Incoming Bitcoin: BTC/USD (BTC=X) Breakout

$BTC #Bitcoin #Crypto #Cryptocurrencies #FX #Trading #Markets

Bitcoin
Ticker: BTC=
Price: $13112.12

Bitcoin Outlook

With Bitcoin’s price continuing to hold close to $13,000, one crypto wallet has moved more than $1 billion of the digital asset.

According to on-chain data, a Bitcoin (BTC) wallet holder moved more than 88,857 BTC — worth roughly $1.15 billion — for a fee of only 0.00027847 BTC, or $3.58 at time of publication. The coins were confirmed in block 654,364 on Oct. 26. 

Data from analytics platform CrystalBlockchain appears to show that the user sent the coins from an address labeled as a Xapo Bitcoin wallet. Because Coinbase Custody acquired Xapo’s institutional business in 2019, it is possible that the $1.1 billion in Bitcoin originated from the U.S.-based exchange.

This transaction is the largest movement of any cryptocurrency by fiat value, with the Bitfinex exchange setting the previous record in April. It transferred 161,500 BTC — $1.1 billion at the time — for a fee of only $0.68.

Neither of these transactions were actually the largest amount of Bitcoin to ever be moved. That honor goes to a 550,000 BTC transaction made on November 16, 2011 by the Mt. Gox exchange. Worth $1.32 million at that time, that amount of Bitcoin could be liquidated for more than $7 billion today.

Technical Indicators

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 11,507.32.

The projected upper bound is: 13,890.06.

The projected lower bound is: 12,462.50.

The projected closing price is: 13,176.28.

Candlesticks

A white body occurred (because prices closed higher than they opened).
During the past 10 bars, there have been 6 white candles and 4 black candles for a net of 2 white candles. During the past 50 bars, there have been 29 white candles and 21 black candles for a net of 8 white 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 73.0017. 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 72.50. 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 81 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 79. This is not a topping or bottoming area. The last signal was a sell 2 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 20 period(s) ago.

Rex Takasugi – TD Profile

FOREX BTC= closed up 100.620 at 13,116.980. Volume was 90% below average (consolidating) and Bollinger Bands were 75% wider than normal.

Open        High        Low         Close      Volume
13,025.500  13,136.920  12,984.200  13,116.980 62,854
Technical Outlook
Short Term:        Overbought
Intermediate Term: Bullish
Long Term:         Bullish
Moving Averages: 10-period    50-period    200-period
Close:           12,608.55    11,151.59    10,042.89
Volatility:      49           40           54
Volume:          315,372      484,414      539,667

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 30.6% above its 200-period moving average and is in an upward trend. Volatility is 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 30 periods. Our momentum oscillator is currently indicating that BTC= is currently in an overbought condition.

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