An Expected Dump
Rubika Crypto Daily Market Review
Knowing that in the last hours 1400 Bitcoins were moved from Coinbase to an unknown wallet before the price fell, we want to follow the story we had told you days ago about the possible price drop. So the warning had already been made.
But first, it is important to tell you that:
- Global Blockchain Revenues to Hit $10 Billion by 2023, as stated by Tech market advisory firm ABI Research;
- on Sept 6, Bakkt’s Warehouse will begin offering secure storage of customer bitcoin to prepare for the launch of Bakkt Bitcoin Daily & Monthly Futures when they launch on Sept 23;
- and Shopify Merchants Can Now Accept Lightning Network Payments With OpenNode, a piece of news that tells us the massive adoption of blockchain technology in the main markets.
Whether positive, negative or neutral news, our goal here is not to play with your psychology’s trader. Only we would like to show you the market retrospective for the last hours.
Unfortunately for bulls, more than $150 million worth of Longs just got liquidated at BitMEX and Bitcoin Price Drops $600 in 30 Minutes. 😳 But don’t be scary, it is normal in this extremely volatile market of supply and demand.
Total Market Capitalization, Dominance & Sentimental Analysis
Over the last 24 hours, total market capitalization stayed within a tight range of ~$262.3 billion and ~$251.6 billion, with most coins seeing either gains or losses in the ~1–5% range as reported coinmarketcap.com.
24-hour volume registered around ~$47 billion. Bitcoin Dominance is around 69% and alternative.me shows around 32 points; which says the fear that is breathed in the market.
But let’s keep calm. The tide may be exhausted, but the whales are waiting for the best bite in the fish colony.
Bitcoin Daily Tracking
While you find out that Just 17 Percent of Reported Bitcoin Volume Is Trustworthy, as reported Nomics, a cryptocurrency data, and analytics firm backed by Coinbase Ventures, Bitcoin is currently trading around~$9,640, down ~5% over yesterday.
On the daily chart, Bitcoin is still trading below its 50-day EMA line after failing to break through it after challenging it twice in 7 days.
RSI has been in the ~45–47 range over the past week as well, indicative of sustained market indecisiveness at the moment.
Bitcoin Weekly Tracking
For the next few weeks, we could be touching the 21-week EMA on the weekly chart.
The crossing of the MACD indicator is also noted, as we had anticipated in the past story and a possible double top formation. It also has the breaking of the triangle in a negative way.
Let’s keep our eyes wide open. 👀
Disclaimer: In no way does this article recommend the purchase of any assets, this is a personal opinion of the author. Investment in cryptocurrency is extremely risky and volatile. Also, if you are an investor, always do your own research before investing in anything!
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