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 48th 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
Last weeks have been quite bearish and yesterday a strong bear-trap happened breaking the 25000$ support.
I assisted live while the 25000$ was broken onto Binance but then, the price stopped just thereafter. There was a timid bullish recovery BUT it was immediately absorbed in the following 4H candle registering a new local minimum, slightly below the previous one.
Bears were stopped and today bulls are trying to run again.
BUT be careful. It’s much easier today to make the price “bulling” up, because less volumes are resident in the ladder between yesterday’s minimum and the price where the drop started yesterday.
What do I expect from a daily perspective?
Source: Tradingview - Daily Chart
Price is reacting strongly to the 25000$ level, already reaching back the 26000$ area.
Source: Tradingview - Daily Chart
Last week I wrote this:
The squared purple area is a key zone that if broken we would be definitely headed towards 24000$ in a bearish scenario.
And yet, the square was not broken and price is bouncing up thanks to the liquidity and interest clustered in that area.
Source: Tradingview - Dollar Strength Index
DXY reached a resistance where the value has a temporary set-back. This can give some oxygen to listed commodities.
We have a bearish cross of 50-MA with 200-MA creating the so-called Death Cross. Still, even if statistically the Death Cross is a bearish signal, everyone may be expecting it and therefore alternative price movements are likely to happen. And here we are.
Source: Tradingview - Daily Chart
Price is now far below the cloud and both the additional lines. Ichimoku may act as a resistance in the coming days/weeks when the price will reach the bottom of the Cloud.
Source: Tradingview - Daily Chart
And now, what from a Volume perspective?
Source: Tradingview - Daily Chart
Volumes have increased a little bit in these days but no significant signals can be gathered today.
What to observe particularly?
There is high uncertainty now and we will see if the price will have the strength to proceed further upwards but for now, I would like to see 26000$ level confirmed at the end of today’s Daily candle and then I will evaluate further.
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.
