Yesterday, buyers retested the $12,000 resistance zone twice but were repelled. Buyers are not reaching the $12,000 price level. The king coin has been facing rejection at the $11,800 resistance since August 5. Analysts believe that once the $12,000 resistance is breached; a further upward move will unfold. It has been indicated that BTC is facing its major resistance at the recent high. A breakout will propel the coin to a high of $15,000 and above.
Conversely, if the bulls fail to break the overhead resistance, Bitcoin will be compelled to an indefinite range-bound movement below the resistance. Meanwhile, Bitcoin is falling after the resistance at $11800 as price reaches the low of $11,600. BTC is at level 67 of the Relative Strength Index period 14. It indicates that the market is trading in the uptrend.
Bitcoin Market Capitalization Is Comparable to Bank of America
With the impressive move of Bitcoin in 2020, market capitalization has risen and is comparable to Bank of America. According to reports, Bitcoin current valuation is over $215 billion; while Yahoo Finance indicated that Bank of America’s current valuation is slightly above $226 billion. Nevertheless, speculative capital investments are totalling a few billion dollars besides the current valuation of Bitcoin.
Overall, the bias in prices is: Upwards.
Note: this chart shows extraordinary price action to the upside.
By the way, prices are vulnerable to a correction towards 10,224.18.
The projected upper bound is: 12,851.31.
The projected lower bound is: 11,339.21.
The projected closing price is: 12,095.26.
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 31 white candles and 19 black candles for a net of 12 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 74.7658. This is not an overbought or oversold reading. The last signal was a sell 8 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 69.11. 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 3 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 131.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 0 period(s) ago.
Rex Takasugi – TD Profile
FOREX BTC= closed up 496.000 at 12,041.000. Volume was 28% below average (neutral) and Bollinger Bands were 139% wider than normal.
Open High Low Close Volume 11,639.000 12,096.020 11,619.000 12,041.000 385,729
Technical Outlook Short Term: Overbought Intermediate Term: Bullish Long Term: Bullish
Moving Averages: 10-period 50-period 200-period Close: 11,592.72 9,929.94 8,831.61 Volatility: 65 45 84 Volume: 902,875 649,531 474,223
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 36.3% 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 27 periods. The security price has set a new 14-period high while our momentum oscillator has not. This is a bearish divergence.
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