In this article of the latest cryptocurrency magazine news, you will get to know all the weekly updates regarding market. The U.S. stock markets led by the technology companies, gold, crypto markets, and crude oil were all down last week, which suggests that the traders booked profits in all asset classes. The total crypto market capitalization dropped from over $394 billion on September 2 to about $313 billion on September 6, which is a 20% fall.
The sentiment is currently bearish, traders should not be in a hurry to buy. They should wait for the confirmation of a bottom before attempting to buy because it is difficult to predict which correction will start the next bear market
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ROWAN ENERGY UPDATE – 2ND SEPTEMBER 2020
Bitcoin failed to break above the $12,134.29 resistance on September 1, which attracted profit booking from the shortterm traders.
However, the selling intensified when the bears broke below the $11,100 support because that completed a head and shoulders pattern. The target objective of this setup is $9,713.39 and the price touched a low of $9,813 on September 5.
Currently, the bulls are attempting to defend the psychological level of $10,000 because if the BTC/USD pair sustains below this level, it is likely to attract further selling that can drag the price to $9,000 and then to $8,000. The moving averages have completed a bearish crossover and the RSI has been trading below the 40 level, which suggests that the advantage has shifted in favour of the bears. If the price dips below $9,813, the next leg of the downtrend is likely to start.
On the other hand, if the bulls push the price above $10,638.34, a retest of $11,100 is possible. The bearish view will be invalidated if the bulls can push the price back above $11,100. The sentiment is currently negative; hence, traders can enter short positions below $9,800 but keep a close stop-loss. On the upside, long positions can be considered above $10,650.
However, these are not high conviction trades, hence, only aggressive traders should attempt them with a position size of about 40% of usual. Lastly please check out the advancement’s happening in the cryptocurrency world. You can subscribe our cryptocurrency news magazine for latest updates.
Enjoy the issue!
MAJOR CRYPTOCURRENCY NEWS MAGAZINE HIGHLIGHTS
FEATURING IN THIS WEEKS EDITION
– Atrom Network
– Rowan Energy
– Finalmente Global
RANSOMWARE HACKERS SHUT DOWN ARGENTINA’S BORDERS, DEMAND $4M BTC
Government officials in Argentina are refusing to negotiate with a ransomware group that forced them to briefly close all immigration checkpoints on Aug. 27.
AUSTRALIAN SENATE SEES BLOCKCHAIN TECHNOLOGY AS THE FUTURE OF FINTECH AND REGTECH
Australian Senate releases a report on the impact of blockchain technology on the country’s economy, technology status, and regulation technology. Released earlier this month, the 281-page interim report, “Select Committee on Financial Technology (FinTech) and Regulatory Technology(RegTech)”, focused on innovative technologies, laying out the benefits of implementing blockchain technology across the economy.
BLOCKCHAIN POWERED ‘SMART BRAIN’ TO GOVERN CHINA’S NEW ‘AEROSPACE CITY’
Blockchain firm CyberVein is partnering with the Chinese government to build a blockchain-powered governance system for its aerospace ‘smart city.’