Shayne Heffernan, CEO and Founder of Heffx and Knightsbridge Live, said with Bitcoin’s recent ascent, there are now only two resistances left for it to break — $14,000 and the old all-time high of around $20,000.
The $14,000 level was the weekly resistance Bitcoin tried but failed to break last year. It was also the actual monthly close of Bitcoin in 2017; $20,000 was the level that Bitcoin tried to break in 2017. It peaked at around $19,700 at the time.
The weekly and monthly charts now suggest there is further room for Bitcoin to increase and will see a top of $145,000 to $150,000 between September and November 2021.
The relative strength indicator (RSI) was already at 80 when Bitcoin tried to break $14,000 last year. An RSI of 80 suggests extreme overbought levels. At the time of this writing, Bitcoin is at $13,800 but RSI is at 71, which is already in overbought territory but there is still room for an increase.
In the monthly chart, when Bitcoin closed at $14,000 in 2017, the RSI was at 97, suggesting extreme overbought levels. The RSI is now at 69, suggesting a further chance of an increase.
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 11,882.52.
The projected upper bound is: 14,194.09.
The projected lower bound is: 12,652.17.
The projected closing price is: 13,423.13
A black body occurred (because prices closed lower 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 28 white candles and 22 black candles for a net of 6 white candles.
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 49.7047. This is not an overbought or oversold reading. The last signal was a sell 7 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 63.11. 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 sell 2 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 47. This is not a topping or bottoming area. The last signal was a sell 2 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 sell 0 period(s) ago.
Rex Takasugi – TD Profile
FOREX BTC= closed down -248.340 at 13,369.660. Volume was 69% below average (consolidating) and Bollinger Bands were 86% wider than normal.
Open High Low Close Volume___
Short Term: Neutral
Intermediate Term: Bullish
Long Term: Bullish
Moving Averages: 10-period 50-period 200-period
Close: 13,436.73 11,611.19 10,276.92
Volatility: 40 41 54
Volume: 415,538 428,111 544,610
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 30.1% above its 200-period moving average and is in an upward trend. Volatility is relatively normal 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 37 periods. our momentum oscillator has set a new 14-period low while the security price has not. This is a bearish divergence.