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 33rd 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
The last week has been quite quiet for the cryptocurrency market and for Bitcoin as well. And that is why the STM got published one day after, looking for potential evolution of the market.
What do I expect from a daily perspective?
Source: Tradingview - Daily Chart
Price is now testing aggressively the Red line resistance, and since two weeks, such level has been tested almost every day. That can likely means that such resistance is going to fall soon. Anyway, these are the scenarios where the most traps happen, by eventually breaking upwards the red line, triggering long positions and then facing a big red candle. So, be careful if you are planning to place a Long order in that area.
Source: Tradingview - Strength Dollar Index
DXY is keeping falling and we are now directed again towards the 100 points level. Usually April is a bullish month meaning that we can expect some bullish pattern from Bitcoin and other commodities.
Both of the examined Moving Averages (50 and 200 periods) are now below the price action: both of them are growing and when getting closer to the price, they may act as a dynamic psychological support.
Source: Tradingview - Daily Chart
Ichimoku Clouds are showing weakness in the coming days as the cloud reverses and in becomes thinner in the following days while from the mid-April Ichimoku Clouds are gaining again width and relevance as an acting support/resistance.
Source: Tradingview - Daily Chart
And now, what from a Volume perspective?
Source: Tradingview - Daily Chart
Volumes have decreased in the last days at very low thresholds meaning that now the price can be easily manipulated and oriented.
What to observe particularly?
Volumes are low and we are close to a key Resistance. That makes me thinking that the price can really go upwards but manipulation can happen with the potential creation of a bull-trap before and then the risk of a deep short.
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.
