Do not trust, verify! Here is why Bitcoin is surging

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avatar of @mikezillo
3 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 45th 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

From the previous week, we faced three US banks defaulting and a surge of Bitcoin price. From a bottoming almost in the green-line area towards the decise break upwards of the yellow line.

What do I expect from a daily perspective?

Source: Tradingview - Daily Chart

Support in the 20000$ area has been the key to recover some liquidity and create another upwards trend, breaking the yellow resistance, on the 13th , bouncing there again on the 14th and not trying the escalation. We are facing an explosive movement, meaning that we MUST be careful of the high volatility that can also bring some retracements, like happened yesterday from the 26500$ area.

Source: Tradingview - Dollar Strength Index

DXY is in the 103.4 area, with a consistent drop on the 9th and a pause for markets suspension. So it cannot give a lot of information BUT, the weakness of Dollar can lead to an empowerment of Commodities and other assets.

50MA (red) is now above price action while 200MA (blue) is below and acted as a perfect support for the price. When the 200MA would start rising again its trend, this can potentially be another bullish signal.

Source: Tradingview - Daily Chart

Ichimoku Clouds are showing an inversion of the Cloud starting the 1st of Aprile (maybe an April Fool?) meaning that some uncertainty is likely to happen in that days.

Source: Tradingview - Daily Chart

And now, what from a Volume perspective?

Source: Tradingview - Daily Chart

Volumes have significantly increased in the last week, meaning that a lot of interest was attracted to the market bringing a huge buying pressure. @healthymary bought as well something in the 19000$ and 22000$ area 😉

What to observe particularly?

We broke the yellow line and the trend can now be bullish even if 25000$ area is a key psychological area to be broken with Daily Candle closures before yelling to the bull.

Mt Gox creditors have started receiving some BTCs back, meaning that some additional selling pressure will happen as well as some take profits from the ones having bought in the lower area.

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.