Bitcoin: BTC/USD (BTC=X) A Good Store of Value

Bitcoin: BTC/USD (BTC=X) A Good Store of Value

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

Bitcoin
Ticker: BTC=
Price: $16080.82

Bitcoin Outlook

Cynthia Lummis, the newly-elected U.S. senator for the state of Wyoming, spoke about Bitcoin on live TV during an interview with ABC News.

The 66-year conservative Republican, who was endorsed byPresident Donald Trump, was declared the winner of the U.S. Senate race in Wyoming on November 3, thereby becoming Wyoming’s first female senator-elect. Interestingly, one of the nicknames for Wyoming is “the Equality State” (because, according to Lummis, it was “the first state to grant women continuously the right to vote”).

Lummisserved as a member of the U.S. House of Representatives between 3 January 3 2009 and 3 January 2017. And prior to that, for eight years, she served as the 27th Treasurer of Wyoming.

On Friday, Lummis was interviewed on ABC News show “Good Morning America” (GMA).

During this interview, one of the GMA co-anchors told Lummis that because the first Bitcoiner to join the U.S. Senate, some people believe that she “should be an advocate for this type of currency” while there are “other people who are raising some concerns that this could be a front for money laundering or for some sort of tax evasion”, and then went on to ask Lummis whether she plans to bring Bitcoin into the “national conversation”.

Lumis replied:

“I do hope to bring Bitcoin into the national conversation.

“I’m a former state treasurer and I invested our state’s permanent funds; so I was always looking for a good store of value, and Bitcoin fits that bill.

“Our own currency inflates. Bitcoin does not. It’s 21 million bitcoin will be mined and that’s it. It is a finite supply.

“So, I have confidence that this is going to be an important player in stores of value for a long time to come.”

Lummis also talked about why she first bought Bitcoin and why she is a Bitcoin HODLer:

“I bought my first bitcoin in 2013 because I believe in the economic power of scarcity and the potential for bitcoin to address some of the manipulations in our financial system … Now I am a hodler and I hodl because like gold I want to preserve the relative value of my labor over time.”

More recently, on November 10, Lummis explained in a tweet why she is excited about Bitcoin:

This is how Wall Street veteran Caitlin Long, the founder and CEO of Wyoming-based Avanti Bank and Trust, who is one of the strongest advocates for crypto, congratulated Lummis on November 4:

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 13,373.70.

The projected upper bound is: 17,202.71.

The projected lower bound is: 15,199.65.

The projected closing price is: 16,201.18.

Candlesticks

A white body occurred (because prices closed higher 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 32 white candles and 18 black candles for a net of 14 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 70.6130. This is not an overbought or oversold reading. The last signal was a sell 1 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 69.56. This is not a topping or bottoming area. However, the RSI just crossed below 70 from a topping formation. This is a bearish sign. A buy or sell signal is generated when the RSI moves out of an overbought/oversold area. The last signal was a sell 0 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 66. 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 40 period(s) ago.

Rex Takasugi – TD Profile

FOREX BTC= closed down -210.540 at 16,093.760. Volume was 46% below average (neutral) and Bollinger Bands were 109% wider than normal.

Open         High        Low         Close       Volume
15,897.420   16,100.750  15,786.460  16,093.760  315,379
Technical Outlook
Short Term:        Overbought
Intermediate Term: Bullish
Long Term:         Bullish
Moving Averages: 10-period      50-period        200-period
Close:           15,787.86      12,878.63        10,798.74
Volatility:      49             47               51
Volume:          758,001        506,094          577,215

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 49.0% 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 50 periods.

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