Bitcoin: USD/BTC (BTC=X) Sees Minor Uptick
Bitcoin (BTC) price climbed back above the $10,000 mark again while the top 20 are seeing mostly red on Aug. 1.
Bitcoin price is currently up by 1.06% on the day, trading at around $10,034 at press time, according to Coin360. Looking at its weekly chart, the coin is up by about 2.68%.
As Cointelegraph reported earlier today, Raoul Pal, a former head of equities and equities derivatives at Goldman Sachs UK office and the founder of Global Macro Investors and Real Vision Group, believes that Bitcoin is worth betting on in the long term — even if it’s just a 1% chance.
Overall, the bias in prices is: Upwards.
The projected upper bound is: 12,290.66.
The projected lower bound is: 8,578.03.
The projected closing price is: 10,434.35.
A white body occurred (because prices closed higher than they opened).
During the past 10 bars, there have been 5 white candles and 5 black candles. During the past 50 bars, there have been 32 white candles and 18 black candles for a net of 14 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 74.4691. This is not an overbought or oversold reading. The last signal was a buy 18 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 51.92. 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 35 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 41. This is not a topping or bottoming area. The last signal was a buy 2 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 360.290 at 10,388.970. Volume was 14% below average (neutral) and Bollinger Bands were 30% narrower than normal.
Open High Low Close Volume___
Short Term: Neutral
Intermediate Term: Bearish
Long Term: Bullish
Moving Averages: 10-period 50-period 200-period
Close: 9,793.88 10,497.37 6,447.11
Volatility: 55 106 77
Volume: 82,754 93,184 79,824
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 61.1% above its 200-period moving average and is in an downward trend. Volatility is low as compared to the average volatility over the last 10 periods. Our volume indicators reflect moderate flows of volume out of BTC= (mildly bearish). Our trend forecasting oscillators are currently bearish on BTC= and have had this outlook for the last 16 periods. Our momentum oscillator has set a new 14-period high while the security price has not. This is a bullish divergence.