BullionFX Markets Report

19 April 2023
by David B.

BTC – The bears castle falls above 36K.
Why is breaking 36k such a key zone?

– Last CME gap fill (above) there are still ones below

– Fib 1.618 extension

– Fib 618 retracement from major peak

– Fib 382 retracement from major top

– Combined is a fib cluster

– Will break Ichimoku thick cloud (the thicker the Cloud, the thicker the S/R it offers.

Bears will have no choice but to flip bullish if we break this zone and hold above 30k as major support on weekly. When that major pivot was taken out back in June 2022 big money exited . If this zone was to be reclaimed and those sellers become buyers, then a shift has taken place.

Bitcoin is showing massive divergences on momentum and volume. It is running out of strength but that can go on for a while as it did on the run from 40k to 60k when BTC first topped out.

Daily market structure is still 100% bullish and you stick with the trend until it changes.

Monthly market structure is still bearish.

In summary, short term on the daily we are still bullish. Long term we are still bearish until that key zone breaks and is tested as support.

Written by David B (BullionFX Analyst)

Disclaimer – Opinions expressed on the BullionFX website/reports do not constitute an offer to buy or sell or the solicitation of an offer to buy or sell any precious metals product, nor should they be viewed in any way as investment advice or advice to buy, sell or hold. BULLIONFX Pty Ltd. recommends the purchase of physical precious metals for asset preservation purposes, not speculation. Utilisation of these opinions for speculative purposes is neither suggested nor advised. Commentary is strictly for educational purposes, and as such, BULLIONFX does not warrant or guarantee the accuracy, timeliness, or completeness of the information found here. The views and opinions expressed at BULLIONFX are those of the authors and do not necessarily reflect the official policy or position of BULLIONFX. Any content provided by our bloggers or authors is solely their opinion and is not intended to malign any religion, ethnic group, club, organisation, company, individual, or anyone or anything.

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