Bitcoin and the aggregated cryptocurrency market have seen mixed price action in recent weeks.
Despite the strong selling pressure that has guided Bitcoin lower and ultimately forced it down to $9,900, the benchmark digital asset’s bulls have been able to step up and stop it from seeing any massive near-term downside.
While speaking about its near-term outlook, one bearish trader explained that the weak reaction to both the $11,100 rejection and present weakness in the stock market is making him lose confidence in his short positions.
This could indicate that a break above its key resistance level is imminent in the near-term.
Overall, the bias in prices is: Upwards.
The projected upper bound is: 11,829.83.
The projected lower bound is: 10,017.42.
The projected closing price is: 10,923.63.
A black body occurred (because prices closed lower 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.
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.
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 83.1803. This is an overbought reading. However, a signal is not generated until the Oscillator crosses below 80 The last signal was a buy 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 51.70. 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 42 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 118.This is an overbought reading. However, a signal isn’t generated until the indicator crosses below 100. The last signal was a buy 9 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 4 period(s) ago.
Rex Takasugi – TD Profile
FOREX BTC= closed down -10.970 at 10,928.000. Volume was 78% below average (consolidating) and Bollinger Bands were 45% wider than normal.
Open High Low Close Volume 10,936.940 10,985.000 10,876.210 10,928.000 158,645
Technical Outlook Short Term: Overbought Intermediate Term: Bearish Long Term: Bullish
Moving Averages: 10-period 50-period 200-period Close: 10,602.13 11,262.33 9,169.83 Volatility: 30 51 83 Volume: 696,993 831,954 586,799
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 19.2% 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 24 periods.