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The Crypto Market Weather Update - Day Trader Explains

Ladies and Gentlemen,

Welcome back to TJ's Trade Corner, today we will be taking a look at the...

...Crypto Weather Forecast

Today it will be less of a weather update, but much more a weather forecast.
The hot and sunny days are here and we are on the verge of entering a very sunny and hot summer. The climate change is real in the crypto market and we can expect performances that we could just dream about.

Laying the focus on #Bitcoin with its extraordinary performance for this year and a beautiful call for recovery.
We can see a nearly parabollic move, going through resistances like a hot knife through butter.

We knew that the previous support of $6100-$6400 had to be re-confirmed and we did just that. After this very quick move, went now straight back up for the $8000 mark.

This weeks candle will be very important for future prices and structure. The lows, the highs, the closes will be all significant.

Therefore, lets take a look at the closes first.
We obviously want a close above $8000 for the weekly candle to remain the strong bullish hands.
Should we get a weekly close above $8200, that would very bullish and give us a very high chance of reaching the next stop on the chart.

A simple close above $8000 would give us a nice range for #Bitcoin to consolidate.
Altcoins do really love when Bitcoin consolidates and would give us a beautiful Altseason week with amazing returns. This would also be confluent with the remaining bullish levels and structures on Altcoins right now.

Should the close above $8200 happen, we would most likely have a very strong and bullish week for while a few altcoins would be following "the king" and most others consolidating.

Looking at indicators,

We can see the TJ-Stoch in an oversold condition, yet above 90p which is an impulse move zone.
Before the next BIG BIG move, we will have to retrace to the 40p line and get an impulse move there.
Yet, that does not come very fast and would most likely mean for #Bitcoin 2-4 weeks of ranging and consolidating, whenever we start that.
Ideally we would do that while having $8000 as our new support.

TJ-MoneyFlow is confluen with the direction that we are going to, whihc support a next bullish continuation. No divergences sofar.

The volume is high and highly significant, even exceeding the volume from last week and coming with current 125k very near to the volume we had while reaching for $20.000 (123k-131k volume). Keeping up with this volume without consolidation, will be very hard.

The most significant EMAs are reaching for levels above $5000 while most likely with this weeks close exceeding the $6000 levels. This is a further bullish sign, while having these at and above the previous support. This would simply mean that a fall below these levels would be more than highly unlikely without knowing it beforehand.

To close this one up, I see many people talking that we are back in a bull-market and they use that term very loosely or just based on a few indicators. In my eyes, we are at the very beginning and the starting phase.
We are still recovering from the drop to the $3000 levels. We are still in a price discovery mode, making new highs, looking for resistance to get rejected at. Just with that mention, we still have very significant levels upcoming, which we will have to break and re-confirm, before entering the everywhere mentioned bull-market.

In my eyes, the bull-market will start at the point in time when we close a weekly or monthly above $12.000 in the following weeks, confirm it as a new support. At that point we will be in a bull-market and literally get all of our minds blown away. But before that, we have some work to do and build up a strong and healthy foundation for that time.

"Weather Updates" is a common format in my Private Discord "Elite Trading Group". Almost daily I make an Update about what we can expect for the day or next few days, including #Bitcoin #Ethereum and a few sentences about all Bitmex coins.

This has been published previously in Verified Crypto News and the Elite Trading Group.

The Elite trading group is my home and I share all of my trades, set-ups and ideas to the members. You have premium access to all of my public content and a way for me to answer all of your questions that you might have.

Should you be interested in the Elite Trading group or the Indicators that I use, so join the Discord over the link the below and/or message me.

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Cheers TJ