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Bitcoin on the raise again. What to expect next?

Bitcoin


What market phase are we entering into has been the introductory question for our last appointments.

Let’s start from our usual weekly perspective

Weekly Chart — Source: Tradingview

Let’s start from the new levels, that is more contemporary: the green horizontal line, which goes back to late 2020, when the price had some uncertainty in the area of 18500$-19000$. That will keep acting as our major resistance in this area, and that has acted as a perfect static resistance in this area. Creating a strong bounce in the last two days (and allowing me to close several nice positions).

Screenshot on a D-Timeframe of the Dollar Currency Index

Dollar Strength Index is showing local weakness and that is probably one of the reasons why Bitcoin is showing strength.

What do I expect from a daily perspective?

Daily Chart — Source Tradingview

“Blue line has been broken in the most likely scenario I shared in the last week. Now the price seems to attempt a bounce-back to the Blue level, with no touch of 18.8k$ level that can potentially still be reached.”
This is what I wrote the last week, and it seems to be like that. I expect here and now a resistance, with a potential pull-back to the lateralization area around 20k$ for a later eventual bullish and “more bull” movement.

Daily Chart — Source: Tradingview

Here is a daily chart, with key levels and the Moving Averages: the red one is 50 periods and the blue one is 200 periods. 50 MA is still in a bearish trend, getting closer to the current price. This may act potentially as a temporary dynamic resistance.
We are getting closer to the bottom area of the Cloud of the Ichimoku Cloud. That can act as a resistance or a boost for the price but seeing that 50MA and the bottom of the Ichi Cloud are in the same area, after the blue line, 22000$ can become another strong resistance for the price.

Daily Chart — Source Tradingview

And as promised, here are some Profits gained in the last week, with the “small long positions”

Source: Zignaly

What to observe particularly?

The market seems bullish but when confidence starts to raise, that’s the moment where trapped are placed. So I will be very careful with the next Long positions, waiting for a good breakout from the blue line and eventually entering Long there.
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).
Stay tuned and be sure to follow to get noticed when my contents come out.

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