Bitcoin, after some fear from the news, has already broken the local maximum

By MikeZillo | Trading with Mike Zillo | 29 Nov 2023


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 54th 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

A few days ago a new local maximum has been reached in the area 38500$. This moment is quite early to shout out loud at the local bullish movement and after a retest in this area and a stabilization of the price I would become more confident. Still, bullish movement are usually explosive, meaning that we can’t forecast everything.

What do I expect from a daily perspective?

Source: Tradingview - Daily Chart

We are at the third consecutive bearish candle but I expect a support here, at this price level.

Source: Tradingview - Dollar Strength Index

DXY is still floating in the area of 103 points showing more weakness from dollar index. That is supporting the bullish idea for Bitcoin.

Source: Tradingview - Daily Chart

Moving averages are bullish.

50MA has reached the 34000$ area, and growing, where a support area can happen. This signal can become particularly bullish if price will still be above this levels and 50MA crossing 36000$ area, where the support will be brought “higher”.

Ichimoku Cloud are expanding, creating a wider area of support, being now in the 37000$ range.

Source: Tradingview - Daily Chart

And now, what from a Volume perspective?

Source: Tradingview - Daily Chart

Volumes are “still” here. Interest in the market is confirmed and I do not expect short/long squeezes in the very next days.

What to observe particularly?

I am expecting some consolidation of the price and then, I think that further bullish movements will be more likely to happen.
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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.


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Daily Trader, Mining Farm Project Manager, Blockchain consultant, Cryptocurrency evangelist. You can find more videos here Telegram: @mikezillo

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