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 32nd 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

Weekly Chart - Source: Tradingview

In this “post-FTX-era” we are consolidating on a new price level in the 16500$ area and the volatility dropped. Investors are now cautious both in buying and in selling. Price in the moment has still some chances to raise up a little bit, towards the green line, but we have to see if other exchanges are going to default soon. Voices are running about a potential weakness from Crypto.com and Gate.io. You can read my last content about this topic here
https://medium.com/illumination/is-gate-io-the-next-exchange-to-blow-up-fd131ce515e7
I will keep quoting myself:
“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.”
Well, in this case, the major event happened but I did not consider the default of a Tier1 Exchange. And more Tier1 now are under the spot-light!

What do I expect from a daily perspective?

DAYLY CHART - Source: Tradingview

Orange support is resisting for the moment, even if I do not exclude some fake-breakout during the incoming weekend, where less volumes come into play and the market is potentially more easily orientable.

Source: Dollar stregth Index

Dollar Strength Index is dropping, finally, to make the assets getting some breath after such a bull-run we assisted. This aspect can lead Bitcoin to a potential surge as soon as the uncertain news about other collapsing Exchanges stop hanging around. This pattern of the DXY is among the best opportunities now for Bitcoin to recover higher levels, like above the Green line, in 18700$ area.

50MA and 200MA give no more information in this moment.

DAYLY CHART - Source: Tradingview

Ichimoku Clouds are still far, and the cloud is building up at the current price level. From a “trading point of view” that would mean that in the coming days, the price can be quite likely to break it upwards. From a mathematical standpoint this “trading point of view” has no meaning at all because the cloud is necessarily with this evolving form since there is no recent history at these new price levels. So do not get fooled.

DAYLY CHART - Source: Tradingview

Stochastic is still in the oversold area and it has been there for a week now. Statistically speaking, we may face a rise-up of the price in the coming days (if no major news are going to happen).

What to observe particularly?

The whole cryptocurrency market is now in an uncertain moment due to exchanges Proof of Reserves audits and more FUD potentially incoming. I would like to be again Bullish but I prefer now to be cautious to see what may be going on in the coming days (and few weeks). Anyway, I will open a small long position to try to take advantage of potential positive news or DXY starting acting its effect.
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.