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 82st 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
Bull run has locally started as all the resistances from the previous movement in the beginning of 2022 have being broken day by day.
Source: Tradingview - Daily Chart
Here I added some key levels from the previous movement, in the first and second quarters of 2022. Red level is the next key resistance level, where, once touched that price, the price bounced downward.
Green level, corresponding to the pshychological area of 40000$ can be the first key support now, for the price action. Blue level is one of the strongest support the price had last year and I expect it may help the price again.
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 but they are far from the price action so they are not yet giving strong information.
Ichimoku Cloud are expanding, and now the upper limit is in 39000$ area, making the area between 38000$ and 40000$ particularly thick and solid as a support.
Source: Tradingview - Daily Chart
Source: Tradingview - Daily Chart
Volumes are entering the game, meaning that the buying pressure is real.
With no immediate consolidation, the price started bullying. I expect now reaching the red line but some long-squeeze may then happen.
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.
