Weekend Cryptocurrency Market & Bitcoin Closing Review To Not Be A Loser
By Rubika Ventures on Altcoin Academy
We confess that this week has not been easy to maintain market documentation with a good record.
The reason for the above is simple, many investors think that the cryptocurrency market is dead, that it has no future.
Our opinion on that is that we are in the moment to stop to relate to the market only with the Bitcoin. We are in the moment of sincerely thinking about diversification.
The World Economic Recession
In economic terms, many experts believe that we are in a global economic resection. But if we are intelligent, right now it is where most people generate strategies and create new opportunities.
The strange thing about the case is that even with the critics, the markets keep generating income. Remember the economy can never stop overnight. Maybe the economic system, but the economy itself does not.
Futures Binance Battle Continues
Another starting point that makes us think about the negative criticisms of things, is the fact that large companies continue to launch their products to the market.
Such is the case of Binance, which in its recent announcement, reported the launch of the increase of the Maximum Leverage to 125x and also it launched the Leverage Adjustment Function.
Sincerely and personally 125 x will generate more than one headache if anyone uses this option. And we say this because using exaggerated leverage can generate even testicular pain if the open position becomes liquidated. Then be careful.
The positive thing about Binance marketing, and according to external sources as skew, is the increase in futures negotiations within its platform. More than $700 MM Trade Volume was executed on the last day. Personally, we cannot deny the truth, Binance’s technology could surpass the other exchanges in the coming months.
What he has given to talk about Binance is the recent launch of the first BNB ETP on the Swiss Stock Exchange. As Binance explains in his blog, the launch of the ETP is a first step for the partnership, paving the way for more innovative products contributing to the global transition to crypto assets.
On our part, congratulations to Binance for this achievement and we believe that this will be the first step for SEC mania to leave his puppet game with the ETFs. It is real, it speaks of no manipulation to the market, but it is they who play with the sentiment of the investors.
Who paid attention to the previous image we know that we managed to place a smiling face. And with that encouragement then, we want to present the market perspective to have a good weekend to not become real losers.
Total Market Capitalization & Sentiment
In general, the cryptocurrency market ends in the week with an approximate total of $216.9 Billion, and with a volume in the last 24 hours of approximately $55.9 Billion.
But what surprises us is that alternative.me & datalight They begin to show us a small positive scenario regarding the sentimental state of the investors. The indicators show an increase in relation to the last weekend of community activity.
But as we have always said, it is always good to remain on guard for any eventuality.
Bitcoin And Dominance
By the time this article was being written, the price of Bitcoin closing around $ 7.920.
If we observe well in the daily chart, the price is currently below the EMA9, which between $ 7830 and $ 8056 can be considered as a risk zone in case you want to make purchases. But above the EMA9 between $8126 and $8350, it can be considered an excellent accumulation zone.
Personally, having identified this area has allowed us to obtain good results in Longs operations in Bitmex.
The positive of the case is that after the formation of the evening started we can confirm a new cycle of Elliot waves and possibly the next one is wave 3. The theory explains that this wave is always greater than the previous one, so the price who knows and may be looking for the $ 9k.
Another important aspect is the fact that between $ 8350 and $ 8575, we can consider an area of strong resistance. But we are not saved yet, in order to confirm a new bullrun the price must be positioned above the EMA50 and much higher than the area between $ 8600 and $ 8950.
A final aspect that we should consider is the strong high trend line that was made since the last high near the $ 14k. Perhaps, if Elliot’s theory is not wrong, we can be playing it in the coming months. But it is logical and following the sequence, the price will make its correction.
In relation to dominance, it is still maintained within a low channel with no reversal tendency. 68% of the market is a good number and that makes it possible to maintain our positions in some altcoins and operations that involve a lot of risks.
With a more general aspect, we can affirm that the market remains neutral. But the problem is the direction of most of the indicators, which, in a simple way of seeing, is a bit mixed between bearish and bullish.
A Victory To Celebrate With Us
It’s nice to know that so far we have left more than 60% in profits. And that the events scheduled according to the calendar are stipulated to happen before October 31.
This and other experiences, we want to offer by joining our premium club. So do not hesitate and even part. And to help you, we have launched a Black Friday campaign this weekend.
I want to take advantage of this offer now. So run, because it won’t last long.
Then click on the corresponding link or button, fill out the form, choose promotion option and send the TxHash Id to the email email@example.com and when we have confirmed all, we will be contacting you to proceed to make your official membership.
See you in the next. With Love 💛, Rubikators Team.
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