Weekly Cryptocurrency Market & Bitcoin Report To Always Be In His Glory
By Rubika Ventures on Altcoin Academy
To start this weekly report we must first apologize for not compiling the news of the week.
The perfect excuse was that the weekend we are preparing a super offer so you can belong to our premium club so you can anticipate the next Bitcoin halving.
Let’s Talk About Wonderful Results
The other was that we are delivering the latest results of trades that are still running. So far who has surprised us the most is Ripple. In the last hours, he has not delivered more than 15% of earnings since the last analysis.
As reported coinrivet, the rise in price has seen the market cap of Ripple (XRP) increased by $500 million to $11.5 billion with this rally.
With this, we learn that the news within the cryptocurrency market has some impact on investors. But the biggest lesson of that is: life is about promotion.
What does that mean? Easy to answer: if nobody knows the bread you eat, nobody wants to eat the same bread.
So do not hide. Let everyone know the bread you eat and see how God will keep you in his glory.
About Correlation And Liquidation
After two years accompanying the cryptocurrency market we learn that it is not just about making traders and making profits.
We must understand the importance of the concept of correlation and liquidation to know where we are going to put our money and thus reduce capital risks.
Correlation
A clear example is that according to Unfolded’s correlation Matrix and ambcrypto, a correlation between Bitcoin and the top 10 cryptocurrencies is not only positive but very high.
Ethereum [ETH] is 85% correlated to Bitcoin while Bitcoin Cash [BCH] is 89.42%; the same trend can be seen for Litecoin, EOS, Binance Coin [BNB] and Bitcoin SV [BSV].
However, what’s interesting is that the correlation for XRP, the third-largest cryptocurrency and it’s so-called competitor, XLM is very less, says ambcrypto and shows us coinmetrics.
Liquidation
Complementing the above, it was surprising that in the last few hours we were going to talk about the massive liquidation of longs in Bitmex. But after the last Bitcoin rally the game changed.
datamish & skew show us that the last hours more than $3.4 Mil of Short Positions was liquidated in Bitmex. We also note that the volume of negotiations shot rapidly.
So, in the next few days, in order to have a better performance in the market, get a good look at what is correlated and analyze what is really being liquidated.
Total Market Capitalization And Sentiment
Over the weekend, total market capitalization gradually slipped from ~ $214 billion to ~$222 billion, and 24-hour volume averaged ~$62 billion at the time, according to coinmarketcap.
santiment, datalight alternative. they show us that the feeling of the community is maintained in a constant flow of fear and negativism.
But we can emphasize that last week for this week the activity in the communities has been with a greater degree of activity.
Let us remember then that one thing is the general feeling of the market and another is the activity of the communities. That is to say that even if the feeling is in extreme fear, communities lie informed and continue to compare information.
Weekly And Daily Dominance Bitcoin
Bitcoin is currently trading at ~$8,250 and continues to be testing the $8,400 resistance level. Consolidation at these levels has been going on for about a week. Bitcoin Dominance has been falling since the last weeks, currently is 68%.
Bitcoin Daily Analysis
At the same time, show the daily chart, we also have several challenges.
The price is actually testing the EMA9 and we don’t know very well if the cross between the EMA21 and the EMA200 will be a positive signal of progress.
Also, RSI is at ~35.8, still indicative a positive momentum reversion and MACD indicator could show us a cross of means in the coming days.
Seeing all this, we can deduce mixed signals that do not lead us to identify the reality and the real moment of Bitcoin.
Bitcoin Weekly Analysis
On the weekly chart, Bitcoin has broken to the downside of its 21-EMA line, a level it has held since 1 April this year.
Between $7.8k and $8.6k could be a new accumulation zone. But many market crypto gurus say we can still test the support very close to $ 6.5k.
The truth is that at this moment the price is supported by the EMA50 in the weekly chart, and if we use the Bollinger Bands we shows us that the price remains imminent lateralization.
RSI shows 41 points and the MACD indicator still shows price correction signal in the weekly chart.
In general, as we have said before, these mixed signals, bullish and bearish, both in the daily chart and in the weekly chart, lead us to some confusion where Bitcoin will actually go in the next few days.
See you in the next story. With Love 💛, Rubikators Team.
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