Altcoins see more losses and fewer gains than Bitcoin: USD/BTC (BTC=X)
Bitcoin has seen two peaks (one at $13,800, another one at $13,000) before two sharp corrections, altcoins have seen less upside movements and far more losses. While Bitcoin has reportedly lost about 2% of its value, Ethereum (ETH) has seen a 28% decrease, Litecoin (LTC) 32%, Ripple (XRP) 31%, Bitcoin Cash (BCH) 38%, and EOS 44%.
The movement of crypto capital from altcoins to Bitcoin, according to Coinmetrics, is partly motivated by the increasing crypto regulatory turmoil in the United States The analysis cites the Commodity Futures Trading Commission investigation into crypto exchange BitMex, and the Securities and Exchange Commission lawsuit against the Kin Foundation over the Kin token as examples.
Coinmetrics claims that all of this motivates cryptocurrency investors to move their funds to Bitcoin, given its better regulatory clarity. Furthermore, geopolitical tensions and macroeconomic factors paired with increasing acceptance of Bitcoin as a store of value further provide further long-term support to Bitcoin prices.
The analysis cites the U.S.-China trade war, threats of disruption of oil supplies from the Middle East, the risk of fragmentation of the Eurozone (including the possibility of Italy leaving the EU) and tensions in Hong Kong as geopolitical factors for increased hodling. On the other hand, the cited macroeconomic factors are lower real interest rates on major currencies and the expected start of a monetary easing cycle by the Federal Reserve, the European Central Bank, the Bank of Japan and the People’s Bank of China.
As Cointelegraph reported yesterday, digital currencies are generating increasing interest from investors and traders, according to the CEO of United States brokerage giant TD Ameritrade.
Overall, the bias in prices is: Upwards.
Note: this chart shows extraordinary price action to the downside.
The projected upper bound is: 11,710.38.
The projected lower bound is: 8,032.83.
The projected closing price is: 9,871.60.
A white body occurred (because prices closed higher than they opened).
During the past 10 bars, there have been 4 white candles and 6 black candles for a net of 2 black candles. During the past 50 bars, there have been 31 white candles and 19 black candles for a net of 12 white 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 21.7490. This is not an overbought or oversold reading. The last signal was a buy 11 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 44.13. 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 28 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 -98. This is not a topping or bottoming area. The last signal was a buy 0 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 sell 24 period(s) ago.
Rex Takasugi – TD Profile
FOREX BTC= closed up 153.880 at 9,829.630. Volume was 85% below average (consolidating) and Bollinger Bands were 22% 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: 10,176.15 10,234.17 6,237.79
Volatility: 101 105 78
Volume: 86,868 92,078 79,570
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.
FOREX BTC= is currently 57.6% above its 200-period moving average and is in an downward trend. Volatility is high as compared to the average volatility over the last 10 periods. Our volume indicators reflect volume flowing into and out of BTC= at a relatively equal pace (neutral). Our trend forecasting oscillators are currently bearish on BTC= and have had this outlook for the last 9 periods.