Bitcoin: USD/BTC (BTC=X) new target along the $12,0000 psychological price tag
Bitcoin has done it again, hitting a new 2019 high above $12,000 before retracing slightly.
At 21:00 UTC on June 25, the world’s largest cryptocurrency by market capitalization broke from sideways trading after being held beneath $11,400 for over 11 hours.
However, perhaps most notable is the fact that bitcoin also crossed above 60 percent market dominance for the first time in over 17 months.
A metric maintained by data provider CoinMarketCap, the Bitcoin Dominance Index shows bitcoin continues to gain altitude at a time when broader confidence in the crypto market, now nearly $350 billion, has yet to return.
The move to fresh 2019 highs is further a welcome sight for the bulls who continue to enjoy the incredible 230 percent gains experienced from the beginning of this year.
Notably, the price rally was also accompanied by an uptick in the 24-hour trading volume as an increase of $13.8 billion was added overall, according to data from CoinMarketCap.
However, its “Real 10” volume – a metric that takes into account trading volume from exchanges reporting honest volume figures as identified in a report by Bitwise Asset Management, is delivering more sober results, currently standing up $4.09 billion, according to Messari.io.
Still, bitcoin’s dominance may be the broader story.
At press time, bitcoin’s market capitalization now records $202.8 billion, which is about $67.1 million more than the market capitalization of every other cryptocurrency combined – which currently stands at $135.7 billion.
Meanwhile, other highly ranked cryptocurrencies like NEO, Ether (ETH) and Ontology (ONT) have gained between 2 to 10 percent value on a 24-hour basis, according to CoinMarketCap.
Eyes are now firmly set on bitcoin’s new target along the $12,0000 psychological price tag, last seen 17 months ago on Jan 28, 2018, signalling a very strong upward toward its all-time high near $20,000.
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 8,908.83.
The projected upper bound is: 13,955.49.
The projected lower bound is: 11,766.20.
The projected closing price is: 12,860.84.
A big white candle occurred. This is generally considered bullish, as prices closed significantly higher than they opened. If the candle appears when prices are “low,” it may be the first sign of a bottom. If it occurs when prices are rebounding off of a support area (e.g., a moving average, trendline, or retracement level), the long white candle adds credibility to the support. Similarly, if the candle appears during a breakout above a resistance area, the long white candle adds credibility to the breakout.
During the past 10 bars, there have been 9 white candles and 1 black candles for a net of 8 white candles. During the past 50 bars, there have been 35 white candles and 15 black candles for a net of 20 white candles.
Three white candles occurred in the last three days. Although these candles were not big enough to create three white soldiers, the steady upward pattern is bullish.
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 87.9436. This is an overbought reading. However, a signal is not generated until the Oscillator crosses below 80 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 85.81. This is where it usually tops. The RSI usually forms tops and bottoms before the underlying security. A buy or sell signal is generated when the RSI moves out of an overbought/oversold area. The last signal was a sell 8 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 170.This is an overbought reading. However, a signal isn’t generated until the indicator crosses below 100. The last signal was a buy 19 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 11 period(s) ago.
Rex Takasugi – TD Profile
FOREX BTC= closed up 1,363.850 at 12,723.260. Volume was 47% below average (neutral) and Bollinger Bands were 186% wider than normal.
Open High Low Close Volume___
Short Term: Overbought
Intermediate Term: Bullish
Long Term: Bullish
Moving Averages: 10-period 50-period 200-period
Close: 10,374.26 8,390.78 5,181.22
Volatility: 73 80 69
Volume: 85,522 89,900 77,950
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 145.6% 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 very strong flows of volume into BTC= (bullish). Our trend forecasting oscillators are currently bullish on BTC= and have had this outlook for the last 7 periods. Our momentum oscillator is currently indicating that BTC= is currently in an overbought condition.