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 67th 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
Last week showed a green candle that closed at the exact same price of the opening of the bearish from the previous week. The support reacted to the bearish attack but volumes are very low in this moment.
Source: Tradingview - Daily Chart
The last days price action show an almost total immobility of the price, making this period particularly dangerous for traders. I could say boring BUT trading is not abut emotions or hyped moments. Trading is just a statistical approach to some technical evaluation.
Money Management applied to the market.
That’s it. If you feel bored when trading BE CAREFUL as that could be easily GAMBLING and NOT trading/investing anymore.
Source: Tradingview - Dollar Strength Index
DXY keeps rising making the statical moment for BTC still significant as no net selling pressure is appearing, maybe because of the overall low volumes.
MA50 together with the blue line acted as a resistance that momentarily stopped the rising trend for BTC price. MA200 is still far from the price action but when reaching the red line that can become a very strong and relevant area. MA50 is still in the area meaning that this price area can be quite tough to be overcame.
Source: Tradingview - Daily Chart
Price is still in the Cloud with both the lines exactly matching the price action. That is not a signal as this is call “Unstable Balance”, like when you place a portrait on the wall but instead of pulling it down, it’s pulled up, in an unstable situation that at the minimal impulse may change its location and rotating towards a Stable Balance, that currently, is not clear where it may be.
Source: Tradingview - Daily Chart
The ichimoku confirm a price instability: the Tenkan Sen (red line) is moving symbiotically with the Kijun Sen (blue line), also the candles are within the green cloud.
To get real bullish momentum, we have to wait in intersection of the Tenkan Sen on the Kijun Sen from the bottom to the top and the price action coming out upward from the green cloud.
This is an equilibrium situation that could be broken by sudden news, so it's good to proceed with caution!
Volumes are quite low as we are in full August and many movements have been suspended AND, just yesterday we say a bull trap for amateurs that tried their luck, eventually falling in the trap.
We are in an unsure area where volumes are very low AND supports and resistances around are very strong.
Stay tuned and be sure to follow to get noticed when my contents come out.
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If you are interested in getting noticed in advanced on the release of our partner’s indicators, leave a comment here so we understand if there is some interest!
None of what I write can represent a financial advice in any form. So Do your own research before taking any kind of action.
