Bitcoin’s price action has undergone extreme tightening over the past few days as the markets have become extremely indecisive. Three technical trends indicate that the cryptocurrency is primed to undergo a strong breakout, a crypto trader said. They are as follows:
- Bitcoin is in a symmetrical triangle formation, and it has reached the apex of the triangle. This suggests that it will soon see a strong breakout.
- Bitcoin’s market volume is declining, suggesting a breakout will happen soon.
- The width of the one-hour Bollinger Bands is getting tighter.
Overall, the bias in prices is: Sideways.
By the way, prices are vulnerable to a correction towards 10,578.68.
The projected upper bound is: 11,385.31.
The projected lower bound is: 9,897.96.
The projected closing price is: 10,641.64.
A white body occurred (because prices closed higher than they opened).
During the past 10 bars, there have been 4 white candles and 6 black candles for a net of 2 black candles. During the past 50 bars, there have been 27 white candles and 23 black candles for a net of 4 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 38.2048. This is not an overbought or oversold reading. The last signal was a sell 6 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 48.87. 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 59 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 19. This is not a topping or bottoming area. The last signal was a sell 15 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 1 period(s) ago.
Rex Takasugi – TD Profile
FOREX BTC= closed up 120.590 at 10,665.310. Volume was 90% below average (consolidating) and Bollinger Bands were 51% narrower than normal.
Open High Low Close Volume 10,609.750 10,712.000 10,596.620 10,665.310 70,172
Technical Outlook Short Term: Neutral Intermediate Term: Bullish Long Term: Bullish
Moving Averages: 10-period 50-period 200-period Close: 10,671.74 10,947.35 9,471.12 Volatility: 15 43 59 Volume: 378,040 646,261 585,292
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 12.6% 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 8 periods.