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 56th 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
From the last week the price had an impulse that made it reaching again the red line, acting as a resistance at 28000$ resistance.
The uncertainty that we were expecting from the news release on USA debt, ended in an extension of the debt limit granted to the US government.
Source: Tradingview - Daily Chart
Price reached again the red line, being momentarily rejected. I think that we may see a long in the short term, breaking upwards the red line, but at first we need to expect the opening of the US stock market today (in a few hours).
Source: Tradingview - Strength Dollar Index
DXY had a strong bounce upwards, and it’s continuing the movement above 104 points. This trend can be due to the prediction and actuation of the USA increased debt limit, confirming that banks are not allowing USA to default BUT for how long are they going to extend it? Are they going to simply print more money?
The price has tested the 50MA and got rejected but the current impulse may go to test it again. 28000$ level will be a strong and important price range as it is covered by both the red level and the 50MA.
Source: Tradingview - Daily Chart
The price reacted to the bottom level of the Clouds and is now oriented towards the upper level. I the coming days there will be an inversion of the clouds and a thin area. In such moment a strong impulse may happen to the price and statistically at the current scenario, the more likely is an upward movement.
Source: Tradingview - Daily Chart
Source: Tradingview - Daily Chart
Volumes are showing consistency with no concentration of market offer/demand meaning that institutionals are waiting to create the perfect storm with potentially a bull-trap as many indicators are bullish.
I expect further upward movement of the price but I would not be too much confident of the indicators as some late take profits make occur causing massive liquidation. I am locally long but if the price will reach again the red line, I would put the Stop in profit, closing a part of the position and increasing it while breaking strongly the red line level.
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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.
