A report from the Wall Street Journal yesterday showed that US presidential candidate Joe Biden is considering tapping Gary Gensler, the former chairman of the Commodity Futures Trading Commision under Obama, to advise on tackling Wall Street oversight. WSJ cites people familiar with the matter.
Gensler taught a course at MIT about how Bitcoin and blockchain could be used in finance. He also penned an op-ed for Coindesk last December, in which he called Bitcoin a “catalyst for change,” despite its being prone to scams and manipulation.
Though Biden may hire Gensler to rein in Wall Street, Gensler is very much of that world—he spent nearly 20 years at Goldman Sachs in the 80s and 90s before joining the Clinton administration as Assistant Secretary of the Treasury.
Senator Bernie Sanders tried to block his appointment to chairman of the Commodity Futures Trading Commision in 2009 due (at least in part) to his Wall Street links. Gensler also served as the chief financial officer for Hillary Clinton’s 2016 presidential campaign.
Biden’s team still hasn’t clarified how a potential administration would feel about cryptocurrencies, but the involvement of a crypto-minded advisor isn’t the worst sign.
Overall, the bias in prices is: Upwards.
Note: this chart shows extraordinary price action to the upside.
By the way, prices are vulnerable to a correction towards 12,651.32.
The projected upper bound is: 16,094.69.
The projected lower bound is: 14,210.71.
The projected closing price is: 15,152.70.
A white body occurred (because prices closed higher than they opened).
During the past 10 bars, there have been 9 white candles and 1 black candles for a net of 8 white candles. During the past 50 bars, there have been 31 white candles and 19 black candles for a net of 12 white candles.
A falling window occurred (where the bottom of the previous shadow is above the top of the current shadow). This usually implies a continuation of a bearish trend.
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 78.1243. This is not an overbought or oversold reading. The last signal was a sell 0 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 72.23. 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 7 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 91. This is not a topping or bottoming area. The last signal was a sell 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 buy 32 period(s) ago.
Rex Takasugi – TD Profile
FOREX BTC= closed down -488.250 at 15,073.000. Volume was 68% below average (consolidating) and Bollinger Bands were 101% wider than normal.
Open High Low Close Volume 14,837.590 15,140.030 14,664.830 15,073.000 193,996
Technical Outlook Short Term: Overbought Intermediate Term: Bullish Long Term: Bullish
Moving Averages: 10-period 50-period 200-period Close: 14,391.95 12,031.95 10,479.81 Volatility: 55 47 54 Volume: 656,312 455,239 558,612
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= gapped down today (bearish) on light volume. Possibility of a Common Gap which usually coincides with a lack of interest in the security. Common Gaps are fairly irrelevent for forecasting purposes. Four types of price gaps exist – Common, Breakaway, Runaway, and Exhaustion. Gaps acts as support/resistance.
FOREX BTC= is currently 43.8% above its 200-period moving average and is in an upward 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 very strong flows of volume into BTC= (bullish). Our trend forecasting oscillators are currently bullish on BTC= and have had this outlook for the last 42 periods. Our momentum oscillator is currently indicating that BTC= is currently in an overbought condition.