Alphabet Inc. (NASDAQ:GOOG) shares the opinion that the worst could be over for bitcoin
It would appear U.S. search giant Google shares the opinion that the worst could be over for bitcoin and cryptocurrencies and has decided to un-ban bitcoin ads.
The Alphabet-owned Google is joining social network Facebook in scrapping a ban on advertisements for cryptocurrencies from October — allowing regulated cryptocurrency exchanges to buy ads in the U.S. and Japan.
The decision to un-ban bitcoin-related ads on the world’s biggest search engine comes after a wave of bullish predictions for the bitcoin price last week.
The ban was originally adopted as a way for Google to get a handle on the countless high-profile scams bitcoin’s sudden surge in value created.
Overall, the bias in prices is: Sideways.
The projected upper bound is: 1,226.90.
The projected lower bound is: 1,142.44.
The projected closing price is: 1,184.67.
A white body occurred (because prices closed higher than they opened).
During the past 10 bars, there have been 6 white candles and 4 black candles for a net of 2 white candles. During the past 50 bars, there have been 21 white candles and 29 black candles for a net of 8 black candles.
Momentum is a general term used to describe the speed at which prices move over a given time period. Generally, changes in momentum tend to lead to changes in prices. This expert shows the current values of four popular momentum indicators.
One method of interpreting the Stochastic Oscillator is looking for overbought areas (above 80) and oversold areas (below 20). The Stochastic Oscillator is 59.2173. This is not an overbought or oversold reading. The last signal was a buy 10 period(s) ago.
Relative Strength Index (RSI)
The RSI shows overbought (above 70) and oversold (below 30) areas. The current value of the RSI is 49.27. This is not a topping or bottoming area. A buy or sell signal is generated when the RSI moves out of an overbought/oversold area. The last signal was a sell 41 period(s) ago.
Commodity Channel Index (CCI)
The CCI shows overbought (above 100) and oversold (below -100) areas. The current value of the CCI is 134.This is an overbought reading. However, a signal isn’t generated until the indicator crosses below 100. The last signal was a buy 10 period(s) ago.
The Moving Average Convergence/Divergence indicator (MACD) gives signals when it crosses its 9 period signal line. The last signal was a buy 3 period(s) ago.
Rex Takasugi – TD Profile
ALPHABET INC C closed up 11.280 at 1,184.650. Volume was 32% below average (neutral) and Bollinger Bands were 2% wider than normal.
Open High Low Close Volume___
Short Term: Neutral
Intermediate Term: Bearish
Long Term: Bullish
Moving Averages: 10-period 50-period 200-period
Close: 1,171.00 1,207.80 1,121.09
Volatility: 21 22 29
Volume: 1,525,198 1,504,345 1,636,816
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.
ALPHABET INC C is currently 5.7% above its 200-period moving average and is in an downward trend. Volatility is relatively normal as compared to the average volatility over the last 10 periods. Our volume indicators reflect moderate flows of volume out of GOOG.O (mildly bearish). Our trend forecasting oscillators are currently bearish on GOOG.O and have had this outlook for the last 23 periods. Our momentum oscillator has set a new 14-period high while the security price has not. This is a bullish divergence.
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