Weekly Bearish Cryptocurrency And Bitcoin Market Review
We faithfully believe that for the next few weeks we can be tested 60% of the Fibonacci retraction line and very close to USD $9270, and very close to the EMA9, which is now shown as short-term support. For now, the price wants to keep oscillating between USD $9735.
To complement the above information, we must take into account that other important supports are: EMA21, very close to $8735; EMA50, at the exact point of USD $8230 for medium-term targets; and the most important, EMA100, very close to $7360, if necessary, the market has a strong long-term selling force.
In the case of the daily chart, Bitcoin remains within our correction wave that we had drawn days ago and now tries very close to the resistance of the EMA21.
Following our strategy, in the case, the selling force reaches extreme points and this resistance is broken in the next few days we will see Bitcoin testing the line of 60% of the Fibonacci retraction and in congruence with the weekly chart.
The adoption of the cryptocurrency market progresses rapidly. The simple fact that according to a survey, Central banks rather than giant tech companies are considered the preferred issuers of digital currency already simplifies the preference for innovative use and vision.
But the above also adds to the large volume of negotiation that triggered in the exchanges from the beginning of 2020 and as CryptoCompare will show in its next report.
See you in the next review! With love 💛 Rubika Ventures Team!
Published at Wed, 19 Feb 2020 01:28:32 +0000
