Bitcoin Trading Outlook

Bitcoin Trading Outlook

Bitcoin looks like it is headed back to $500, the digital currency has almost doubled since October 2015. Interest in Bitcoin in China and the Middle East is still strong and in many countries just starting to grow.

COSTAS INC COM (OTCMKTS:CSSI) a New Exchange in Dubai is expecting trading in that region to more than triple in the next few years.

NYSE BitcoinIndx closed up 14.415 at 460.009. Volume was -0% below average (neutral) and Bollinger Bands were 33% narrower than normal.

Open High Low Close Volume___
460.009 460.009 460.009 460.009 0

Technical Outlook
Short Term: Overbought
Intermediate Term: Bullish
Long Term: Bullish

The current market condition for NYSE BitcoinIndx is:

Very Bullish

The close is currently Above it’s 200 period moving average.
The close is currently Above  it’s 90 period moving average.
The close is currently Above  it’s 30 period moving average.

Moving Averages: 10-period 50-period 200-period
Close: 434.57 421.45 348.29
Volatility: 19 36 67
Volume: 0 0 0

Short-term traders should pay closer attention to buy/sell arrows while intermediate/long-term traders should place greater emphasis on the Bullish or Bearish trend reflected in the lower ribbon.

Summary

NYSE BitcoinIndx gapped up today (bullish) on normal volume. Possibility of a Runaway Gap which usually signifies a continuation of the trend. Four types of price gaps exist – Common, Breakaway, Runaway, and Exhaustion. Gaps acts as support/resistance.
NYSE BitcoinIndx is currently 32.1% above its 200-period moving average and is in an upward trend. Volatility is extremely high when compared to the average volatility over the last 10 periods. There is a good possibility that volatility will decrease and prices will stabilize in the near term. Our volume indicators reflect very strong flows of volume into .NYXBT (bullish). Our trend forecasting oscillators are currently bullish on .NYXBT and have had this outlook for the last 6 periods. Our momentum oscillator is currently indicating that .NYXBT is currently in an overbought condition.

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Paul Ebeling

Paul A. Ebeling, polymath, excels in diverse fields of knowledge. Pattern Recognition Analyst in Equities, Commodities and Foreign Exchange and author of “The Red Roadmaster’s Technical Report” on the US Major Market Indices™, a highly regarded, weekly financial market letter, he is also a philosopher, issuing insights on a wide range of subjects to a following of over 250,000 cohorts. An international audience of opinion makers, business leaders, and global organizations recognizes Ebeling as an expert.

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