Premium Monthly Market Review And Bitcoin Technical Analysis

By Rubika Ventures on The Capital

The effect of the Federal Reserve’s printing of more than $5 trillion is already beginning to take effect in the financial markets. With the rise in oil, the “Chinese evil” plan was a complete success.

The impression of that capital is the result of the emergency over inflation to stimulate the economy and make the economic and capitalist system work again on its natural trajectory. It has its positive sides and its negative sides, it is clear. But already the “level ball” effect is starting to heat up.

With all the arguments that we have already read, unfortunately, the coronavirus was the black swan that the capitalist economy needed this year to take a new step. Now almost everything is half price, and this step is where we should not be pessimistic, but opportunistic.

The rise in the price of oil indicates that the end of the “such economic crisis” is beginning to end. So our conclusion was this: there was never a crisis, we are simply in a period of correction with the tendency to start a new economic cycle.

The Market Almost Plays

Now an important point to keep in mind is that these days the silence of many has been slowly silenced. The latest movements in the cryptocurrency market caused us to almost reach a total market capitalization of around $ 200 trillion. A crucial resistance and support for many.

Anyway, Money coming in is happiness for everyone! FOMO has a lot of fun. Total market capitalization is touching the $191 billion. That already represents a good start to the month.

On the sentimental side, we still do not have a significant variation. The extreme panic continues to be the strong stone in the shoe.

A Promising New Month

We have closed the month of March with the price very close to approximately $6430, but with a slightly higher risk and decision margin.

We say the above because with the closing between the channel, we have made by the EMA50 and the EMA21 represents a risk zone in which the price can either touch the support (EMA50) approximately at $5640 or break the resistance (EMA21) together with 61% of the Fibonacci retraction line.

It is very important to remember that by Elliot’s theory we are still in a C wave of correction. Going to the macro we can say that most of the markets are in this wave and many economists already had that information at hand.

Anyway, in previous articles, we have already said that the entry point for after halving is between $4350 and $5550.

Another logic says to us that we start a positive month. For now, let’s stick to a support and resistance channel created by EMA50 and EMA21. In the last hours, we had a touch of the EMA21, considered an attempt of price action. It is very important to remember that we are still in a C wave of correction.

Crazy And Amazing Week

Liquidity is the word that sums up the end of the week for Bitcoin on the weekly chart. The EMA200 is now behaving like a strong resistance. RSI 39 points and MACD starting to score a certain neutrality.

As another update, on the weekly chart we are touching EMA100 but with strong resistance with EMA9 an important indicator for buying action. Now our accumulation channel is more evident between $5786 and $7293 approximately. We may have a positive week end.

We know that FOMO can help many people these days, but it is also worth remembering that studying scenarios in depth is a good risk management practice.

Daily Money Coming In

$5800 and $6662 we can identify this as a possible strong accumulation zone. But remember that more liquidity is expected this month.

However, With the latest Bitcoin movements on the daily chart our ABCDE pattern was invalidated and breaking the symmetrical triangle with possible closing below the EMA50 could create a high channel.

Now Elliot’s waves are clearer and a new market cycle is beginning. Other markets are also rationing the large inflow of money. We continue studying.

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See you in the next story! With love 💛 Rubika Ventures Team!

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