What Market Phase are we entering into has been the introductory question for our last appointments. Are we going to listen to the ? Are we going to see a Bull MarketBear Market
Welcome to Surfing the Market, we are already at our 50th 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
Price reacted to the liquid support area but it’s showing not enough strength for the moment.
The local bullish trend is confirmed as minimums and maximums are still growing. locally we may still see some drops.
What do I expect from a daily perspective?
Source: Tradingview - Daily Chart
In the last analysis I wrote speaking of a potential bull market incoming in this last week we faced an uncertain scenario, with weakness from the market.
Still, as MicroStrategy was accumulating a lot of Bitcoins, that could be the support for the price, avoiding its drop further. Now that the purchase phase is stopped, what I may expect is a local bear movement to eventually squeeze shorts and trigger the next bull run. Still be careful as this movement may happen in weeks time, so I am not expecting it immediately.
Source: Tradingview - Strength dollar index
DXY broke the resistance and is keeping growing. This is a weakness signal for Bitcoin and other commodities.
Inflation news were not bullish and as the rate was kept constant in more or less all the world, no impulse came from there.
Death Cross is widening and the 50MA (red) is following the price action. I expect a price reaction in the coming days as it’s going to happen a compression of the 50MA and the purple liquidity area.
Source: Tradingview - Daily Chart
Price was rejected from the cloud and the cloud is getting closer to the liquidity area as well. The next two weeks may deploy nice volatility.
Source: Tradingview - Daily Chart
And now, what from a Volume perspective?
Source: Tradingview - Daily Chart
Volumes are decreasing day by day as the uncertainty is really evident.
What to observe particularly?
This is a delicate moment as volumes are decreasing and both the 50MA and the cloud are trending bearish.
Either a short squeeze or a simply price drop may happen if no exceptional news come out.
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.
