Bitcoin: BTC/USD (BTC=X) Broke Bearish – Nothing to See Here

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Bitcoin
Ticker: BTC=
Price: $17861.93

Bitcoin News

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The price of bitcoin once again fell below $18,000 Thursday, going as low as $17,904 according to the CoinDesk 20. The price was able to reverse course, with higher volume pushing it back up to $18,349 as of press time. 

At a combined $1.1 billion as of Wednesday’s close, average weekday spot volume on major CoinDesk 20 exchanges is lighter this week than last week’s $1.7 billion. As of press time, combined volumes were at $873 million Thursday. 

Henrik Kugelberg, an over-the-counter (OTC) crypto trader, is not dismayed by the doldrums in the crypto market this week. “It’s a moderate dip on the way up,” Kugelberg told CoinDesk.  “Nothing to see here.”

Technical Indicators

Overall, the bias in prices is: Upwards.

Note: this chart shows extraordinary price action to the upside.

The projected upper bound is: 19,708.76.

The projected lower bound is: 16,255.88.

The projected closing price is: 17,982.32.

Candlesticks

A black body occurred (because prices closed lower than they opened).
During the past 10 bars, there have been 4 white candles and 6 black candles for a net of 2 black candles. During the past 50 bars, there have been 29 white candles and 21 black candles for a net of 8 white candles.

Three black candles occurred in the last three days. Although these candles were not big enough to create three black crows, the steady downward pattern is bearish.

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 34.9004. This is not an overbought or oversold reading. The last signal was a sell 18 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 49.76. 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 15 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 sell 15 period(s) ago.

Rex Takasugi – TD Profile

FOREX BTC= closed down -457.021 at 17,887.189. Volume was 92% below average (consolidating) and Bollinger Bands were 5% wider than normal.

Open        High        Low         Close       Volume
18,349.750  18,408.391  17,803.289  17,887.189  48,475
Technical Outlook
Short Term:        Neutral
Intermediate Term: Bearish
Long Term:         Bullish
Moving Averages: 10-period     50-period      200-period
Close:           18,817.46     16,497.74      11,948.64
Volatility:      29            65             50
Volume:          732,966       711,852        622,804

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 49.7% 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 0 periods. our momentum oscillator has set a new 14-period low while the security price has not. This is a bearish divergence.

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