Cryptocurrencies Market Review To Start The Month With High Energy
By Rubika Ventures on Altcoin Academy
We got up early in the morning and the first news we received was the launch of the vote on the future contract platform in Binance. With this, there is a great expectation that this service is being much better than the current ones in the market.
Brazil keeps on highlighting you every day in the market. The latest news is that the city of São Paulo is adopting blockchain technology to boost commerce and public administration. Transparency is the word to highlight.
And while Brazil increasingly adopts the potential of blockchain technology, Argentina taxes capital controls after peso devaluation and growing crisis and it’s restricting the US dollar purchases as its currency crisis escalates. This fact that tells us that traditional capitalist systems every day will be less adopted due to high inflation and centralization of power.
On the other hand, Tether plans to mint digital Yuan and commodity coins; Bitcoin.com launches crypto exchange amidst crypto community backlash; Vitalik Buterin says Ethereum community should push for a gas limit to increase with Istanbul; and China Telecom has revealed plans to develop blockchain-enabled 5G ready SIM cards, according to Chinese website Sina News.
But we don’t want to fill you with positive and negative news. We want you to know the market perspective for the last days and why this month promises a lot.
$3.5 Million Bitcoin Shorts Liquidated on BitMEX
As reported coingape.com, BitMEX is seen to have liquidated more than $3.5 million short contracts with about 54% of this volume occurring within the last 6 hours.
BitMEX has seen an increase of up to 50% in its insurance funds as we said in the last news. At the moment, the derivative exchange has an approximate value of $314 million, or the equivalence of 31,300 bitcoins representing 0.15% of BTC’s total supply according to https://coingape.com.
Feeling, Dominance and Total Market Capitalization
In addition to the launch of the futures contract platform in Binance, for this month we also have four important dates:
- Bakkt to start custody customer Bitcoin on September 6, 2019, to prepare the launch of futures contracts on September 23, 2019, as it was announced;
- September 29, 2019, the U.S. SEC’s decision on the Wilshire Phoenix’s Bitcoin and Treasury Investment Trust ETF application, under the NYSE Arca exchange (initial decision);
- and the expiration of futures contracts by the CME on September 30, 2019.
Anyway, and as we had said last week, the feeling of the community was a little panic. We continue on this scale and with a variation of approximately 5%. From 42 points we go to 28 points, according to what it shows us alternative.me. Those tell us that even investors do not feel confident with the market in general.
Over the weekend, total market capitalization rose gradually from ~$244 billion to ~$251.7 billion, with an average 24-hour daily trading volume of ~$40 billion, according to the coinmarketcap.com. Bitcoin Dominance is around 69%.
Bitcoin is currently trading around ~$10k, up ~5% over the weekend.
On the daily chart, Bitcoin broke above its 100-day EMA line and RSI is at ~43.
We continue to test the base of the symmetrical triangle but with a small variation: we have two downward trend lines; one the last movement and the other when he formed his last top. The new Bull Run will be confirmed when we overcome these barriers.
On the weekly chart, Bitcoin looks to be testing its 21-Weekly EMA support line soon as we have been saying last day. This will be its first test since it broke above it early April this year.
The formation of the double bumper is now clearer, evidencing the cyper pattern.
A downward trend line made in the last movements and the breaking of the symmetrical triangle upwards will be noticeable to confirm a new Bull Run.
Therefore, this month and next will be important to see if a market “gorú” is right in saying that the next highest Bitcoin price will be $ 16k.
Strong support is forming very close around $10k and as we see there is a strong touch of the base of the symmetric triangle. In theory, only bad news can bring down the price. But as we know some high-firing events are about to happen.
Another perspective shows us the formation of a flag that can be considered bullish if the next candle formed breaks up. And seeing well, we will need a lot of strength for that.
Using Fibonacci, we can know the supports and resistance in the long term. Continuity would be the word that would give us hope right now.
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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