Closing Review For The Main Cryptocurrencies In The Market
By Rubika Ventures on The Capital
Low volatility is what is on the plate of investors these days. The leftovers are being eaten for fear that the global Coronavirus pandemic will expand more and more and affect all financial markets even more.
But now there is a major concern. The pain through the heights. It seems like a children’s game. However, what we can say so far is that with this new market cycle, investors are considering better assets to place or protect their capital. The dollar is then targeted.
With that editorial note, we bring for today a simple review of the closing of the market for the main cryptocurrencies. With this, we want to offer you the technical analysis of Bitcoin, Ethereum, and Ripple and some statistics of the cryptocurrency market.
CME Bitcoin Futures Hit
The CME saw its greatest trading volumes ever over the past two months in its bitcoin futures product. While the CME’s bitcoin futures offering had a slow start in late 2017 and saw month over month volume declines in 2018, the product has seen a resurgence in 2019 and early 2020 with both January and February posting record volumes.
In the figure below, we diagram bitcoin notional trading volume over time on a monthly basis and as reported tradeblock.
The rise in futures activity at US regulated exchanges, such as the CME, indicates renewed interest among institutional investors and family offices, with futures volumes outpacing spot volumes across various exchanges, says the report.
Bitcoin In A Resistance Channel
Bitcoin by the time this article was written, was having a price close to around USD 8818. In our monthly market review, we had explained that we now have the confirmation of the WXYX pattern.
However, we had not highlighted the fact that the EMAs (300,200,100.9) are generating a strong resistance channel between approximately USD 8514 and the current closing price. The above is making a small price stabilization and a period of low volatility.
We have faith that very soon the MACD will indicate a crossing of means under the parameter of the EMA9 y EMA100 as the primary buy signals. After that, we will see the price correction before halving.
Ethereum Without Escape
Ethereum in the daily chart, and after the last parable formed by the high demand for purchases, remains in a strong resistance channel created by the EMAs (50,9,21,500) between USD 216 and USD 234. We are particularly taking advantage of this channel to suggest the opening of a long margin trading position.
We remain positive, because so far the MACD is not indicating a next crossing of moving averages and with the RSI at 43 points, the above can attract the attention of buyers.
With strengths resistance points we have USD 245 and USD 284. The latter is being a water divider due to the marking made of the EMA700.
Ripple, in recent days, has been involved in several controversial news, which in the long run is not worth mentioning. Technically the price stays within the margin line of USD 0.227 and USD 0.24, with a strong resistance point at USD 0.2532.
A few the MACD shows signs of reversal, and continuity and with the RSI at approximately 34 points, it could call the attention of many in the coming days.
Hash-rate Hits New All-Time-High
What we understand that is making the prices of most of the assets consolidated at this point is the fact that Bitcoin’s mining hash-rate hits new all-time-high.
Monthly Volumes Hit All-Time-High
In the case of Ethereum, one of the great news is the fact that Decentralized exchanges (DEX) on Ethereum just recorded their highest monthly trading volume, according to data from Ethereum analytics site Dune Analytics and as explains theblockcrypto.
In February 2020, DEXs logged over $ 372M in trading volume, to 62% increase from the month prior. February’s volume overtook the previous all-time-high volume of $ 358M in July 2019.
As The Block previously reported, in 2019, over $2.3 billion in trading volume were recorded on Ethereum-based decentralized exchanges.
See you in the next review! With love 💛 Rubika Ventures Team!
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Remember, investment in cryptocurrencies or other assets has a moderate risk, so it is important to have a detailed study of the possible scenarios before placing your money at risk.