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 52nd 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
Source: Tradingview - Weekly Chart
36000$ level has been touched and the price is now stabilizing on the 35000$ level. The scenario is getting now more stable.
What do I expect from a daily perspective?
Source: Tradingview - Daily Chart
Price reached 36000$ price while and now it seems to getting some breath. 36000$ is acting as a strong resistance and the price is consolidating in the range 34000-35500$ confirming that this area can become the next potential support for bull market.
Source: Tradingview - Dollar Strength Index
DXY dropped at 105 points where can start a local reaction even if the last daily minimums are decreasing.
50MA and 200MA are in a Golden Cross and gap is increasing making it statistically a good sign for the Bull Market. Still, we know this signs have just a statistical relevance.
Source: Tradingview - Daily Chart (50MA 200MA)
Ichimoku Cloud consolidate at 33000$, increasing the size. That makes the area from 31000$ to 33000$ a statistical area where price may get further support.
Source: Tradingview - Daily Chart (Ichimoku)
And now, what from a Volume perspective?
Source: Tradingview - Daily Chart (volumes)
Volumes are here. Some real player triggered the market and net volumes entered the game.
What to observe particularly?
I expect some efforts to keep the price rising and with more volumes, prices can really climb up.
I am evaluating a long position from an eventual close setback.
This is the same position from yesterday. Still, what happened was not a real setback so I would evaluate a potential further setback before entering long (or short).
Stay tuned and be sure to follow to get noticed when my contents come out.
One more thing: if you really do not care of technical analysis or you do not like spending time onto the markets, make sure to give a look to the Zignaly platform, an Official Binance Broker Partner with huge volumes under management. They offer great services of Profit Sharing Trading, where you copy other Professional traders, sharing the profit with them! Make sure to give a look!
If you are interested in getting noticed in advanced on the release of our partner’s indicators, leave a comment here so we understand if there is some interest!
None of what I write can represent a financial advice in any form. So Do your own research before taking any kind of action.