For the past two days, Bitcoin price has traded within the $14,800 to $15,500 range but the top-digital asset struggled to flip $15,500 to support.
A positive is BTC continues to make higher lows and at the time of writing the price is trying to break from the range but still encountering resistance at $15,500.
Bitcoin Price Technical Analysis
What the bulls are looking for is a rotation through last week’s high near $15,969.
Above that and the two-times range extension is in play at $17,151, followed by the 2017 all-time high between $19,666 and $19,891, depending on which data one is using.
Regardless, bulls will be looking for $20,000 or higher should bitcoin get through $17,150.
Now, bitcoin is hitting its highest level in years and more and more investors are looking at it as something to own. Can it make new all-time highs?
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 12,843.87.
The projected upper bound is: 16,469.46.
The projected lower bound is: 14,496.51.
The projected closing price is: 15,482.99.
A black body occurred (because prices closed lower 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 30 white candles and 20 black candles for a net of 10 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 66.4363. This is not an overbought or oversold reading. The last signal was a sell 4 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 70.74. 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 4 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 74. This is not a topping or bottoming area. The last signal was a sell 1 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 35 period(s) ago.
Rex Takasugi – TD Profile
FOREX BTC= closed down -13.091 at 15,385.600. Volume was 48% below average (neutral) and Bollinger Bands were 100% wider than normal.
Open High Low Close Volume 15,389.500 15,515.880 15,258.000 15,385.600 312,887
Technical Outlook Short Term: Overbought Intermediate Term: Bullish Long Term: Bullish
Moving Averages: 10-period 50-period 200-period Close: 14,873.88 12,312.69 10,596.36 Volatility: 64 48 55 Volume: 831,185 482,401 569,200
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 45.2% 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 volume flowing into and out of BTC= at a relatively equal pace (neutral). Our trend forecasting oscillators are currently bullish on BTC= and have had this outlook for the last 45 periods. Our momentum oscillator is currently indicating that BTC= is currently in an overbought condition.