Bitcoin: BTC/USD (BTC=X) Update – How Low Will She Go?

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Bitcoin
Ticker: BTC=
Price: $18414.94

Bitcoin News

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Bitcoin’s (BTC) sharp correction to $17,650 came as no surprise to investors and many expected the digital asset to fall as low as $16,000. Thus, the quick recovery back to $18,600 is intriguing and it bolsters the popular belief that retail and institutional investors are keen to purchase every BTC dip.

Although the possibility of another drop remains, three factors point toward a Bitcoin bottom at $17,650. The factors are, whale deposits hitting a peak, BTC posting a quick recovery, and trading volume picking up again.

After a noticeable spike in buy volume, Bitcoin posted a quick turnaround and rallied toward the 20-day moving average.

BTC first claimed $18,000 as a support level, then made its way toward $18,2600 before pulling back to the $18,500 range. The continued recovery of BTC without major corrections indicates the market remains resilient and in favor of bulls.

Initially, Cointelegraph reported that altcoins took the biggest hit as the price of Bitcoin abruptly dropped below $18,000. But the BTC recovery has been aided by the strong rebound of altcoins like Ether and XRP.

This trend suggests that investors are seeking higher-risk plays, which is indicative of the growing certainty in the market.

Technical Indicators

Overall, the bias in prices is: Upwards.

Note: this chart shows extraordinary price action to the upside.

The projected upper bound is: 20,206.14.

The projected lower bound is: 16,785.21.

The projected closing price is: 18,495.67.

Candlesticks

A black body occurred (because prices closed lower 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 30 white candles and 20 black candles for a net of 10 white candles.

Three black candles occurred in the last three days. Although these candles were not big enough to create three black crows, the steady downward pattern is bearish.

Momentum Indicators

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.

Stochastic Oscillator

One method of interpreting the Stochastic Oscillator is looking for overbought areas (above 80) and oversold areas (below 20). The Stochastic Oscillator is 41.2070. This is not an overbought or oversold reading. The last signal was a sell 17 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 54.55. 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 14 period(s) ago.

MACD

The Moving Average Convergence/Divergence indicator (MACD) gives signals when it crosses its 9 period signal line. The last signal was a sell 14 period(s) ago.

Rex Takasugi – TD Profile

FOREX BTC= closed down -127.051 at 18,385.119. Volume was 79% below average (consolidating) and Bollinger Bands were 3% wider than normal.

Open       High        Low         Close       Volume
18,523.039 18,655.699  18,379.971  18,385.119  122,230
Technical Outlook
Short Term:        Neutral
Intermediate Term: Bullish
Long Term:         Bullish
Moving Averages: 10-period     50-period    200-period
Close:           18,937.13     16,403.42    11,903.99
Volatility:      28            64           50
Volume:          755,590       705,387      621,284

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.

Summary

FOREX BTC= is currently 54.4% 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 74 periods.

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