a potential new trend that we all hope to be Bullish but no certainties for the moment.
Ichimoku Clouds are narrowing the range as well, overlapping the 50MA area.
What to observe particularly?
50MA and Ichimocku Clouds are narrowing the range and in the coming days a strong impulse may happen. I am still conservatively bullish, but I will wait for confirmations.
Let me know what you think about this new weekly appointment, and what indicators you would like to be taken into consideration more (or even explained).
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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.
