Hi Folks, this is George and we are in 2023.
A lot of influencers are calling a bull run on the social media. Why? Because we have a good selling point at 24-25k$. They're waiting at the corner with a brick. Don't fall for this. There's a slight chance we break trough those resistances, but the most likely scenario is that we are gonna see a pullback to the 20-21K zone.
Let's take a look at the charts.
Daily timeframe
You can see that since the beginning of the trend January 10, we have less volume. That's confirmed by the Money Flow Index, that you can see going down (red arrow). Trades need more liquidity. The lower is the black line, the safer it is to enter a trade (but there's always some risk, be prepared).
Weekly Timeframe
Nearest support is at 22 865$ and really strong support at 18 500$. In the red square you can see that the PA indicator is showing us that we're loosing steam. There's not much space to go up, we'll see tomorrow, but I think we'll knock our head on 25k before going down to 20-21k$ area. We'll probably see the green line go down toward the middle line (yellow) and then... we wait to see what it does. If it bounce back, we'll see more green and a retest of the higher resistance. If it goes trough the middle line, we'll probably hit 18 500 and we'll have to evaluate the market again to see where we are going.
Markets are random, so it's still too soon to call for a bull run. Don't let influencers and scammers take your money. It could take weeks before we have a solid configuration for Longs.
Again, the best strategy is to wait or to DCA.
Thank you again for reading.
Good Luck and good profits.
GGP
