Bitcoin: BTC/USD (BTC=X) Correction Could Pull The Price To The $ 10K Level

Bitcoin: BTC/USD (BTC=X) Correction Could Pull The Price To The $ 10K Level

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

Bitcoin
Ticker: BTC=
Price: $10780.17

Bitcoin Outlook

  • Although Bitcoin managed to rise above the 10,900 level yesterday, it could not exceed the $ 11,000 level, which was determined as a strong resistance zone.
  • The rejection from the resistance zone sparked a bearish reaction and Bitcoin fell below the $ 10,800 support zone.
  • BTC price is currently hovering below the 100-hour simple moving average level of $ 10,750.
  • This time, the support zone for Bitcoin is observed as 10,650 dollars.
  • A bullish trend line is seen in the $ 10,650 support zone for the BTC / USD pair.
  • If a negative break is observed in the trendline support, BTC price may see the $ 10,550 support again.
  • If an upward streak is caught, there may be a selling pressure at $ 10,800.
  • For Bitcoin to perform well in the near future, the barrier to $ 11,000 and a closing above this level is of great importance.

Technical Indicators

Overall, the bias in prices is: Upwards.

By the way, prices are vulnerable to a correction towards 10,582.98.

The projected upper bound is: 11,574.89.

The projected lower bound is: 10,046.16.

The projected closing price is: 10,810.53.

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 30 white candles and 20 black candles for a net of 10 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 72.6639. 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 51.24. 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 54 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 36. This is not a topping or bottoming area. The last signal was a sell 10 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 4 period(s) ago.

Rex Takasugi – TD Profile

FOREX BTC= closed up 64.530 at 10,818.370. Volume was 85% below average (consolidating) and Bollinger Bands were 40% narrower than normal.

Open         High        Low         Close         Volume
10,756.750   10,884.000  10,742.990  10,818.370    107,348
Technical Outlook
Short Term:        Neutral
Intermediate Term: Bullish
Long Term:         Bullish
Moving Averages: 10-period      50-period       200-period
Close:           10,646.20      11,064.60       9,346.49
Volatility:      40             44              70
Volume:          457,986        710,282         590,805

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 15.7% above its 200-period moving average and is in an upward trend. Volatility is low 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 3 periods.

The following two tabs change content below.
HEFFX has become one of Asia’s leading financial services companies with interests in Publishing, Private Equity, Capital Markets, Mining, Retail, Transport and Agriculture that span every continent of the world. Our clearing partners have unprecedented experience in Equities, Options, Forex and Commodities brokering, banking, physical metals dealing, floor brokering and trading.