Potential BTC flow entering into the market after Mt Gox creditors liquidation

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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 44th 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 has been rejected from the yellow level, falling down to the 22.4k$ area. Current price is still higher than the previous minimum in the area 21600$ meaning that the uptrend can be potentially still consolidating if not broken downwards in this days of uncertainty.

What do I expect from a daily perspective?

Source: Tradingview - Daily Chart

Price has found a sort of internal support level, in the area 22400$. This area is just below all the spike from mid January to mid February meaning that if we stay here for more days, there will be some more potential statistical resistance in moving upwards from here.

Source: Tradingview - Dollar Stregth Index*

DXY despite some movements is in the exact same area as last week even if now the trend may be bearish for DXY having topped on the 24th February in the 105.4 points area.

50MA (red) is now above price action while 200MA (blue) is below. 50MA is capping in the 23000$ area, that has even before identified as a strong price level (also statistical). 23000$ may become our next resistance to break upwards to continue the bullish trend.

Source: Tradingview - Daily Chart

Ichimoku Clouds are going to get thinner in the next days while the price has perfectly bounced on the upper cloud area. And here comes the origin of our temporary support.

Source: Tradingview - Daily Chart

And now, what from a Volume perspective?

Source: Tradingview - Daily Chart

Volumes have decreased and the big drop during 3rd March happened easily.

What to observe particularly?

Yellow line acted as a strong resistance and we are here on top of the Ichimoku Cloud. This is an unstable region, meanign that seeing low volumes acting, we may see further manipulations. Anyway, I would take much care of the potential liquidation of Mt Gox liquidators: here the news.

Mt Gox creditors are set to finally receive their long-awaited Bitcoin repayments, with the window for payouts opening this month. The first tranche of repayments, which includes early lump sum and intermediate payments, is expected to begin on March 10, and creditors have until September 30 to complete the process 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.