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Neosify - Buy, Stake & Earn Crypto
Neosify - Buy, Stake & Earn Crypto

Bitcoin market waiting for all the Proof of Reserves to climb again

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 25th 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


“In this “post-FTX-era” we are consolidating on a new price level in the 16500$ area and the volatility dropped. Investors are now cautious both in buying and in selling. Price in the moment has still some chances to raise up a little bit, towards the green line, but we have to see if other exchanges are going to default soon. Voices are running about a potential weakness from and You can read my last content about this topic here”

That’s what I wrote in the two editions of Surfing the Market analysis and as you can see, the price is still solid in that area, volatility is still low and volumes are not much high.

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.”
Well, in this case, the major event happened but I did not consider the default of a Tier1 Exchange. And more Tier1 now are under the spot-light!

What do I expect from a daily perspective?


Orange support is resisting for the moment, even if I do not exclude some fake-breakout during the incoming weekend, where less volumes come into play and the market is potentially more easily orientable.

That is what I wrote last two weeks. We are now quite steadily trading in the 17000$ area.


Dollar Strength Index found a strong support in the 104 points area. Usually DXY bouncing up like that means a drop in a lot of markets. Anyway, in this moment, Bitcoin has suffered far more for the FTX situation so I would say that a even higher bounce of the DXY is already “included” into Bitcoin price.

50MA and 200MA give no relevant information in this moment. We are getting closer to the 50MA that is acting as a magnet due to the density of probability of price, but the next week we may face stronger indications here.


Ichimoku Clouds are still far from the price levels but in this moment they are very thin and almost disappeared. This behaviour can lead to a potential impulsive break out above the Clouds and that would confirm my slight Bullish expectations.


Stochastic is in the overbought area and locally this can lead to a move downwards but during a bullish movement oscillators stay in the overbought area for almost all the trend.


What to observe particularly?

The whole cryptocurrency market is STILL in an uncertain moment due to exchanges Proof of Reserves audits and more FUD potentially incoming. I am still quietly Bullish.

I am paying particular attention to tokens from DEX exchanges, like the JOE token (available in Binance). The attention in the coming period may exponentially increase towards DEXs.

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.

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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

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