Worshipful Weekly Start Cryptocurrency Market And Bitcoin Report

Worshipful Weekly Start Cryptocurrency Market And Bitcoin Report

By Rubikav® | Rubikav | 17 Nov 2019

Hi Rubikators! This week we started this report with a big surprise that made us open our eyes wide. It is no secret to anyone that the economic system, whatever the type, is entering a bottomless ground. And we will not say in words which world sector owes more, because sometimes the images speak for themselves.

Cryptocurrencies As An Emergency Reserve


We introduce this introduction to alert the great problem of the debt generated by the world that according to the sources of 7bitcoins, zerohedge and Institute of International Finance, this year it can exceed more than $277 trillion dollars.

With this it is clear that in some years the traditional and centralized economic system will lose power and governments will have no alternative but to follow the same plan that China is currently adopting.

In a previous report, we had said that this debt only represents a further step for the mass adoption of cryptocurrencies, the philosophy of decentralization of things, a more sustainable economy and the adoption of blockhain technology to generate a more economical economy fair.

This big problem also makes us think that those who have already taken a step in front of the march are walking towards the true horizon. The latter is what we most want to highlight from the latest movements of the cryptocurrency market in the following lines of text.

Capitalization, Sentiment, Correlation And Volatility

This week we will be starting with a total market capitalization of approximately $237.6 Billion dollars and a 24-hour trading volume of approximately $61.8 Billion Dollars.


At the moment, the sentiment of the investors remains in a constant fear and we recognize that it is due to an incorrect direction of the market with mixed signals between bullish and bearish.


But the last report of sfox shows us that the cryptocurrency market begins to breathe an mildly bullish feeling. So this tells us that although there is fear in the market, it maintains an air that can help us generate good profits in the short and medium term.


But in general we recognize that the market is in a considerable number and, emphasizing, without a specific direction. Many say we are at a better time, others say we are one step away from seeing the worst crash of the year. We don’t know about them who really has the answer and the absolute truth.


In terms of volatility, since the last rise in Bitcoin prices there has been a low volatility in the market that matches the thesis of a neutral market and with little capital inflow.


In the case of the correlation, the assets that are most correlated at this time are Ethereum and Litecoin. The others remain in an extreme struggle to follow the movements of Bitcoin and the market in general.


It is important, then, to remember that the correlation matrix is an important metric to maximize our returns when making investments. Then with this data we can already recommend a good purchase of Ethereum and keep for the next few days.


In summary then, we have a total market capitalization with little variance, a neutral feeling but beginning to enter through the bulls, low volatility and a correlation that points more to the diversification and purchase of Ethereum.

Bitcoin Looks Like A Sleeping Giant

By the time this report was written, the price of Bitcoin was negotiated around $8550, which if we look at the hourly chart represents an important support.


On the daily chart, Bitcoin still shows no signs of reversal way and in recent days broke the EMA200 hard.

If it does not remain on the support near $8550 in the next few days you could look for the next support that is pointing to the EMA300 around of the $7740 and $7980, a range that according to third party opinions could be the starting point for the mass entry of the institutions and the end of the correction in the daily chart that the MACD is currently pointing. 


RSI pointing 42 points indicates exit from the oversold zone and if we reach 50 points we can have a consolidation point.

In the weekly chart we still continue below the 0.6 region of Fibonacci, a region that is considered a correction zone and this is valid thanks to what the MACD shows us, who so far does not show a trend reversal.

A positive fact is that the ichimoku cloud cluster indicates a strong point of support at this time with a bullish accumulation trend.


It is not bad to remind everyone that in a certain sense we are in a phase of re accumulation and that very soon we can have surprises.

With the breakdown of the EMA21 in the weekly chart, the trend is that the price will look for the next support very close to the EMA50 in the values of $ 7850 and $ 7990, an area that we personally have established as zone number three for opening of a long in Bitmex.


We have made clear days ago that we are operating against the trend and yes in favor of it.

Ultimately, RSI continues to form a strong support in the house of 42 points and it is clear that in the coming weeks we will see in the weekly chart the formation of a W or double bottom in Bitcoin.

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