Bitcoin’s price action as of late has done little to offer investors with insights into its near-term outlook.
Its price has mainly been oscillating between highs of $11,000 and lows of $10,000, with each attempt to break out of this tight trading range resulting in the cryptocurrency seeing massive inflows of selling pressure that force it lower.
Last week, buyers pushed BTC as high as $11,200 during a swift upwards move. The rejection here kicked off a prolonged consolidation phase, and it has been struggling to regain its momentum ever since.
There is one indicator, however, that seems to indicate that upside is imminent for the benchmark cryptocurrency.
Because a good part of its market dynamic is dependent on miners, there is one indicator that indicates BTC could be on the cusp of seeing significant upside in the days and weeks ahead.
That being said, macro uncertainty could reduce the power that miners have over Bitcoin’s market dynamic and potentially derail the positive outlook being offered by the aforementioned indicator.
Overall, the bias in prices is: Upwards.
The projected upper bound is: 11,506.53.
The projected lower bound is: 9,843.39.
The projected closing price is: 10,674.96.
A white body occurred (because prices closed higher than they opened).
During the past 10 bars, there have been 5 white candles and 5 black candles. During the past 50 bars, there have been 29 white candles and 21 black candles for a net of 8 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 39.7068. This is not an overbought or oversold reading. The last signal was a buy 1 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 48.93. 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 49 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 11. This is not a topping or bottoming area. The last signal was a sell 5 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 2 period(s) ago.
Rex Takasugi – TD Profile
FOREX BTC= closed up 64.920 at 10,698.170. Volume was 92% below average (consolidating) and Bollinger Bands were 21% narrower than normal.
Open High Low Close Volume 10,632.400 10,822.000 10,618.430 10,698.170 59,708
Technical Outlook Short Term: Neutral Intermediate Term: Bearish Long Term: Bullish
Moving Averages: 10-period 50-period 200-period Close: 10,735.96 11,143.74 9,238.64 Volatility: 42 47 82 Volume: 516,066 787,233 594,144
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 15.8% above its 200-period moving average and is in an downward trend. Volatility is extremely low when compared to the average volatility over the last 10 periods. There is a good possibility that there will be an increase in volatility along with sharp price fluctuations in the near future.
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 31 periods.