Bitcoin: BTC/USD (BTC=X) Advocate Elected In The Senate

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Bitcoin
Ticker: BTC=
Price: $14385.75

Bitcoin Outlook

A bitcoin hodler has won a U.S. Senate seat. Cynthia Lummis is a bitcoin owner who bought her first bitcoin in 2013 because she believes in the economic power of scarcity and the potential for bitcoin to address some of the manipulations in the financial system.

Republican candidate Cynthia Lummis has been running to fill the seat of Senator Mike Enzi (R). Lummis, who served as a Wyoming conservative Republican in the U.S. House of Representatives for eight years, will become the first woman to represent Wyoming in the U.S. Senate. With the endorsement of President Donald Trump, she has been running against her Democratic opponent Merav Ben-David.

While election results are still being finalized, the Associated Press called Tuesday’s election in her favor within three minutes of polls closing in Wyoming.

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Lummis recently revealed during the third annual Wyoming Blockchain Stampede that she is a bitcoin hodler after she learned about the cryptocurrency while serving in Congress. “I bought my first bitcoin in 2013 because I believe in the economic power of scarcity and the potential for bitcoin to address some of the manipulations in our financial system,” she said.

“Now I am a hodler and I hodl because, like gold, I want to preserve the relative value of my labor over time,” she revealed. “I was struck by how innovative bitcoin is with its decentralized public ledger and a fixed supply.”

Bitcoin advocate Caitlin Long tweeted in response to Lummis winning the Senate race: “Awesome news for crypto folks from the crazy US election tonight. Cynthia Lummis won Wyoming’s US Senate seat. The U.S. Senate now has an unabashed bitcoin supporter & hodler (since 2013) among its ranks.”

Long is the CEO of Avanti Bank & Trust which received a banking charter last week in Wyoming. The bank was “formed to serve as a compliant bridge between digital assets and the U.S. dollar payments,” its website details. “Senator Lummis,” Long opined. “She is likely to be one of the most powerful US senators, given how divided the new senate appears to be. She loves what Wyoming did in crypto — publicly said tonight that she wants to defend it against federal encroachment.”

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 12,060.14.

The projected upper bound is: 15,270.36.

The projected lower bound is: 13,714.62.

The projected closing price is: 14,492.49.

Candlesticks

A white body occurred (because prices closed higher than they opened).
During the past 10 bars, there have been 8 white candles and 2 black candles for a net of 6 white candles. During the past 50 bars, there have been 29 white candles and 21 black candles for a net of 8 white candles.

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 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 78.5579. This is not an overbought or oversold reading. The last signal was a sell 9 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 75.80. This is where it usually tops. The RSI usually forms tops and bottoms before the underlying security. A buy or sell signal is generated when the RSI moves out of an overbought/oversold area. The last signal was a sell 4 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 201.This is an overbought reading. However, a signal isn’t generated until the indicator crosses below 100. The last signal was a sell 4 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 29 period(s) ago.

Rex Takasugi – TD Profile

FOREX BTC= closed up 417.170 at 14,424.000. Volume was 33% below average (neutral) and Bollinger Bands were 82% wider than normal.

Open        High        Low          Close       Volume
14,021.010  14,564.590  13,992.400   14,424.000  413,662
Technical Outlook
Short Term:        Overbought
Intermediate Term: Bullish
Long Term:         Bullish
Moving Averages: 10-period     50-period      200-period
Close:           13,720.51     11,749.91      10,349.09
Volatility:      39            41             54
Volume:          512,074       433,864        549,556

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 39.4% 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 moderate flows of volume into BTC= (mildly bullish).

Our trend forecasting oscillators are currently bullish on BTC= and have had this outlook for the last 39 periods. Our momentum oscillator is currently indicating that BTC= is currently in an overbought condition. The security price has set a new 14-period high while our momentum oscillator has not. This is a bearish divergence.

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