Cryptocurrency Market Daily Review For Not Losing The Hope
By Rubika Ventures on Altcoin Academy
In the next lines, we will start from the fact that in the last hours the main means of communication took a small vacation. Luckily, many already need this to breathe a little.
The truth is that in these moments of extreme confusion with the cryptocurrency market, all you can do is take a breath, keep calm, re-evaluate strategies and wait without losing hope.
Therefore, and taking advantage of the respite from the news, we want to tell you what happened with the market around the last 24 hours.
Bitmex Story To Recap
While you learn that Online Lender SoFi will Launch Bitcoin and Ethereum Trading Next Week; Skew raises $2M to build out its cryptocurrency derivatives data platform; and Binance adds one more channel to its fiat gateway, allowing users to pay for crypto with debit and credit cards.
In the last 24 hours, one of the largest Bitcoin withdrawals occurred on BitMEX. It was prior to a price decline worth around $470m.
And the total of Longs Positions liquidated were around $667m, according to skew. If we look closely at the graphs, what happened in the market in the last hours recorded a high history in this exchange house in measuring the volume of negotiations. The first is known to have been made in 2017.
Total Market Capitalization & Sentiment
The good thing that we can highlight before showing you other statistics is that 25K Major Retail Stores to Accept Bitcoin in 2020 in France.
With this, what we want is to show you that the important thing is to be calm and let things flow naturally. The adoption of blockchain technology is just beginning.
Then. over the last 24 hours, total market capitalization dropped a whopping ~$32.6 billion from ~$255.4 billion to ~$223.8 billion, with most coins seeing double-digit percentage losses in the ~10–20% range, according to coinmarketcap.
24-hour volume registered ~$81.4 billion. And if we talk about community sentiment, what you breathe now is an air of extreme panic according to what you inform us alternative.me.
Bitcoin Crash Game
Bitcoin is currently trading at ~$8,540, down ~12.7% over yesterday After having broken the symmetrical triangle where it remains oscillating.
On the daily chart, RSI dropped from ~38 to ~23, indicative of strong bearish momentum and that it is oversold.
Bitcoin also broke below its bottom Bollinger Band (-2 Standard Deviations below its SMA line), and the price is being supported by the EMA200, which as we know is a very important support for many traders.
If we project the hourly chart, we can see that Bitcoin is very well supported in the region of $ 8.3k and $ 8.5k.
In the daily chart if the price of Bitcoin reject the support for which it is currently maintained, unfortunately, the next support can go very close to the EMA300, in the area of approximately $ 6.7k.
The hope we still have is that the price remains above the EMA50 in the weekly chart. The sad thing was that Bitcoin failed its 21-day EMA line, a level it managed to stay above since early April this year.
If the price rejects this important support area, we can spend the same scenario as the daily chart, and the price could go to find the $ 6.7k zone.
A Dirty Game
Everyone’s question now is: where the hell are bulls at this time?
The truth is that what happened in the last hours it was a dirty game.
All people can ask if they want. All traders, investors and holders what they expected was a breaking of the triangle in the opposite direction.
But there are always minimalists who take advantage of the locations to get the best performance from the unfortunate. Unfortunately the philosophy of market manipulation is not over yet.
Know that the editor of Rubika Ventures was already preventing this absurd market movement. Bakkt would enter the market selling, making prices fall.
If this seems absurd to you, think about the last events of the last days. Believe it, market manipulation is coming from the institutions we already know.
See you in the next story. With Love 💛, Rubikators Team.
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