Integral Complex Weekly Cryptocurrency Market And Bitcoin (BTC) Study
After the massive sale of future contracts by the CME and betting on the price drop, Bitcoin is expected to make a move in M or double top. But, after the last fall we can notice something different: the last movement was not rectilinear, it was characterized by a formation of a curvature and if the price does not break our downward trend line within our symmetrical triangle, the tendency is to return to the it plays very close to $9050 to test the breaking of our downward trend line at an equitable point at the price we have mentioned but making another curvilinear movement.
It seems that Elliott’s theory is again failing at some points. Therefore we will continue investigating.
Now the zone of re-accumulation is more evident. But we are already announcing that in the next expiration of the future contracts in December of the CME the price could have the same movement of the last extreme fall that surprised everyone. An approximate price for that is very close to $5020.
That is why it is very important that you understand our latest conspiracy theory that we have written.
Bitcoin last week broke the EMA50 in support of the $8050 and $7950. The beginning of the price drop began when the EMA21 crossed with the EMA9 towards the direction of fall between $9050 and $8950.
In the coming weeks we will have a great challenge of the crossing of the EMA21 with the EMA50, which could be translated mostly a new price correction in the opposite direction to the high trend if the price does not break the EMA50 around $8220 and $7850.
For now Bitcoin remains supported by the EMA100 around $6950 and $7250.
Next weeks we will be able to see the price by testing near to our downward trend line within the symmetrical triangle drawn if the buying force becomes greater than the selling force. Otherwise we would be testing the EMA200 around $5550 and breaking our high trend line in our symmetrical triangle.
On the side of the indicators we still have the MACD showing price correction and RSI aiming 42 points, which can attract the curious bulls of the market. The cluster of the Ichimoku cloud in the weekly chart is still very strong on the bulls side.
Note: Bitcoin makes a correction at the exact point that the Ichimoku cloud had marked and that we had particularly said in one of our previous market reports. That is why we forget the past and focus on the future.
See the next story. With Love 💛, Rubikators Team.
Published at Wed, 27 Nov 2019 06:38:31 +0000
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