More uncertainty in the market BUT Bitcoin seems stronger than SEC

By MikeZillo | Trading with Mike Zillo | 13 Jun 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 41st 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

SEC has started attacking also Coinbase and some exchanges are changing jurisdictions where to operate. BUT, we are entering the cycle before halving AND the users of Bitcoin are increasing therefore, the buying pressure can be considerable in the coming future.

At this point 26000$ acted as a resistance and for the moment, there is some stability.

What do I expect from a daily perspective?

Source: Tradingview - Daily Chart

The are between 25500$ and 26000$ has proven to be a strong support as the price jumped from it upwards in 8 different days in the last month.

Source: Tradingview - Dollar Stregth Index

DXY is ranging in the 102-104 points, giving some uncertainties, that is going to be issued when in the coming days/weeks, the USA will be likely to ask a further extension for debt interests.

50 MA acted again as a support in the past days, and the price is still ranging between the 50MA and the 200MA. I expect some resistance in the potential coming upward movements in the area around 27500$.

Source: Tradingview - Daily Chart

The price is still below the Cloud but the current impulse seem to be bullish. The Cloud usually acts as a magnet for the price that can get some impulse towards 27000$.

Source: Tradingview - Daily Chart

And now, what from a Volume perspective?

Source: Tradingview - Daily Chart

Volumes are showing again consistency meaning that Bull Traps and Bear Traps will be more difficult to happen.

What to observe particularly?

I expect now a bullish movement towards 27000$, and seeing after what may happen into the Ichimoku Cloud AND the descending 50MA.

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
Trading with Mike Zillo

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