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 24th 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
Weekly Chart — Source: Tradingview
Price is still working into the Blue Resistance line.
Price is now taking some breathe after the 75 points on the interest rate as well but now is the moment to be more careful: bull traps may be incoming.
I will keep quoting myself:
As said before, in my personal opinion Bitcoin price can only drop towards 15000$ if major bad news come up, like a huge electricity crisis, a mobile network crisis or a gas limitation from Russia.
What do I expect from a daily perspective?
Daily Chart — Source: Tradingview
Price is trying to break out but as said, at first, I will be careful to bull traps and when a decise swing will happen, I will start working for a bigger long position.
Daily Chart — Source: Tradingview
50MA and 200MA give no more information in this moment. So I will move to the Ichimoku Clouds
Daily Chart — Source: Tradingview
Ichimoku Clouds have been passed and the level of 21700$, where the Ichimoku cloud is flat, has to be passed strongly, since that level may represent another local resistance.
What to observe particularly?
Last week I was writing: “I am looking at the blue level as a potential turning point for a short term trend.” And it happened with a bounce back to 20100$.
I am still quietly bullish BUT I am now scared that bull-traps can happen. When some confidence start happening into the market, then the big players make their moves.
Let me know what you think about this new weekly appointment, and what indicators you would like to be taken into consideration more (or even explained).
Stay tuned and be sure to follow to get noticed when my contents come out.
Promotional suggestion
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.
