Bitcoin: USD/BTC (BTC=X) trading volume on exchanges grew 61 percent in Q1 compared to previous quarter

Bitcoin: USD/BTC (BTC=X) trading volume on exchanges grew 61 percent in Q1 compared to previous quarter

Bitcoin trading volumes across The Block 22 exchanges saw a significant uptick during the first quarter of 2020.

The volumes reached over $154 billion in the quarter – a 61% increase over the previous quarter figure of $96 billion, according to research conducted by The Block’s Steven Zheng.

The quarterly average price of bitcoin, however, increased only about 4% on a quarter-on-quarter basis.

Despite an increase in trading volumes, the value transacted on the bitcoin network saw a relatively minor rise of 11% in Q1 2020 when compared to the previous quarter. During the first quarter, users transacted over $178 billion in BTC, at an average of $1.98 billion a day.

Technical Indicators

Overall, the bias in prices is: Downwards.

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

The projected upper bound is: 8,348.26.

The projected lower bound is: 5,609.45.

The projected closing price is: 6,978.85.

Candlesticks

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 18 white candles and 32 black candles for a net of 14 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 62.8447. This is not an overbought or oversold reading. The last signal was a buy 24 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 53.38. 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 18 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 102.This is an overbought reading. However, a signal isn’t generated until the indicator crosses below 100. The last signal was a sell 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 buy 16 period(s) ago.

Rex Takasugi – TD Profile

FOREX BTC= closed up 271.680 at 7,031.290. Volume was 45% below average (neutral) and Bollinger Bands were 37% narrower than normal.

Open     High      Low     Close     Volume___
6,802.7507,046.9506,720.5007,031.290 211,307
Technical Outlook 
Short Term: Neutral
Intermediate Term: Bullish
Long Term: Bearish
Moving Averages: 10-period     50-period     200-period
Close: 6,556.31 7,550.94 8,127.78
Volatility: 84 133 83
Volume: 1,113,130 569,836 219,881

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 13.5% below its 200-period moving average and is in an upward trend. Volatility is extremely low when compared to the average volatility over the last 10 periods. There is a good possibility that there will be an increase in volatility along with sharp price fluctuations in the near future. 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 4 periods.

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