Bitcoin price broke the $19,200 resistance, but it is still struggling near $19,500 against the US Dollar. BTC could decline sharply if there is a clear break below $19,150 and $19,000.
- Bitcoin is struggling to gain bullish momentum above $19,400 and $19,500.
- The price is approaching the $19,150 support and the 100 hourly simple moving average.
- There was a break above a major bearish trend line with resistance at $19,150 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair struggled to capitalize and it is currently sliding from the $19,432 swing high.
Overall, the bias in prices is: Upwards.
Note: this chart shows extraordinary price action to the upside.
The projected upper bound is: 21,064.71.
The projected lower bound is: 17,615.11.
The projected closing price is: 19,339.91.
A white body occurred (because prices closed higher 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 33 white candles and 17 black candles for a net of 16 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 59.7458. This is not an overbought or oversold reading. The last signal was a sell 15 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 62.32. 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 12 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 sell 12 period(s) ago.
Rex Takasugi – TD Profile
FOREX BTC= closed up 110.141 at 19,190.891. Volume was 96% below average (consolidating) and Bollinger Bands were 7% wider than normal.
Open High Low Close Volume 19,085.010 19,247.740 19,068.830 19,190.891 23,794
Technical Outlook Short Term: Neutral Intermediate Term: Bullish Long Term: Bullish
Moving Averages: 10-period 50-period 200-period Close: 18,928.46 16,169.17 11,812.81 Volatility: 86 66 50 Volume: 786,365 688,110 618,352
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 62.5% above its 200-period moving average and is in an upward 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 bullish on BTC= and have had this outlook for the last 72 periods.