Institutional investors are starting to take notice. JPMorgan said last week that bitcoin looks attractive as it competes with gold as an “alternative” currency. The firm noted that millennial investors favor bitcoin over physical gold.
JPMorgan said it believes bitcoin could double or triple from current levels and would have to surge 10x to match the value of all the physical gold in the world.
If bitcoin is able to decisively trade above its $14,000 resistance level, all eyes will be on its next, and last, remaining resistance level: $20,000. A break above that level would set the cryptocurrency up for new all-time highs.
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 11,671.06.
The projected upper bound is: 14,595.81.
The projected lower bound is: 13,107.03.
The projected closing price is: 13,851.42.
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 30 white candles and 20 black candles for a net of 10 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 82.7647. This is an overbought reading. However, a signal is not generated until the Oscillator crosses below 80 The last signal was a sell 1 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 77.68. 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 82 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 113.This is an overbought reading. However, a signal isn’t generated until the indicator crosses below 100. The last signal was a sell 3 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 21 period(s) ago.
Rex Takasugi – TD Profile
FOREX BTC= closed up 163.080 at 13,776.250. Volume was 77% below average (consolidating) and Bollinger Bands were 93% wider than normal.
Open High Low Close Volume 13,615.910 13,863.660 13,526.500 13,776.250 150,928
Technical Outlook Short Term: Overbought Intermediate Term: Bullish Long Term: Bullish
Moving Averages: 10-period 50-period 200-period Close: 12,904.52 11,236.68 10,080.28 Volatility: 50 41 54 Volume: 310,333 465,004 540,222
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 36.7% above its 200-period moving average and is in an upward trend. Volatility is 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 31 periods. Our momentum oscillator is currently indicating that BTC= is currently in an overbought condition.