Bitcoin: USD/BTC (BTC=X) slowly recovers, XRP price slides further down
Bitcoin and the rest of the crypto market saw some positive gains today, with almost every major coin in a better place than where they stood yesterday—but not Ripple’s XRP.
XRP is down nearly 4 percent on the day, according to data from Messari, currently trading for around $0.22 token. Meanwhile, Bitcoin, Ethereum, Bitcoin Cash, and Litecoin have all improved by anywhere between two and four percent today after tanking over the weekend.
Ripple’s XRP is now trading for less than the low it experienced in late September—the last time that the crypto market crashed this hard. At the time, Ripple was trading for between $0.23 and $0.24 per coin. The crash affected the crypto market broadly and saw Bitcoin, for example, fall from around $9,500 per coin to about $8,100, losing roughly $1,400 in just a matter of days.
At the moment, Bitcoin is currently trading for approximately $7,100 per coin, losing $2,000 in value in just the last two weeks—a drop that might make XRP holders feel a bit better about their own losses.
The price of XRP, however, doesn’t reflect much of the positive news as of late regarding the network. Ripple transactions, for example, are at an all-time high, surpassing both Bitcoin and Ethereum—the two largest cryptocurrencies by market cap—over the weekend.
In addition, Coinbase has added XRP spending capabilities to its latest crypto debit card offering, and the network experienced an 80 percent expansion earlier this month.
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 8,341.21.
The projected upper bound is: 8,006.24.
The projected lower bound is: 6,356.33.
The projected closing price is: 7,181.29.
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 16 white candles and 34 black candles for a net of 18 black candles.
A long lower shadow occurred. This is typically a bullish signal (particularly when it occurs near a low price level, at a support level, or when the security is oversold).
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 41.9841. This is not an overbought or oversold reading. The last signal was a sell 27 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 28.58. This is where it usually bottoms. 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 buy 50 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 -86. This is not a topping or bottoming area. The last signal was a buy 0 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 sell 18 period(s) ago.
Rex Takasugi – TD Profile
FOREX BTC= closed down -45.870 at 7,201.530. Volume was 71% below average (consolidating) and Bollinger Bands were 40% wider than normal.
Open High Low Close Volume___
Short Term: Neutral
Intermediate Term: Bearish
Long Term: Bearish
Moving Averages: 10-period 50-period 200-period
Close: 7,662.96 8,457.01 9,398.42
Volatility: 50 64 79
Volume: 71,501 77,141 86,258
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 23.4% below its 200-period moving average and is in an downward trend. Volatility is extremely high when compared to the average volatility over the last 10 periods. There is a good possibility that volatility will decrease and prices will stabilize in the near term. 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 12 periods. Our momentum oscillator is currently indicating that BTC= is currently in an oversold condition.