- Bitcoin closed up for the sixth consecutive day on Monday, confirming its longest daily winning trend since August 2019.
- The cryptocurrency has rallied from $10,500 to $11,700 since last Wednesday.
- Payment company Square’s foray into bitcoin has boosted investor confidence in the cryptocurrency’s long-term prospects and got the community wondering which other companies could potentially be next, he said.
- Technical bias, too, has turned bullish with the cryptocurrency’s convincing move above resistance at $11,250.
- There is every chance we could see a little dip (hopefully staying above $11,000). But the best case is for range play at current levels followed by a run to $12K in the coming days/weeks.
Overall, the bias in prices is: Upwards.
Note: this chart shows extraordinary price action to the upside.
The projected upper bound is: 12,158.84.
The projected lower bound is: 10,677.13.
The projected closing price is: 11,417.99.
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 28 white candles and 22 black candles for a net of 6 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 76.7597. This is not an overbought or oversold reading. The last signal was a sell 3 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 60.25. 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 68 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 109.This is an overbought reading. However, a signal isn’t generated until the indicator crosses below 100. The last signal was a sell 3 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 7 period(s) ago.
Rex Takasugi – TD Profile
FOREX BTC= closed down -14.790 at 11,415.020. Volume was 80% below average (consolidating) and Bollinger Bands were 23% narrower than normal.
Open High Low Close Volume 11,429.820 11,499.000 11,362.140 11,415.020 138,341
Technical Outlook Short Term: Overbought Intermediate Term: Bullish Long Term: Bullish
Moving Averages: 10-period 50-period 200-period Close: 11,069.06 10,831.18 9,682.31 Volatility: 42 43 56 Volume: 329,617 601,122 578,485
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 17.9% above its 200-period moving average and is in an upward trend. Volatility is relatively normal 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 17 periods.