What market phase are we entering into has been the introductory question for our last appointments.
Welcome to Surfing the Market, we are already at our 17nd 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
Let’s start from the new levels, that are more contemporary: the green horizontal line, that goes back to the late 2020, when the price had some uncertainty at the area 18500$-19000$. That will keep acting as our major resistance of this area, and that has acted as a perfect static resistance in this area. Creating a strong bounce in the last two days (and allowing me to close several nice positions).
Screenshot on a D-TimeFrame of the Dollar Currency Index
Dollar Strength Index is showing local weakness and that is probably one of the reasons why Bitcoin is showing strength.
Do you know why my target for trading is gaining portions of BTC to be higher than exactly 0.003 BTC? Give your answer here in the comments.
What do I expect from a daily perspective?
“Blue line has been broken in the most likely scenario I shared in the last week. Now the price seems to attempt a bounce-back to the Blue level, with no touch of 18.8k$ level that can potentially still be reached.”
This is what I wrote the last week, and it seems really like to be like that. I expect here and now a resistance, with a potential pull-back to the lateralization area around 20k$ for a later eventual bullish and “buller” movement.
Here is a daily chart, with key levels and the Moving Averages: red one is 50 periods and the blue one is 200 periods. 50 MA is still in a bearish trend, getting closer to the current price. This may act potentially as a temporary dynamic resistance.
We are getting closer to the bottom area of the Cloud of the Ichimoku Cloud. That can act as a resistance or a boost for the price but seeing that 50MA and bottom of the Ichi Cloud are in the exact same area, after the blue line, 22000$ can become another strong resistance for the price.
And as promised, here some Profits gained in the last week, with the “small long positions”
What to observe particularly?
Market seems bullish but when confidence start to raise, that’s the moment where trapped are placed. So I will be very careful with the next Long positions, waiting a good breakout from the blue line and eventually entering Long there.
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.
