Cryptocurrency Market & Bitcoin (BTC) Review For Closing Spooky Day
Know it, that is the great strategy of whales or institutions, take advantage of the panic to obtain excellent profits.
And that was what happened next. After a few hours, when it was believed that the market was going to break all the supports, it recovered from nothing.
So that everyone understands what really happened in these last days, which sums it up, it is generally called “liquidation of old and boring contracts”.
Institutions have to make money at all costs, whatever the cost.
As we saw, the Bitcoin hours ago made a new crash that alerted many. The rookies shouted, the traders got scared and the institutions won.
The price of Bitcoin came very close to $ 7.7k and then after the arduous fight between bulls and bears, the price retracted returning around $ 8060.
Bitcoin is trading below its 100-day EMA line, and its 21-day EMA line has crossed to the downside of the 100-day EMA line.
In addition, the price is now supported by the EMA 200 in the daily chart. We still cannot openly state that this is a positive signal, so we must continue to follow up.
On the other hand, by looking at the hourly chart, we can see that Bitcoin is currently trying to test resistance near $ 8.1k.
And as you have seen in the daily chart, we have drawn a possible future for the following movements in this game of chess.
From what we see, Bitcoin could remain in the following days in a new zone of accumulation after having broken the symmetrical triangle in the direction of a downtrend.
Likewise, in the daily chart, BTC is still trading below its bottom Bollinger Band (-2 Standard Deviations below its SMA line), and RSI is equal to 20.4, which indicates that the price is oversold.
Many of the followers of Elliot’s theory must be confused at this time, try not to know how cool we are.
We have to tell the truth. Elliot’s theory fails in this market. 😂
While they try to count the waves, other students of mathematical projections and analytical geometry are drawing triangles and defining somewhere possibly the price of Bitcoin may be consolidating the next few days.
As far DOGE can see. In the next few days, we may be entering a new accumulation zone between $ 8.4k and $ 9.1k. And who knows Let’s return to try another symmetrical triangle and then take off.
It is clear, this can happen if the price remains in the current support and the absurd market manipulation end.
Sorry Elliotists, Gantt again won a game here. The cryptocurrency market simply behaves geometrically and symmetrically in time.
For now, we will continue evaluating. and they know why? Because our specialty is not to see the past but to trace the future.
We wish everyone a very blessed day’s rest and please keep calm. Be neutral is the key. 😉
See you in the next story. With Love 💛, Rubikators Team.
Published at Fri, 27 Sep 2019 06:50:53 +0000
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