What market phase are we entering into has been the introductory question for our last appointments.
Welcome to Surfing the Market, we are already at our 14th 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
Weekly Chart
Last shot has been fatal from Bitcoin that fell from the previously identified resistance. After several breakout attempts the price has been harshly rejected. What can we expect now, from a daily perspective?
Screenshot on a D-TimeFrame of the Dollar Currency Index
The Dollar Strength index has bounced back from the support level we identified. Honestly, I thought that the downward movements was going to continue BUT as we know, the market knows the truth and we can simply try to reply in the best manner. This sudden bounce-back has certainly contributed to the Bitcoin price fall.
Do you know why my target for trading is gaining portions of BTC to be higher than exactly 0.003 BTC? Give your answer here in the comments.
What do I expect from a daily perspective?
Daily Chart
We are in a strong area that the price has tested as a resistance in the second mid of June and first mid of July. I expect a local bounce up and I still do not see an invalidation of the rising trend. I am considering now a long position with target 22.250$.
Daily Chart
Here is a daily chart, with key levels. The thin blue line is the Moving Average on 200periods and the thin red line the MA on 50periods. The price has momentarily broken down the MA50, but we need to wait the daily closure to confirm or not the break-out. While we are too far from the MA200 to get relevant signals.
Price has geometrically reacted to the upper level of the Ichimoku Cloud, that I previously pointed as a high probability resistance and has targeted directly the base of the Cloud that is trying to act like a support.
Daily Chart
Like I wrote in the last article, some signals for a potential inversion has triggered it and now Stochastic has entered the oversold area, meaning that I can expect a fast bounce back. What I am still uncertain about is the strength of this rebound which I am not sure it will be strong enough to get back immediately to 25k$ level.
What to observe particularly?
Trend has not yet broken the upwards movement in my opinion, even if I would not be surprised if the price will momentarily reach lower areas of previous supports, from the last years, likely in 20k area.
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).
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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.
