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 81st appointment and I hope that with these easy tech analysis we have helped you in some forms, even just to evaluate different market perspectives.
Source: Tradingview - Weekly Chart
A few days ago a new local maximum has been reached in the area 38500$. This moment is quite early to shout out loud at the local bullish movement and after a retest in this area and a stabilization of the price I would become more confident. Still, bullish movement are usually explosive, meaning that we can’t forecast everything.
Source: Tradingview - Daily Chart
We are at the third consecutive bearish candle but I expect a support here, at this price level.
Source: Tradingview - Dollar Strength Index
DXY is still floating in the area of 103 points showing more weakness from dollar index. That is supporting the bullish idea for Bitcoin.
Source: Tradingview - Daily Chart
Moving averages are bullish.
50MA has reached the 34000$ area, and growing, where a support area can happen. This signal can become particularly bullish if price will still be above this levels and 50MA crossing 36000$ area, where the support will be brought “higher”.
Ichimoku Cloud are expanding, creating a wider area of support, being now in the 37000$ range.
Source: Tradingview - Daily Chart
Source: Tradingview - Daily Chart
Volumes are “still” here. Interest in the market is confirmed and I do not expect short/long squeezes in the very next days.
I am expecting some consolidation of the price and then, I think that further bullish movements will be more likely to happen.
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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.
