This past week, bitcoin saw a couple of swing moves from the $19,500 resistance against the US Dollar. The BTC/USD pair even broke the $19,000 support, but it remained well bid above the 100 simple moving average (4-hours).
The recent swing low was formed near $18,581 before the price started a decent upward move. There was a break above the $18,800 resistance level. The price even moved above the 50% Fib retracement level of the downward move from the $19,575 swing high to $18,581 swing low.
A successful break and close above the triangle resistance could start a strong surge above the $19,300 and $19,400 levels. The next key resistance is near $19,500, above which the bulls might aim $20,000.
Overall, the bias in prices is: Upwards.
Note: this chart shows extraordinary price action to the upside.
The projected upper bound is: 21,114.11.
The projected lower bound is: 17,661.03.
The projected closing price is: 19,387.57.
A white body occurred (because prices closed higher than they opened).
During the past 10 bars, there have been 7 white candles and 3 black candles for a net of 4 white candles. During the past 50 bars, there have been 34 white candles and 16 black candles for a net of 18 white candles.
A spinning top occurred (a spinning top is a candle with a small real body). Spinning tops identify a session in which there is little price action (as defined by the difference between the open and the close). During a rally or near new highs, a spinning top can be a sign that prices are losing momentum and the bulls may be in trouble.
Three white candles occurred in the last three days. Although these candles were not big enough to create three white soldiers, the steady upward pattern is bullish.
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 57.4884. This is not an overbought or oversold reading. The last signal was a sell 14 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 62.71. 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 11 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 11 period(s) ago.
Rex Takasugi – TD Profile
FOREX BTC= closed up 94.660 at 19,229.240. Volume was 52% below average (consolidating) and Bollinger Bands were 8% wider than normal.
Open High Low Close Volume 19,140.500 19,437.650 19,050.010 19,229.240 291,673
Technical Outlook Short Term: Neutral Intermediate Term: Bullish Long Term: Bullish
Moving Averages: 10-period 50-period 200-period Close: 18,800.21 16,023.12 11,763.52 Volatility: 88 66 50 Volume: 824,564 683,023 618,273
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 63.5% above its 200-period moving average and is in an upward 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 bullish on BTC= and have had this outlook for the last 71 periods.