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 35th 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
In the last week, Bitcoin price tested the 31000$ being rejected quite vehemently, re-testing the 30000$ support, that confirmed its strength for the moment.
What do I expect from a daily perspective?
Source: Tradingview - Daily Chart
The last week I was sharing caution to avoid potential bull traps that is more or less what happened in the last days, making the price dropping from 31k$ to below 30k$. To get the confirmation of the bull-run we have now to wait a clear (and confirmed on the daily candle) break-out of the 31000$ level.
Source: Tradingview - Stregth dollar Index
DXY tested again the 101 points support. If the index manages to break down the 100 level that can be an important psychological threshold for the Dollar Strength Index. Commodities when DXY shows weakness usually tend to have a bullish pattern. So, even if some traders mention a potential set-back of the price, the DXY can still play a role in the next bullish movement of Bitcoin.
Both of the examined Moving Averages (50 and 200 periods) are still 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 gaining width and we may have an important signal in the coming days, when the orange level will be very close to the upper part of the Ichimoku Cloud acting as a potential support for a bullish movement.
Source: Tradinview - Daily Chart
And now, what from a Volume perspective?
Volumes are in a “quiet area”, the same that we saw from January to March. Some days, volumes are particularly low meaning that there is room for manipulation.
What to observe particularly?
I expect a small drop of the price before another important bullish movement but I would not be surprised if the price will keep rising but with no volumes with a following price set-back.
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.
