Bitcoin between a key support and resistance. Are bulls or bears going to win? | by Mike Zillo | Coinmonks | Mar, 2023
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 34th appointment and I hope that with these easy tech analysis we have helped you in some forms, even just to evaluate different market perspectives.
Price tried to break out again the 25000$ level but got rejected and is not still stuck between the psychological level at 25k$ and the yellow support that has been confirmed many times as an important level.
Price has found a sort of internal support level, in the 23k$ area that rejected the price when trying to drop down and the range is again narrow in the range of 23k$ — 25k$.
DXY showed a bullish week that led then a potential set-back in the Commodities (and Bitcoin) while Bitcoin, showed a strong support in 23k$ area, that prevented further drops.
Under a wider perspective, this can be a potential very strong bullish signal, because even if DXY was rising, the price of Bitcoin resisted the assault.
50MA and 200MA are still below the price action. The Daily Golden Cross has been confirmed and the span between the 50 MA and the 200 MA is widening. 50MA is rising and getting closer to the price, and in the coming days it can also provide some statistic support for the price.
Ichimoku Clouds are confirming the width, ranging in the area of 21200$ — 23700$, increasing the range of historical (and then statistical) interest in such price ranges. Price will be likely approaching the area in the coming week, and the Cloud can provide further support to the price as well.
Volumes have decreased even more and room for price manipulation is increasing.
Yellow and Blue Areas are confirmed as strong Support/resistances for the price and 25000$ is acting as a strong resistance, before letting the price going to the following potential target at 28700$, in the area of the red line.
We have identified a new price level at 23000$ that acted as a support.
We have faced different potential bullish patterns: despite DXY ramp, Bitcoin price did not fell, 50MA and Ichimoku Clouds may act as a support.
We are faceing three different bullish signal, so in the first shot, I would take care of potential Bull trap, aimed potentially to squeeze long positions.
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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.
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