Bitcoin: BTC/USD (BTC=X) Close to a Major Tipping Point

$BTC #Bitcoin #Crypto #Cryptocurrencies #FX #Trading #Markets

Bitcoin
Ticker: BTC=
Price: $13795.00

Bitcoin Outlook

Due to the great interest PayPal will increase the weekly purchase limit from $10.000 to $15.000. PayPal also plans to integrate cryptocurrencies into the digital wallet Venmo, which already has 300 million users worldwide. This will bring 346 million users into contact with cryptocurrencies via PayPal and 300 million more via Venmo.

PayPal users can also use cryptocurrencies with over 28 million connected merchants in the payment network. In a new podcast by Anthony Pompliano with Reuters correspondent Anna Irrera, who also wrote the headlines for PayPal’s plan to enter the crypto market, Irrera explained that PayPal is also preparing to integrate CBCDs.

Trade with Confidence with Knightsbridge Live

The demand for cryptoservices within the company has risen sharply and by the end of the year all U.S. citizens will have access to cryptocurrencies via PayPal. The expansion of services for the remaining customers outside the United States of America is expected to follow in the first quarter of next year.

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 11,971.04.

The projected upper bound is: 14,610.66.

The projected lower bound is: 13,092.58.

The projected closing price is: 13,851.62.

Candlesticks

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 29 white candles and 21 black candles for a net of 8 white candles.

A long upper shadow occurred. This is typically a bearish signal (particularly when it occurs near a high price level, at resistance level, or when the security is overbought).

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 62.7708. This is not an overbought or oversold reading. The last signal was a sell 8 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 70.25. 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 3 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 128.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.

MACD

The Moving Average Convergence/Divergence indicator (MACD) gives signals when it crosses its 9 period signal line. The last signal was a sell 0 period(s) ago.

Rex Takasugi – TD Profile

FOREX BTC= closed up 51.110 at 13,793.110. Volume was 58% below average (consolidating) and Bollinger Bands were 85% wider than normal.

Open        High        Low         Close      Volume
13,736.930  14,084.990  13,647.710  13,793.110 261,914
Technical Outlook
Short Term:        Overbought
Intermediate Term: Bullish
Long Term:         Bullish
Moving Averages: 10-period     50-period      200-period
Close:           13,558.38     11,677.15      10,311.61
Volatility:      37            41             53
Volume:          452,579       427,512        546,373

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 33.8% 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 38 periods. Our momentum oscillator is currently indicating that BTC= is currently in an overbought condition.

The following two tabs change content below.
HEFFX has become one of Asia’s leading financial services companies with interests in Publishing, Private Equity, Capital Markets, Mining, Retail, Transport and Agriculture that span every continent of the world. Our clearing partners have unprecedented experience in Equities, Options, Forex and Commodities brokering, banking, physical metals dealing, floor brokering and trading.
#Bitcoin#bitcoin forecast#bitcoin news#bitcoin technical analysis#btc news#BTC=#investing#shayne heffernan#trading#USD/BTC