Bitcoin is showing strength even after the rejection of Blackrock ETF

By MikeZillo | Trading with Mike Zillo | 12 Jul 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 44th appointment and I hope that with these easy technical 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

Price has bounced on the blue level

What do I expect from a daily perspective?

Source: Tradingview - Daily Chart

The blue lines acted again as a strong support especially on the 7th July, where the price gathered some liquidity from the liquidity pool below and in the big green candle generated from the liquidity gathering. This reaction indicates that the blue area represents a really strong support, meaning that it will be key for the potential next upward movement.

Source: Tradingview - Strength Dollar Index

DXY is dropping towards the local support after some announcements and data release about the interest rates across the world, reaching the historical maximum.

Both of the moving averages are now below the price action and both of them are in a bullish trend. Anyway, being them quite far from the price, they do not provide any significant information about trend or levels (exception made for the levels where they are stationing or have been stationing).

Moving Averages will become more interesting whenever they will reach a drawn level on the chart together with a price ranging in that area.

Source: Tradingview - Daily Chart

The price is still far above the Cloud, that is now green. The Cloud is going to overlap the blue level, indicating that blue level is also under a statistical perspective much relevant for the price action.

Source: Tradingview - Daily Chart

And now, what from a Volume perspective?

Source: Tradingview - Daily Chart

Volumes are Quite consistend but have reduced from the average of the last week. It’s not just a matter of lack of interest but holidays are coming and some flows may be frozen until September.

We are having some Long Squeezes as the 31000$ level is constantly rejecting the attempts to overcome it. But soon or later it may be broken and after some consolidation, we may see further bullish movement.

What to observe particularly?

I am still bullish but now I want to watch carefully if any Long Squeeze will happen as the general sentiment is turning bullish, meaning that market can potentially give a shake to some inertial volumes.

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.

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MikeZillo Verified Member

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

In this Blog I am going to share view, insights and past positions to create an educational section about trading that will be particularly useful for starters and a great conversation place for more expert traders. Hope you will enjoy it

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