A news segment on TD Ameritrade Network portrayed Bitcoin as a better investment than the US stocks.
Lead anchor Oliver Renick, at the end of his six-minute-long market wrapup, claimed that investors are more interested in owning Bitcoin than the equities. He said the cryptocurrency has “a lot to go” since it is the only asset that performed bullish on the positive US stimulus news on Wednesday.
You might call him a #bitcoin cynic, but as stocks struggle despite the market seemingly already pricing in stimulus, @OJRenick says $btc's rally is "the most positive thing for bitcoin bugs" since he started covering it." ????— TD Ameritrade Network (@TDANetwork) October 21, 2020
Bitcoin Ditches Stock Correlation
The White House and Democrats in the US Congress came closer to an agreement over the size and details of the next coronavirus relief package. President Donald Trump said that he is willing to allow a broader aid despite facing opposition from his own Republican party members.
Mitch McConnell is deliberately sabotaging COVID relief negotiations—and Coloradans get nothing but cowardly silence from Cory Gardner.— John Hickenlooper (@Hickenlooper) October 21, 2020
We're sick of Sen. Gardner putting political games ahead of Coloradans struggling to pay bills & put food on the table. https://t.co/AlFnd2S9cp
House Speaker Nanci Pelosi also said that she is hopeful about the possibilities of a fresh deal. Nevertheless, she acknowledged that it won’t pass until the November 3 presidential election.
It was optimistic news for risky assets. So far, prospects of a second coronavirus stimulus package weakened the US dollar, which, in turn, benefited the US stocks and Bitcoin. But on Wednesday, as Mr. Renick pointed out, the Wall Street indexes slipped alongside the US dollar index.
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 11,146.33.
The projected upper bound is: 13,796.98.
The projected lower bound is: 12,291.72.
The projected closing price is: 13,044.35.
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 28 white candles and 22 black candles for a net of 6 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 92.3585. This is an overbought reading. However, a signal is not generated until the Oscillator crosses below 80 The last signal was a sell 12 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 74.51. 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 77 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 169.This is an overbought reading. However, a signal isn’t generated until the indicator crosses below 100. The last signal was a sell 7 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 16 period(s) ago.
Rex Takasugi – TD Profile
FOREX BTC= closed down -130.500 at 13,000.000. Volume was 85% below average (consolidating) and Bollinger Bands were 65% wider than normal.
Open High Low Close Volume___
Short Term: Overbought
Intermediate Term: Bullish
Long Term: Bullish
Moving Averages: 10-period 50-period 200-period
Close: 11,955.15 10,930.42 9,925.42
Volatility: 51 43 55
Volume: 369,225 556,482 540,718
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 31.0% above its 200-period moving average and is in an upward trend. Volatility is extremely high when compared to the average volatility over the last 10 periods. There is a good possibility that volatility will decrease and prices will stabilize in the near term.
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 26 periods. Our momentum oscillator is currently indicating that BTC= is currently in an overbought condition.