Surfing The Market #7
What market phase are we entering into has been the introduction question of the last appointments.
Welcome to Surfing the Market, we are already at our 7th appointment and I hope that with these easy tech analysis we have helped you and we can help you further.
Let’s start from our usual weekly perspective
The last two weekly candles have happened to strongly break downwards the green supporting line. As I said in the previous appointments, I was expecting a bear movement, but to be honest, I was not expecting such size.
This moment is nice to create some accumulation of our BTC reserves, without taking too much risks, like I did just yesterday. That the Order History from my Binance account
With a small operation (executed in a few hours, during a small downward movement) I accumulated 0.0031 BTC. That’s something more than 60 dollars. Last week I put the attention on the time to perform it. A few minutes in total. But that is not the point. I am accumulating Bitcoin. Maybe a few thousandth of BTC today are not worth much, but tomorrow, are we sure that BTC is not going back to some brighter prices?
What do I expect from a daily perspective?
Here is a daily chart, where the usual continuous red and blue lines are still clearly visible.
Price is not below the green line so I need a wider perspective to evaluate lower prices of interest.
The yellow support line goes back to price levels, where a structure of consolidation was built back into October 2020 and this is the last “structured” price area. Below this price, we can go down towards 15.000$.
Stochastic is in a deep oversold, making me thinking of a potential bounce back in the short term.
Ichimoku are not helping us since they are too far from the price.
What to observe particularly?
Stoch is in the oversold area and we may see a bounce back in the short term, likely towards 21.000$. At that point, we will need to see how the traditional finance markets will behave.
We are in a crucial area. But when everyone is fearful, I always buy. And that exactly what I am doing now.
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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