Banks Make a U-Turn on Bitcoin: BTC/USD (BTC=X) But Be Careful…

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Bitcoin
Ticker: BTC=
Price: $13799.00

Bitcoin Outlook

What an October it was for Bitcoin. The number one cryptocurrency by market cap has seen a 30% rise in its price over the last four weeks, making a 17-month high in the process.

Even more impressive is how Bitcoin managed to shrug deteriorating macro-factors to achieve this.

The general feeling is that banks getting on board with Bitcoin is a good thing. But, should we as libertarians and seekers of financial democracy be worried?

The most likely motive behind the u-turn is not because they see the benefits of transacting peer to peer. Rather, they see the failure to get on board will leave them completely irrelevant.

Banks have manipulated and corrupted every market they’ve been involved with. Just ask any precious metal investor. As such, banks turning bullish on Bitcoin needs seeing for what it is, a ploy to maintain financial authority.

Technical Indicators

Overall, the bias in prices is: Upwards.

Note: this chart shows extraordinary price action to the upside.

By the way, prices are vulnerable to a correction towards 11,865.44.

The projected upper bound is: 14,530.89.

The projected lower bound is: 12,979.41.

The projected closing price is: 13,755.15.

Candlesticks

A black body occurred (because prices closed lower 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 29 white candles and 21 black candles for a net of 8 white candles.

Momentum Indicators

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.

Stochastic Oscillator

One method of interpreting the Stochastic Oscillator is looking for overbought areas (above 80) and oversold areas (below 20). The Stochastic Oscillator is 68.2035. This is not an overbought or oversold reading. The last signal was a sell 6 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 69.33. 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 1 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 105.This is an overbought reading. However, a signal isn’t generated until the indicator crosses below 100. The last signal was a sell 1 period(s) ago.

MACD

The Moving Average Convergence/Divergence indicator (MACD) gives signals when it crosses its 9 period signal line. The last signal was a buy 26 period(s) ago.

Rex Takasugi – TD Profile

FOREX BTC= closed up 50.560 at 13,686.560. Volume was 61% below average (consolidating) and Bollinger Bands were 94% wider than normal.

Open        High       Low         Close        Volume
13,823.080  13,870.250 13,645.000  13,686.560   241,264
Technical Outlook
Short Term:        Overbought
Intermediate Term: Bullish
Long Term:         Bullish
Moving Averages: 10-period     50-period      200-period
Close:           13,417.84     11,559.09      10,245.69
Volatility:      38            42             54
Volume:          380,152       430,340        542,929

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

FOREX BTC= is currently 33.6% above its 200-period moving average and is in an upward trend. Volatility is low 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 bullish on BTC= and have had this outlook for the last 36 periods.

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