Bitcoin: USD/BTC (BTC=X) seems to be pulling up from its recent dive

Bitcoin: USD/BTC (BTC=X) seems to be pulling up from its recent dive

The 61.8% level seems closest to the wedge resistance around the $9,756 level and the 100 SMA dynamic inflection point. The 50% Fib is closer to the former support around $9,500 while the 38.2% level is near the $9,000 mark.

The 100 SMA is above the 200 SMA for now, which suggests that the path of least resistance is to the upside or that support is more likely to hold than to break. However, the gap between the two is narrowing to reflect weakening bullish momentum.

RSI is turning up from the oversold region, indicating that buyers are ready to take over while sellers take a break. Stochastic is also starting to pull up after hanging around the oversold region for quite some time.

Technical Indicators

Overall, the bias in prices is: Downwards.

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

By the way, prices are vulnerable to a correction towards 9,365.40.

The projected upper bound is: 9,042.58.

The projected lower bound is: 7,275.77.

The projected closing price is: 8,159.17.

Candlesticks

A black body occurred (because prices closed lower than they opened).
During the past 10 bars, there have been 3 white candles and 7 black candles for a net of 4 black candles. During the past 50 bars, there have been 23 white candles and 27 black candles for a net of 4 black candles.

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 66.6974. This is not an overbought or oversold reading. The last signal was a buy 2 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 30.15. 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 buy 1 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 -52. This is not a topping or bottoming area. The last signal was a buy 3 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 12 period(s) ago.

Rex Takasugi – TD Profile

FOREX BTC= closed down -171.260 at 8,212.240. Volume was 62% below average (consolidating) and Bollinger Bands were 56% wider than normal.

Open     High      Low     Close     Volume___
8,366.8908,434.7008,170.0208,212.240 32,699
Technical Outlook 
Short Term: Neutral
Intermediate Term: Bearish
Long Term: Bearish
Moving Averages: 10-period     50-period     200-period
Close: 8,406.24 9,846.39 8,444.77
Volatility: 82 58 80
Volume: 86,478 80,691 84,385

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 2.8% below its 200-period moving average and is in an downward trend. Volatility is Our volume indicators reflect volume flowing into and out of BTC= at a relatively equal pace (neutral). Our trend forecasting oscillators are currently bearish on BTC= and have had this outlook for the last 8 periods.

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