New price resistance. 31000$ will be key for the coming weeks trend

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 43rd 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 movement has been quite clear so far, with a Doji weekly candle happened the last week and a bullish trend started from Monday again, with not many uncertainties as the Opening Price is much close to the Lowest candle Price.

What do I expect from a daily perspective?

Source: Tradingview - Daily Chart

I added two more lines to the chart: the Green and the Blue ones. The Green represent the local resistance, where the price has already knocked several times in the last week and also in April. The blue has already acted as a resistance between April and May, acting now as a support. The price-range is very narrow between 30000$ and 31000$ meaning that the next movement can be explosive.

Source: Tradingview - Dollar Strenght Index

DXY is still ranging in the 102-104 points. The current movement may potentially show some weakness meaning that the 101 points level that acted as a strong support in the last weeks is still in danger.

Both of the moving averages are now below the price action and both of them are in a bullish trend. Anyway, being them quite far from the price, they do not provide any significant information about trend or levels (exception made for the levels where they are stationing or have been stationing)

Source: Tradingview - Daily Chart

The price is far above the Cloud, that is turning green in the next days. The area just above the Cloud (around 29500$) can be the last support (where spikes will harvest liquidity), if the Blue Support will be tested.

Source: Tradingview - Daily Chart

And now, what from a Volume perspective?

Source: Tradingview - Daily Chart

Volumes are still consistent and at this point. I expected a short Squeeze in the 28500$ area while it did not happen and here we are, above 30k$ again!

This is what I wrote last week: we had a small Short Squeeze with the price going down to 29700$, that is more an adjustement than a Short Squeeze but still, I see some bullish signals and the coming days will be key for it.

What to observe particularly?

I am still bullish but now I want to watch carefully if any Short Squeeze will happen as the general sentiment is turning bullish, meaning that market can potentially give a shake to some inertial volumes.

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

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