Cryptocurrency Market And Bitcoin Review To Start A Majestic Week
By Rubika Ventures on Altcoin Academy
We are still celebrating the great victory last week in relation to the prize we received in second with the last contest of Publish0x, where we had written about technical analysis for Binance Chain with a long-term perspective.
We are seeing how this type of guide is helping many people to make good decisions as we had raised on our telegram channel hours ago.
Right now Binance Chain is trying to test the breakdown of our accumulation zone recommended for long term in our award-winning article. Then it is good to follow its trajectory from now.
Bakkt Is Placing Another Joke Letter
And well, we wanted to start this weekly edition with this update so that you keep your eyes wide open for the next few days. Also, due to the fact that the most important news we have found so far was the fact that the Bakkt is now placing its roots at the disposal of the largest institutions.
Formally the financial institution Bakkt announced in its blog the support or custody of funds for other financial institutions.
Among the first to choose the Bakkt Warehouse as their preferred digital asset custodian are Pantera Capital, Galaxy Digital, and Tagomi. In the coming weeks Bakkt will be onboarding additional marquee firms to our custody offering, says the blog.
Then our dear sardines, be calm, money is what comes for our cryptocurrency market injected in high quantities. We remember with that then, that the game is of patience. Then, too, with this personal opinion, we want to show you a summary of the market to start a majestic week.
Total Market Capitalization And Community Sentiment
The cryptocurrency market begins the second week of November with an approximate $ 239.5 billion dollars and a 24-hour negotiated volume of approximately $ 70.3 billion dollars.
The percentage variation from one week to another is evaluated at 5% negative, which means a large capital outflow from one week to another.
In relation to the feeling of the community, of a neutral state of last week, this week we begin with a feeling of a bit of rejection. After capital outflow, it is normal for fear of investing to be present.
In any case, community activity continues to be active in the main social networks and media. We openly acknowledge that between the investment option and trade operations, keeping informed these days is being a priority for market players.
Bitcoin Inside A Dominant Lions Sea
In our previous review, we had talked to you about a possible card game that could take us to the point we want from the valuable $16k. That prediction is still standing and while Bitcoin is traded around $8.7k we tell you in the following lines why.
Hourly Technical Analysis
For the intraday period, for now, Bitcoin now remains in a very important support near the $8.7k with resistance near the $9.1k.
In another of our stories we had made it clear that we were not sending short signals to Bitmex because if we make a cautious observation, what is happening these days is simultaneous sale and purchase of future contracts in mass. It seems that Bitcoin is in a sea of dominant lions.
With the price below all our EMAs (9,21,50,100,200,300) and the RSI, MACD and Ichimoku Cloud showing an indecision in terms of address, at this point opening positions may have a higher risk. That is why we continue with our personal recommendation to simply accumulate and wait.
Daily Technical Analysis
The daily graphic and important support is marked by the EMA 200 around $8.5k with very strong resistance around $8.9k and $9.1k. In the case of the $8.9k resistance, the EMAs (9.21.50) created a very strong intercept point.
But we still continue the path within a symmetrical triangle that we recognize in the coming days, the direction of the market will be decisive.
RSI and MACD for this graphic period simply show us a price correction. We can intuitively confirm a trend reversal when these indicators stop pointing in favor of that correction.
Weekly Technical Analysis
The big challenge for the weekly period is the fact that the price is below the Fibonacci gold support. It is clear that this area any correction can happen, so it is good to be prevented.
Another perspective and using Gann’s theory shows us that we are at a critical and decisive point in the price range at which we are currently.
Anyway, we have support marked by the EMA50 at around $8050 if a lion from the market comes out of a massive scale, and resistance around $9020 and below the EMAs (9 and 21).
If the market enters crass, the most important support is that it is marking the EMA100 around $7080. However, what keeps us trustworthy is the cluster of the Ichimoku Cloud cluster that is now bullish and another fact is that RSI and MACD show neutrality.
In general, for now, and the critical point we are in, or the price continues the downward trend, a double or W fund will be created.
Bitcoin Dominance VS Altcoins Dominance
The dominance of Bitcoin in relation to other currencies still represents 68% of the market. Making a technical analysis, we see a correction since the last discharge and most of the indicators (RSI and MACD) show the same.
Many gurus of the market these days are talking about a new run of Altcoins season. The truth is that we cannot confirm that, but the graph shows us a small trend reversal in relation to the dominance of Bitcoin. For this case then, the other currencies are representing 32% of the total market dominance.
See you in the next. With Love 💛, Rubikators Team.
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