Cryptocurrency Market And Bitcoin Bear Bull Battle Closure Review
By Rubika Ventures on The Capital
These days we had an extreme fear of sending trading signals. The reason for that fear has been the incoherent direction that the market has maintained in recent days.
That is why with this review we want to show you the real picture and also tell us your personal opinion in the comments.
A New Chinese Year
These days, the most talked about within the communities is about the Chinese new year. Taking the year 2017 as a reference, many experts are believing that the price of Bitcoin will be making the same move this year. On that our opinion is the following: it can happen if, but this time the fall will not be very extreme.
From nothing, we learned from BBC sources that the celebrations were canceled. And the previous video explains that theory. Let’s say then that that will no longer affect the extreme fall in cryptocurrency prices.
We know that China is one of the main countries with a broad market of participation within the financial markets. That is why we must always be alert to the movements of this country and their relations with the other world power countries.
Market Loses Capital
Knowing then that the Chinese are not selling their Bitcoins to celebrate the new year, the cryptocurrency market closes the day with the total loss of approximately 2% of the total market capitalization since our last update.
The loss of capital represents in technical terms an imminent market correction. A few of us are seeing that the inflow of capital continues to decline and the interest or feeling to conduct huge negotiations as well.
Anyway, and for now, the cryptocurrency market breathes a neutral environment, where the participants hardly know the real path of the next days.
Goodbye Important Supports
Somehow the Chinese new year is affecting the market and who knows other markets too. For now, the Bitcoin on the hourly chart is shown below the EMA100 at around $8365. This last indicator is considered a very important support in operations that last a few hours.
Thanks to that confirmation we were able to send all our members the signal to operate a short and with it, and using cross leverage, we carry approximately 85% of profits in margin.
But we know that what really boosted favoritism for bears, was the break of the EMA50 and very close to $8575 approximately. The most surprising thing was that this started in the hours that the Chinese market officially opened its operations.
However, we must warn that the next support is very close to approximately $ 8010 and where we believe the correction will officially end, and it says BlackMex. But in that same line of thinking, we know that we cannot trust each other. So if you think differently, we await your comment.
The Planned Correction
Not if you have noticed or maybe other specialist groups do not want to tell you this important idea because they want to take advantage of the real location of Bitcoin in the daily chart.
We are seeing a similar repetition of the past situation in the month of October 2019. For that month many market negotiators were optimistic and before the expiration of the future contracts of the CME for that date, the massive sale of Bitcoins began and made that the price to the few broke all the important supports.
Well, if you realize, that date is very similar to what could happen in the coming months. Unfortunately, in the daily chart, we are under an ABC correction according to Elliot’s theory and that we could look for our main support area in the case that the EMA21 breaks and below the current price. And who knows if that ABC correction is invalidated and becomes an ABCD correction similar to the month of October last year.
What is now confirming that theory are the facts of the MACD being doing a cross-over of averages in the similar daily chart and very similar to the month in question we are talking about here. In addition to that with the RSI at 54 points and with a tendency to fall, we are correcting that the correction is leaving the overbought area and is going to the oversold area.
The Next Crucial Events
For us, what will really determine the beginning of the new bullrun will be two main events that are marked within the calendar.
The first of these is the rush of new future contracts by the CME, who have until March of this year the last opportunities for the acquisition of new contracts.
The second of these events is the long-awaited halving reward that will happen in May of this year, and which only takes approximately 109 days and according to the countdown.
By then and until that time we could have a slightly calm market with low volatility. It is clear that with the options market underway, now the game can have many more surprises.
See you in the next story! With love 💛 Rubika Ventures Team!
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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.
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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.
