Bitcoin BROKE the red resistance and now it’s Bulls vs Bears

By MikeZillo | Trading with Mike Zillo | 27 Jun 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 42th 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

Bitcoin broke in the last days the 30000$ threshold showing some potential further traction to proceed towards 34000$, that is another key level I identified.

What do I expect from a daily perspective?

Source: Tradingview - Daily Chart

In the last days the price is consolidating above the area of 30000$, with some rejected attempts to break upwards the 31000$ level.

Source: Tradingview - Dollar Stregth Index

DXY is ranging in the 102-104 points. The current movement may potentially show some weakness meaning that the 101 points level that acted as a strong support in the last weeks is still in danger.

Both of the moving averages are now below the price action. Averages are usually acting as magnet so In the next three weeks I expect to see the 50MA rising and crossing the price before other additional strongly bullish movements.

Source: Tradingview - Daily Chart

The price crossed the cloud that in the coming days is going to be green. The area above the Cloud may act as a strong support for the price movement.

Source: Tradingview - Daily Chart

And now, what from a Volume perspective?

Source: Tradingview - Daily Chart

Volumes are still consistent and at this point. I expected a short Squeeze in the 28500$ area while it did not happen and here we are, above 30k$ again!

What to observe particularly?

I expected a bullish movement (again) and here we are!
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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

Trading with Mike Zillo
Trading with Mike Zillo

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