Knightsbridge Live Founder Says Bitcoin: BTC/USD (BTC=X) Can Go To $145,000 By Late 2021

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Bitcoin
Ticker: BTC=
Price: $18222.76

Bitcoin Outlook

The Founder of Knightsbridge Live one of Asia’s leading financial services companies with an online FX brokerage has penned a report drawing on similarities between the 1970s gold market and bitcoin.

The whole of bitcoin’s existence has been characterized by major price swings, “exactly the kind of thing that sustains a long-term trend,” said Shayne Heffernan, founder, and CEO of Knightsbridge Live FX market insight product, in his report solely intended for the companies institutional clients.

Heffernan pointed to bitcoin’s weekly chart and used technical analysis (TA) of prior highs and lows to determine a target of $145,000 by October 2021.

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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 15,103.23.

The projected upper bound is: 19,458.11.

The projected lower bound is: 17,298.88.

The projected closing price is: 18,378.49.

Candlesticks

A black body occurred (because prices closed lower than they opened).
During the past 10 bars, there have been 7 white candles and 3 black candles for a net of 4 white candles. During the past 50 bars, there have been 35 white candles and 15 black candles for a net of 20 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 73.1758. 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 76.23. 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 16 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 81. This is not a topping or bottoming area. The last signal was a sell 1 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 47 period(s) ago.

Rex Takasugi – TD Profile

FOREX BTC= closed down -268.559 at 18,224.891. Volume was 48% below average (neutral) and Bollinger Bands were 124% wider than normal.

Open        High        Low         Close      Volume
18,487.131  18,696.529  18,001.000  18,224.891 317,055
Technical Outlook
Short Term:        Overbought
Intermediate Term: Bullish
Long Term:         Bullish
Moving Averages: 10-period     50-period      200-period
Close:           17,635.27     13,945.35      11,118.59
Volatility:      41            49             48
Volume:          698,134       554,159        588,657

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 63.9% 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 57 periods. Our momentum oscillator is currently indicating that BTC= is currently in an overbought condition.

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