The world is no longer “fascinated” by Bitcoin after 2017, one strategist tells Bloomberg as BTC trades within 10% of all-time highs.
Bitcoin (BTC) is setting new records in almost all aspects except USD spot price, says a new digest, which concludes that 2020 is not like the 2017 rally.
In a blog post on Nov. 17, Nic Carter, co-founder of statistics resource CoinMetrics, highlighted nine charts, which as of this week, are higher than ever.
Shayne Heffernan, CEO and Founder of Heffx believes we will see a bitcoin top of $145,000 to $150,000 between September and November 2021.
For 2021, entities from crypto investors to traditional banks have given sky-high price targets, among them, Citibank’s $318,000 punt by year end.
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 14,143.91.
The projected upper bound is: 18,916.36.
The projected lower bound is: 16,812.47.
The projected closing price is: 17,864.41.
A black body occurred (because prices closed lower than they opened).
During the past 10 bars, there have been 8 white candles and 2 black candles for a net of 6 white candles. During the past 50 bars, there have been 33 white candles and 17 black candles for a net of 16 white candles.
A spinning top occurred (a spinning top is a candle with a small real body). Spinning tops identify a session in which there is little price action (as defined by the difference between the open and the close). During a rally or near new highs, a spinning top can be a sign that prices are losing momentum and the bulls may be in trouble.
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 77.2369. 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 79.54. 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 12 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 150.This is an overbought reading. However, a signal isn’t generated until the indicator crosses below 100. The last signal was a sell 5 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 43 period(s) ago.
Rex Takasugi – TD Profile
FOREX BTC= closed down -65.590 at 17,724.160. Volume was 85% below average (consolidating) and Bollinger Bands were 136% wider than normal.
Open High Low Close Volume 17,777.820 17,878.061 17,583.740 17,724.160 88,371
Technical Outlook Short Term: Overbought Intermediate Term: Bullish Long Term: Bullish
Moving Averages: 10-period 50-period 200-period Close: 16,586.60 13,307.21 10,932.35 Volatility: 36 48 50 Volume: 660,018 518,254 581,081
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 62.1% above its 200-period moving average and is in an upward trend. Volatility is high as compared to the average volatility over the last 10 periods.
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 53 periods. Our momentum oscillator is currently indicating that BTC= is currently in an overbought condition.