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

Price has broken down the green support due to the huge news regarding FTX from this week. Some tweets from the wrong person and a company will go bankrupt. After FTX filing for bankruptcy, other 130 companies filed for bankruptcy as well, since probably they kept their company’s funds into FTX.

If you want to know my personal opinion on what happened and the consequences with the FTX situation, read my last article here
 https://medium.com/coinmonks/binance-to-acquire-ftx-is-changpeng-zao-a-new-elon-musk-c4d8d1a3cb21

The only positive news from yesterday was the USA inflation data, that was lower than expected.

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

What do I expect from a daily perspective?

Price has bounced in the area of the orange support that is a level back from the end of 2021. I expect that this level can hold a little bit, but the sentiment is now very bearish, because of a lot of investors that has lost faith into Exchanges and Cryptocurrencies

50MA and 200MA give no more information in this moment.

Ichimoku Clouds are still far, and the cloud is not close to the green level.

Stochastic has of course dropped into the oversold area, but I would not be too much confident with that indicator now, since the news will definitely have a wider influence now than traditional Technical Analysis.

What to observe particularly?

I was bullish, than the unpredictable happened. So now, I am much cautios about the next moves of the market that will be likely influenced by rumors and actions towards the situation happened with Alameda and FTX.

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.

Promotional suggestion

One more thing: if you really do not care of technical analysis or you do not like spending time onto the markets, make sure to give a look to the Zignaly platform, an Official Binance Broker Partner with huge volumes under management. They offer great services of Profit Sharing Trading, where you copy other Professional traders, sharing the profit with them! Make sure to give a look!

If you are interested in getting noticed in advanced on the release of our partner’s indicators, leave a comment here so we understand if there is some interest!

None of what I write can represent a financial advice in any form. So Do your own research before taking any kind of action.