Weekly Reality For The Cryptocurrency Market And Bitcoin Review
By Rubika Ventures on The Capital
To start this new weekly publishing, the truth is that from our point of view, market presents some confusion regarding the true feeling of investors.
Some have been liquidating their positions as we had said in past reports and others are keeping them believing that the market will not make a brief correction.
In recent days, liquidation (REKT) is being the word that is dominating the market in general terms.
Another thing is the pressure of the missing days for halving, which although we know we are already a few months to know the true positive movement of everything.
Then and according to the calculations, we have at least 77 days to have a wider view of the situation we are currently living. We say situation to refer to the great battle that we have been documented since this project was born due to bulls and bears.
For that, however, we bring you in the next lines, the current vision of the market, some news and the daily and weekly analysis of Bitcoin.
Drama, Shows, And Market
Everyone and even ourselves are impressed that the Simpsons have promoted the education of cryptocurrencies through their latest episode broadcast on the Fox television network, and as reported the-capital.
“Using the word “cryptocurrency” repeatedly while defining cryptocurrency makes it seem like we have a novice’s understanding of cryptocurrency. Well that is a total pile of cryptocurrency.
In this system, rules are defined for the creation of additional units of cryptocurrency. They can be generated by fiat like traditional currency or just thrown around randomly or all given to LeBron.”
Our personal opinion about it is positive. With this, it would be the second way to educate people who still do not understand anything about what we are right now. And we say second, because in the first instance there is the YouTube series “Bitcoin And Friends” (18+), which until now has been a great help in understanding the story behind everything.
Rules Are To Break Them
Recently, coindesk and other media posted about the decision from G-20 group about the implementation of rigorous and adoptive rules for the cryptocurrency market.
Having studied all the lessons within the crypto dummies series that we have written, we understand that this market was created to have freedom of choice and a more free global economy.
The people of this century are really already married to the banks, governments and meaningless rules for many of the assets.
The truth is that this minority group, instead of creating more absurd rules, should worry more about how to solve the problem that is currently happening in China in relation to the “Coronavirus (CoV)” that is somehow beginning to affect the world economy and financial markets.
We place the latter in our opinion to make our subscribers understand that, in addition to the word liquidation, other ghosts in the market or in the markets are starting to sell their assets because of that new pointless war.
In another hand, we faithfully believe that the coming years and at the end of this new market cycle, that governments will “release the toilet” and finally give up the capitalist system, which seriously no longer works. So, our opinion for them is: evolve or … stay in the past forever.
Ethereum Follow Among The Favorites
Over the past few weeks and as explains tradeblock, large cap alt-coins have seen a surge in interest following a lackluster 2018 and 2019 in which they lost considerable value compared to bitcoin.
Recently, however, ether and similar currencies have seen a steady price rise as ETH traded above $275 this week (a gain of more than 100% YTD).
Ether trading volumes at the largest global exchanges have risen alongside price as volume reached recent weekly highs.
In the figure below we diagram ether trading volumes over time across the following US accessible exchanges: Cionbase, LMAX Digital, Kraken, Bitstamp, itBit, Gemini, and Bittrex.
Additionally, among exchanges that offer an ETH/USD trading pair, LMAX Digital has seen the greatest market share increase over the past year as shown in the figure below.
Coinbase and Kraken, however, currently maintain the largest market share, explains the report.
Confused Competitive Feeling
The week begins with a total market capitalization around USD $273 billion and with a correction very close to 4% in relation to last week. With the dominance of Bitcoin falling and a confusing feeling.
The competition between buyers and sellers remains in an oscillating movement that confuses everyone. One day we have a positive feeling, another neutral day and the next day, when everything seems fine, the activity of the communities falls suddenly.
From one week to another we have not changed much. Even a latent fear is breathed in the market, a fact that makes many media outlets take advantage of almost false news and make sense that they simply either worsen the situation or improve it.
The Last Correction Of The Year
While the market takes an exact direction towards a point, the weekly Bitcoin chart shows us that we are close to touching 61% of the Fibonacci retraction line, which translates as a small correction in the USD $9212, which stops us It means an important support point.
The above is being identified by the stroke of the EMA9, which in the case the price breaks this support will start sales in favor of bears.
We have noticed that in this margin, opening short or long positions is something dangerous in the sense of triggering the stop losses, as was the case that happened to us days ago. The price prediction at this current point is being very difficult to identify.
This last fact is confirmed with the divergence of the MACD and the RSI trying to leave the overbought zone or trying to enter the oversold zone. 59 points only tell us neutral indecision.
For daily time, we see that Bitcoin tries to stay within a high channel. But the crossing of the EMA9 with the EMA21, together with the MACD indicating correction in the direction of the bears and the RSI with 52 points and pointing towards the oversold area, are triggering the alarms of many of the investors.
The EMA50 begins to consolidate in 61% of the Fibonacci retraction line and within what would be for us one where 2 of Elliot. Breaking this support we can see that wave regression validating the WXYXZ model.
On the other hand and under the perspective of Wyckoff, in the next few days, we may be leaving zone E and realizing what would be the last correction of the year.
See you in the next review! With love 💛 Rubika Ventures Team!
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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.