The Death Cross triggered a Bear Trap and the price is now “bulling”

By MikeZillo | Trading with Mike Zillo | 19 Sep 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 49st 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

Price is reacting to the support area I identified a couple of weeks ago. And it’s again headed towards the red resistance.

We are in an optimistic bull market as locally, minimums are growing as well as maximums.

What do I expect from a daily perspective?

Source: Tradingview - Daily Chart

Two weeks ago I wrote this

The squared purple area is a key zone that if broken we would be definitely headed towards 24000$ in a bearish scenario.

And yet, the square was not broken and price is bouncing up thanks to the liquidity and interest clustered in that area.

Price is still rising. Bull run incoming?

Source: Tradingview - Dollar stregth index

DXY is still in the resistance area where some oxygen can reach the commodity markets.

We are still in a Death Cross scenario BUT as we can now figure out, the drop of the price happened exactly on the Death Cross day, creating a false breakout, liquidating some longs, and potentially gathering liquidity for a further bullish movement.

Source: Tradingview - Daily Chart

Price is now reaching the Cloud, that is acting as a resistance. It’s the second day that Bitcoin price reaches the same height close to the Cloud-wall meaning that this is a key level to pass, aiming then directly to the red line that corresponds to the upper level of the Cloud.

Source: Tradingview - Daily Chart

And now, what from a Volume perspective?

Source: Tradingview - Daily Chart

Volumes are showing some consistency meaning that there is interest in the market and trades are growing.

What to observe particularly?

I want to see this price broken upwards to reach again the red line and then start the bull-run. We do not have triggers like NFTs or DeFi like we had in 2021, but the halving is getting closer.

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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