Bitcoin pulling back waiting for FED's news and DXY rampage

By MikeZillo | Trading with Mike Zillo | 25 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 64th 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

The last week closed with a hammer candle and this week opened quite bearish, reaching again the 29000$ level.

What do I expect from a daily perspective?

Source: Tradingview - Daily Chart

The price dropped onto the blue support, staying there for some days. Then a drop started and rumors say that this can be connected to FED’s next communications of increasing the basis rate of interests of 25 points. Market seems to be already accounting for that news.

Source: Tradingview - Dollar Stregth Index

DXY after some dropping has bounced back regaining the 101 points level and this can be a parallel symptom of fears for FED’s today announcement.

MA50 acted as a surgical support for the price action that yesterday bounced on that exact level. Bot of the moving averages are growing and below the price action.

Ichimoku Clouds are in the same area of the 50MA and as you can see, the upper level of the Cloud acted as a support for the price as well. Moving average + Ichimoku Cloud signals are making it quite stronger, creating a strong statistical area for supporting the price.

Source: Tradingview - Daily Chart

And now, what from a Volume perspective?

Source: Tradingview - Daily Chart

Volumes are decreasing, creating space for potential manipulation in front of potential news coming from Institutions.

As I mentioned in the last week, we assisted to a long squeeze above 31000$ and that’s why we are at this level now.

What to observe particularly?

We are on a strong support but also the resistance in the 32000 area has been tested several times without trespassing it. We are in a ranging market phase, that are the most critical. We must take care of the 29000$ support that if broken can create some room for a movement towards 25000$.

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
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