Bitcoin would need to avoid a fall back through $10,688 pivot to support a run the first major resistance level at $10,985.
Support from the broader market would be needed for Bitcoin to break back through to $10,900 levels.
Barring an extended crypto rally, the first major resistance level and resistance at $11,000 would likely pin Bitcoin back.
In the event of a breakout, Bitcoin could test the second major resistance level at $11,283 before any pullback.
Failure to avoid a fall back through the $10,688 pivot would bring the first major support level at $10,390 into play.
Barring an extended sell-off, Bitcoin should steer clear of sub-$10,300 support levels. The second major support level sits at $10,093.
At the time of writing, Bitcoin was up by 0.36% to $10,726.0. A bullish start to the week saw Bitcoin rise from an early Monday morning low $10,680.0 to a high $10,758.0.
Bitcoin left the major support and resistance levels untested at the start of the week.
Overall, the bias in prices is: Upwards.
By the way, prices are vulnerable to a correction towards 10,579.15.
The projected upper bound is: 11,444.34.
The projected lower bound is: 10,011.41.
The projected closing price is: 10,727.88.
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 27 white candles and 23 black candles for a net of 4 white candles.
A spinning top occurred (a spinning top is a candle with a small real body). Spinning tops identify a session in which there is little price action (as defined by the difference between the open and the close). During a rally or near new highs, a spinning top can be a sign that prices are losing momentum and the bulls may be in trouble.
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 58.4257. This is not an overbought or oversold reading. The last signal was a sell 7 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 51.31. 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 60 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 64. This is not a topping or bottoming area. The last signal was a sell 16 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 1 period(s) ago.
Rex Takasugi – TD Profile
FOREX BTC= closed up 21.170 at 10,759.120. Volume was 96% below average (consolidating) and Bollinger Bands were 53% narrower than normal.
Open High Low Close Volume 10,744.000 10,781.000 10,722.700 10,759.120 24,537
Technical Outlook Short Term: Neutral Intermediate Term: Bullish Long Term: Bullish
Moving Averages: 10-period 50-period 200-period Close: 10,683.14 10,917.56 9,495.32 Volatility: 17 41 58 Volume: 370,942 634,280 583,535
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 13.3% above its 200-period moving average and is in an upward 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 bullish on BTC= and have had this outlook for the last 9 periods.
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