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 8th appointment and I hope that with these easy tech analysis we have helped you and we can help you further.
Let’s start from our usual weekly perspective
WEEKLY CHART
The last week has been a geometrical bounce on the yellow level that acted as a strong support for the price that has today reached a local maximum in the area of 22500$.
Here is another trade from this week
Another couple of thousandth of Bitcoin accumulated. I am now ready to ride the potential bull market.
Do you know why my target is to gain some portion of BTC to be higher than exactly 0.003 BTC? week? Give your answer here in the comments... Last week, nobody responded...
What do I expect from a daily perspective?
Here is a daily chart, where the usual continuous red and blue lines are still clearly visible.
Price has confirmed the yellow support, retesting twice the 22500$ area. For the moment, price has been rejected and I would like to see a breakout upwards the 23500$ level to dissipate price rumor that we be looking at it now.
Stochastic is in the overbought area, meaning that a little turn back of the price was likely to be seen. What I expect now is a potential little drop of the price and if the yellow support will resist, a bounce-back upwards.
Price is getting even more closer to the Cloud, finding a temporary resistance in the descending line, meaning that we can expect a potential move upward. Buyers need some more confidence before starting to enter again into the market.
In this episode of Surfing the Market, I also want to add POC (Point of Controls), and here they are, created with the Visible Volume Profile (starting April last year).
Green and yellow line perfectly representing previous resistances/supports with a nice attention to the dotted green lines as well.
What to observe particularly?
We are back in the area of 21500$. The price has not yet strength to go upwards. I am now looking to what happens now when on Monday the Markets will start trading again. We may see some volatility
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.
