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 80th 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
Maximum reached and even with the news from yesterday about the fine to Binance and the resignation of CZ, market has absorbed the hit in a healthy way.
What do I expect from a daily perspective?
Source: Tradingview - Daily Chart
The news from yesterday of course is bearish BUT the support in the range 35500$ and 36000$ resisted and is providing strength to the price action.
Source: Tradingview - Dollar Stregth Index
DXY dropped at 103 points and that can easily justify the support that Bitcoin is receiving.
Moving averages are bullish. Both of them and still in a Golden Cross. Primary trend is still bullish especially if this moment will be faced with adequate support from the 35000$ - 36000$ cluster.
Source: Tradingview - Daily Chart
Ichimoku Cloud are expanding, creating a wider area of support, being now in the 36000$ range.
Source: Tradingview - Daily Chart
And now, what from a Volume perspective?
Source: Tradingview - Daily Chart
Volumes are here. Some real player triggered the market and net volumes entered the game.
What to observe particularly?
Price is still accumulating and the temporary drop, may become a healthy set-back for the price to load more liquidity and continue the bullish movement.
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.