Weekly Stronger Start Cryptocurrency Market And Bitcoin Review
By Rubika Ventures on Altcoin Academy
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After a week of ups and downs, the cryptocurrency market begins this week with rapid recovery in favor of the bulls. It’s funny how last Sunday many alarms were triggered and our strategy of opening a Long position was magnificent. It is clear we had an error in leaving a short position open that we will be restructuring.
In general, in the hourly chart, we can see two important breaks that were warned very early in our telegram channel https://t.me/rubikaventures.
We Are Already Big Players
The first of those breaks was the EMA100 very close to $7180 and who remembers, we were saying that it was behaving as a strong resistance zone for intraday operations. The phenomenal was the excellent crossing that this EMA had with the EMA9, thus confirming the high trend.
With the breaking of the EMA100 on the hourly chart, it was logical that many of the alarms of the great players would be triggered and in a matter of minutes, Bitcoin was already breaking the EMA200 very close to $7420 and consequently almost touched the EMA300 making a 24-hour high price around $ 7650, where there is currently a fight to maintain and follow the trend. But it is clear that the few will lose strength.
We know that it will lose strength, because, in those moments of high, many of the great players generate their profits making the price fall slowly. And it is no mystery that this happens because of the market of derivatives and futures. The long positions must be closed and with the closing, the gains must be seen. Unfortunately, the game is like that.
For the last days, we can see that the price remained within a lateral channel created between the EMA100 and the EMA500 in the price range of $7120 and $ 7300. With that opportunity, the Altcoins Market became lucrative and many traders took advantage of several opportunities.
Happiness Doesn't Last Forever
If we continue to expand the graphic times and move on to the daily chart, we can see that at the moment the price is testing a very strong resistance zone between approximately $7600 and $7800 and that the great challenge is to be able to break the EMA50 very close to $7700.
But applying Elliot’s theory and following our logic of days ago, we are currently finishing an impulse B wave and if the price and volume of purchases lose strength we will have a C wave correction, which we will really take advantage of to perform a short operation in the futures market and as we know the expiration of the contracts of the CME is coming and if they have realized lately they are entering selling, while the Bakkt has entered buying.
There is greater resistance that is being pointed out by the EMA200 and the EMA100 in the daily chart. If our estimate does not fail and long before the Bitcoin halving we can see those EMas crossing with the meaning of massive selling force. We talked about the area between $8050 and $8200.
The truth was wonderful as the price remained fixed for some days within the channel created by the EMA21 and the EMA9 between $7160 and $7300 approximately. What we do know that this last discharge caught us by surprise, and with that, the EMA300 broke down on the daily chart very close to $7450, which was our last target in our futures market operation. It was a great victory!
Anyway, we must make it clear that happiness is short-lived and then we will be doing a new update seeing how the price corrects the C wave and is probably very close to $7100. Main indicators, MACD and RSI are shown neutral for this graphic time.
The Week Promises A Lot
It really is true! The week we are going to start promises a lot, but we must warn that we can never trust our thoughts and feelings.
This introduction is made to alert everyone that although the feeling is bullish for intraday operations, the weekly chart continues to show us a strong selling force aimed mainly at the crossing of the EMA50 and the EMA9 in a bearish sense and touching the line very close 60% of Fibonacci retraction, very close to $7810, which we think it could be testing again.
Next weeks we will see the crossing of the EMA50 along with the EMA9 and the EMA21 in favor of the bears, who happily when the prices fall smile with a huge mouth.
We continue within a symmetrical triangle that reflects the cipher pattern harmonic we had talked about in our extended review weeks ago. With that sales force pointed out by the EMAs for short periods (9.21.50), we are not sure that the price can test the $9300 and from there make a correction.
What we know so far is that the correction before halving could be taking place very close to $5550 and $4950, testing the EMA200 and 78% of the Fibonacci retraction. The above is valid observing very well the MACD and RSI indicators, who behave in favor of bears.
With all the price it remains within the main high trend line that Bitcoin has been respecting since 2017.
The Market Was Recovered
With all this joy, the total market capitalization begins the week between $191 billion and $200 billion with Bitcoin dominating 71% of the market.
But as we have spoken on previous occasions, mostly the sentiment of market investors remains in favor of the trend of decline.
A Luxury Experience
Before finishing, we want to leave you with a personal experience that has helped us a lot and we know that they can help you too.
If you have seen well, we use particularly only exponential moving averages, which, as you have seen in recent months, have created great results in technical analysis and trade operations.
Then the trade strategy we have written in the article “The Best Moving Averages To Make Money In The Cryptocurrency Market”, It has really been very useful due to the decrease in noise and possible prediction failures for a hugely volatile market. We invite you to read it so you know very well the answer to our luxury experience.
Two Important Announcements
The first of these is that we have finished the tests of the Cornix bot and it has really surprised us its implementation in relation to giving the exact results of the trades.
The second, and so to speak, the saddest of all, is that we are abandoning the Bitmex platform and the operations for the futures market we will be doing on the bybit platform. Then we invite you to register with this reference link https://www.bybit.com/app/register?ref=4Lp90.
We wish you a happy holiday at the end of the year 🥳! and see you next time with a great force of motivation and joy, because together we are more than winners. 💪🏻
See the next story. With Love 💛, Rubikators Team.
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