Bitcoin: USD/BTC (BTC=X) reaching its highest level in 13 months
Bitcoin’s stunning spring continues: It soared past $9,300 Monday, reaching its highest level in 13 months.
The cryptocurrency has risen 148% in 2019.
Many investors are betting on more growth ahead. As JPMorgan (JPM), Fidelity and the New York Stock Exchange get into the cryptocurrency business, investors have grown to trust bitcoin more as an asset for growth in their portfolios, says Kirill Bensonoff, CEO of OpenLTV, a platform which offers cryptocurrency and fiat loans for real estate debt.
But as the price continues to rise, “we may see more corrections ahead,” Bensonoff said.
Some bitcoin watchers anticipate the price could exceed $13,500 this year — eventually hitting an all-time high of $30,000 this year, bets Jehan Chu, co-founder and managing partner at Kenetic, a blockchain platform.
Chu owns bitcoin and has repeatedly told media he anticipates bitcoin will rise to $30,000 in between steep rises and valleys. He said that low supply and increased demand, plus potential investment from established companies like Google and Apple, will fuel a price upswing.
But others remain skeptical bitcoin’s growth will last, especially after its stunning rise to just under $20,000 and its subsequent plummet.
Overall, the bias in prices is: Upwards.
Note: this chart shows extraordinary price action to the upside.
The projected upper bound is: 10,228.09.
The projected lower bound is: 8,497.50.
The projected closing price is: 9,362.79.
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 33 white candles and 17 black candles for a net of 16 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 83.3404. This is an overbought reading. However, a signal is not generated until the Oscillator crosses below 80 The last signal was a buy 11 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 72.15. 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 19 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 149.This is an overbought reading. However, a signal isn’t generated until the indicator crosses below 100. The last signal was a buy 11 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 3 period(s) ago.
Rex Takasugi – TD Profile
FOREX BTC= closed up 11.830 at 9,279.800. Volume was 73% below average (consolidating) and Bollinger Bands were 25% 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: 8,478.13 7,578.45 4,905.40
Volatility: 33 72 68
Volume: 76,087 84,270 78,338
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 89.2% above its 200-period moving average and is in an upward trend. Volatility is low as compared to the average volatility over the last 10 periods. Our volume indicators reflect moderate flows of volume into BTC= (mildly bullish). Our trend forecasting oscillators are currently bullish on BTC= and have had this outlook for the last 0 periods. Our momentum oscillator is currently indicating that BTC= is currently in an overbought condition.