Banks collapse while Bitcoin keeps pushing

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avatar of @mikezillo
2 months ago - 3 minutes read

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 46th 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

Banks keep defaulting, and Bitcoin (with Gold) keeps surging despite the fact that Bitcoin from the Mt Gox fraud are potentially able to liquidate now.

What do I expect from a daily perspective?

Source: Tradingview - Daily Chart

Yellow area played an accumulation role in the last days allowing the price to bounce up further encountering perfectly my red line target, where the price knocked already twice in the last three days (and potentially counting).

Source: Tradingview - Strength Dollar Index

DXY is still in the 103.4 area, but with a serious trend looking descendant towards the 100 points support. Bitcoin, gold and other commodities are surging due to the weakness of the Dollar that can potentially be extended through June. USA economy may get some back-fire from the alliance between Russia and China, two emerging powers opposed to the old American ones.

Both of the examined Moving Averages (50 and 200 periods) are now below the price action: the red (50MA) has increased the slope and in the next days it’s expected to cross the yellow static support, indicating an area of strong support whenever the price would go back to those levels. The blu line (200MA) has changed slope, growing. These are all potential even more bullish signals. But you know what I think when there are too much bullish (or bearish) signals.

Source: Tradingview - Daily Chart

Ichimoku Clouds are showing two inversions in the next weeks and while there may be some chances of a setback of the price when the cloud is very thin, from the Mid of April, there may be some more consolidation (I do not expect explosive movements) of the price.

Source: Tradingview - Daily Chart

And now, what from a Volume perspective?

Source: Tradingview - Daily Chart

Volumes kept on the rise, confirming the interest and not just the retails speculation. With such volumes, manipulations are more difficult to happen and I am now looking for a potential retrace and then another impulse towards the break of the red line. What to observe particularly?

Well, there is this interesting Altcoin that dramatically dropped in price, oh sorry, it’s not an Altcoin, is the First Republic Bank.

Source: Tradingview - First Republic Bank Chart

First Republic Bank is the fourth US bank facing a crisis in the last week. I am looking at the red line now, waiting for its breakout even if I would not be surprised if we will face a retrace in the next days to consolidate the trend. 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.