This monthly market review will have the objective for you understanding all the positive points that the cryptocurrency market and Bitcoin had during the month of January. In addition to the earnings, it is important to recognize that the market studies that we are doing, they represent the basis for making decisions for the next few days.
In general, the month of January was a good start for everyone in the market. We know that many people made good profits, learned new things and especially improved many past strategies. By our part, mainly that was what happened. In addition to obtaining good results, (so far), we improve many strategies, gain more followers and develop many unknown theories, too.
Bullish Engulfing That Everyone wanted
The month of January closes with positive events for Bitcoin. The first of these, and after the massive entry of capital and exaggerated purchases by the CME, it is the fact of having a confirmation of the bullish engulfing pattern.
Because of that, we still dare not send our next signal to generate profits. We decide better to wait a little longer, wait for at least the breaking of the resistance of USD $10k.
The second fact is the question of bullish engulfing candle having broken the EMA9 and EMA21 with force, and starting to open a new candle with a positive signal for February. However, we must remember that the market always has its surprises and we cannot use a single theory.
And as a third fact, it is to have broken with force one of the main lines of downward trend, above 61% of the Fibonacci retraction line and almost reaching the 50% line of the Fibonacci retraction; where there is a strong resistance targeted by the ichimoku cloud at the most accurate point of USD $10,300.
On the other hand, we can’t ignore the fact that the strongest supports are: EMA21, at the approximate point of USD $7236; USD $6321; and EMA50, at the exact point of USD $5500.
The strongest resistance is found in the interception with one of Gann’s angles and 38% of the Fibonacci retraction line at the exact point of USD $12,050 where it will be the next target of the whales.
All of the above, and to remember, we will be executed within a shock wave of Elliot number 5. For this reason, many professional traders maintain a positive feeling for this year in relation to the previous years and after the last bullrun.
Market With A Bullish Feeling
In relation to the market in general, the month of January closes with approximately USD $253 billion with respect to the total capitalization.
Bitcoin with a dominance of approximately 67% of the market, and in relation to other assets, it is expected that the high demand for capital inflows is emerging, the trend is that dominance and interest in investing in cryptocurrencies other than Bitcoin could grow.
On the feeling side, we are beginning to break through the barriers of remaining in the neutral zone and reaching the area that everyone likes. It begins to breathe a really bullish feeling for the end of last month with a smell of earnings for the next.
Make Your Dreams
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See you in the next story! With love 💛 Rubika Ventures Team!
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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.