Positive And Negative Cryptocurrency Market And Bitcoin Review
By Rubika Ventures on The Capital
We invite you to subscribe to our official telegram channel https://t.me/rubikaventures, where we are sending free trade signals to Bitmex, Bybit, Derebit, and Binance. When the channel reached more than a thousand members we will raffle $10 in Ethereum. Let’s go!
Rough Sea For Hours
On the hourly chart, several important events happened that marked the rally that is surprising everyone!
After the breakdown of the main EMAs (9,21,50,100) at the point of $7350 and the crossing of the EMAs (9,300), within the range of $7550, the price is now one of the important and very high resistance About $7889.
The big problem we have is the loss of strength and the overbought state that the MACD and RSI point out.
Therefore, we know that the sea is agitated for hours but now it seems to remain calm.
The Rivers Grow Daily
In the daily chart, our wave 3 went far, breaking our downward symmetrical triangle. The breaking of the EMAs (9,21,50,500) attracted the attention of the bulls and with it the magical liquidation of multiple short positions in several exchanges.
The challenge now is to break that strong resistance zone that we have been marking and that is between $8080 and $7750. It is also combined with the strong crossing of the EMAs (100,300), which at this moment and after the previous market close show a huge sales force. What translates as a strong resistance.
But the biggest challenge is that RSI aiming at approximately 62 points, shows signs of entering the overbought zone. On the MACD side, there is some neutrality and the Ichimoku cloud begins to show trend reversal. But to confirm it is price that the price makes a cross of the red cloud and very out of the point of $8440.
In the case that the price and the bulls lose strength, at the point of approximately $7950, there will be no other way out than the correction and the start of wave 4 and the reversion to test again by selling the retraction of 60% of the Fibonacci line.
Otherwise, the price may be breaking the strong resistance zone we have been saying and test the EMA200 very close to $8200.
Update: Possible closure with a Shooting Star or Evening Star, which can confirm the trend reversal and price correction in wave 4.
That is why we cannot trust that although the rivers grow daily, many fishermen can catch all the fish.
Rainy January First Week
The weekly chart shows a bullish look around $7928 with the price above the EMA100 as the main support for the accumulation area between $7070 and $7810.
We must highlight that with the price testing one of the important downward trend lines, the almost breaking and possible closure in the 60% retraction line of Fibonacci and the EMA9, that attracted the attention of bull traders or massive buyers.
For now, the price is testing the EMA50 at the current price but with a strong resistance zone pointed by the EMA21 at $8124 and $ 8550. In the event that in the coming weeks there is a break in this area, we can confirm a small reversal of the trend in favor of the bulls.
But the great challenge meets the Ichimoku cloud, an indicator that for now only shows some neutrality and strong indication of negative reversal. With that, we say that even the strong correction before halving can happen.
On the side of the MACD indicators it begins to show the crossing of means that will tell exactly the direction to which the price will go in the next few days and with the RSI at approximately 47 points, the price apparently begins to leave the oversold area.
In general, the selling force is still strong! So let’s not swell pride, there are still many balloons to inflate. Therefore, this month it can rain a lot but the sun could dry everything very soon. So be very careful.
A Month With A Summer Scented
An important event that is happening at the moment in the monthly Bitcoin chart is the strong support that the EMA21 is pointed to and the strong resistance marked by the EMA9. This confirms that the area between $7090 and $7950 will be one of the next re accumulation zones for the coming months.
For now, the price is trying to break the area of the 60% line of Fibonacci retraction and the breakage of the EMA9.
Maybe we will be closing the month of January testing one of the main downward trend lines and the exact point of $8220. Strong resistance is found at $10k and marked by the Ichimoku cloud and the 50% line of Fibonacci retraction.
MACD and RSI indicators are mixed and neutral. 🍀 With that, a beautiful summer in Brazil begins with positivism but also with a little uncertainty.
The Butterfly Market Increases
Every day you surprise us more as this market evolves. We say this because in previous years the most spoken word was “manipulation.” Today we are recognizing very well that the game has changed and with that, the price prediction is becoming easier to make.
The same is being seen by some butterflies in the market, who are both actors who follow it and after seeing an interesting movement, they enter with all the possibilities.
Exactly that was what happened overnight. The market sentiment regarding Bitcoin improved a lot after the end of the year and started a new one.
With that too, the inflow of money flow. So the total market capitalization after having fallen by approximately -10%, is now positioned again around the $ 203 billion. $ 3 billion in a day, that should be applauded. For now, butterflies can fly quietly, but we know that very soon bears will eat them.
With that, we just want to extend the invitation for us to build a new decade in this market with many successes and good profits.
Let’s go together! With love 💛 Rubika Ventures Team!
Do you really love this article? please don’t forget to tip or clap or leave us your comment to continue producing more content like this.
Receive all notifications for upcoming articles & news, trade strategies, market reports and the best trading signals in our free Telegram Channel https://t.me/rubikaventures.
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.