At the time of writing, Bitcoin is trading up over 2% at its current price of $10900, which is around where it has been trading for the past few hours.
This is around where it faces strong resistance, with many analysts setting their sights on a move up towards $11,200 before it rejects and potentially plunges lower.
While speaking about this, one analyst explained that a rejection at this price region would be grim, whereas a break above it could lead to significantly further upside in the days and weeks ahead.
Bitcoin has seen some intense strength throughout the past several days, with the cryptocurrency marching from lows of $9,900 to highs of over $11,000 that were set today.
This strength is somewhat unique in that BTC is the only major cryptocurrency currently marching higher, as most others are stuck within consolidation phases or downtrends.
Overall, the bias in prices is: Upwards.
The projected upper bound is: 11,816.89.
The projected lower bound is: 10,003.01.
The projected closing price is: 10,909.95.
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.
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 85.2864. This is an overbought reading. However, a signal is not generated until the Oscillator crosses below 80 The last signal was a buy 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 51.50. 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 41 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 154.This is an overbought reading. However, a signal isn’t generated until the indicator crosses below 100. The last signal was a buy 8 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 3 period(s) ago.
Rex Takasugi – TD Profile
FOREX BTC= closed down -83.540 at 10,916.000. Volume was 73% below average (consolidating) and Bollinger Bands were 53% wider than normal.
Open High Low Close Volume 10,999.540 11,068.000 10,847.210 10,916.000 196,594
Technical Outlook Short Term: Neutral Intermediate Term: Bearish Long Term: Bullish
Moving Averages: 10-period 50-period 200-period Close: 10,508.81 11,266.24 9,159.79 Volatility: 33 51 83 Volume: 778,197 838,154 585,788
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 23 periods.