Support is reacting and Bitcoin is rising again towards the red key-level

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 56th 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

Bitcoin bounced from the green support and has already reached again the red level, that is going to be our key resistance for the price action.

What do I expect from a daily perspective?

Source: Tradingview - Daily Chart

Today’s candle Is knocking on the red level and I am not sure that the price will likely manage to succeed in the break-upwards during these Christmas holidays as volumes may be missing from the market. Still, a few years ago the bull-run started exactly during Christmas holidays but volumes were lower and prices were much lower.

There has been some uncertainty and price is now fluctuating between the green and red levels.

Source: Tradingview - Dollar Strength Index

DXY has broken the previous level and we are now again in a descending phase towards 100 points. From this, Bitcoin can get some advantage in its price.

Source: Tradingview - Daily Chart

Moving averages are bullish but they are far from the price action so they are not yet giving strong information.

Ichimoku Cloud are expanding, and now the upper limit is in 41500$ area, that can act as an area of support.

Source: Tradingview - Daily Chart

And now, what from a Volume perspective?

Source: Tradingview - Daily Chart

Volumes are still here, meaning that the interest is real and some further movements can happen.

What to observe particularly?

Last week I was writing this:

Some consolidation happened and now price is trying again the bullish path.

And the long squeeze happened when touched the red line. I expect now some consolidation and a potential next bullish movement.

Stay tuned and be sure to follow to get noticed when my contents come out.

Promotional suggestion

One more thing: if you really do not care of technical analysis or you do not like spending time onto the markets, make sure to give a look to the Zignaly platform, an Official Binance Broker Partner with huge volumes under management. They offer great services of Profit Sharing Trading, where you copy other Professional traders, sharing the profit with them! Make sure to give a look!
If you are interested in getting noticed in advanced on the release of our partner’s indicators, leave a comment here so we understand if there is some interest!

None of what I write can represent a financial advice in any form. So Do your own research before taking any kind of action.