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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 20rd 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
Price has bounce up again from the Green Line that is the Price Level where Bitcoin was floating last week. As said before, in my personal opinion Bitcoin price can only drop towards 15000$ if major bad news come up, like a huge electricity crisis, a mobile network crisis or a gas limitation from Russia.
Screenshot on a D-TimeFrame of the Dollar Currency Index
Dollar Strength Index is showing again, some weakness, getting back to previous support levels, giving some fresh air to other currencies and major indexes that have USD as the counterpart (like Bitcoin).
Do you know why my target for trading is gaining portions of BTC to be higher than exactly 0.003 BTC? Give your answer here in the comments.
What do I expect from a daily perspective?
Bitcoin price keeps knocking onto the Green level and it’s gaining some space from it in the last days. My expectations are still that we should stay warm this weekend but I would wait the opening of Wall Street and the re-opening on Monday.
At the moment, I am still conservatively Bullish.
50MA is acting as a magnet, and it’s now at 20.621$ meaning that in this area (like we saw on 27th) there may be some kind of resistance of the price, even if I am still looking at the blue level to be attacked again, to start triggering Bulls.
Ichimoku Cloud are still far from the current price level, but we may see, like in previous weeks, a gap-closing in the coming two weeks, meaning that adding up the SMA50 and the Ichimoku Clouds, we may be able to assist to a stronger movement.
What to observe particularly?
We are still in an unstable range, so I would wait taking further positions and I will sure wait the response of the two moments I mentioned above! But if signals will remain stable, I will be slightly bullish (again). What I am doing are short-term positions to be carried some hours at the most.
I am waiting the Blue Level breakout to see more upward movements.
Let me know what you think about this new weekly appointment, and what indicators you would like to be taken into consideration more (or even explained).
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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.
