In mid-March, the currency dropped as low as $4,000, though at the time of writing, the asset’s price has expanded by nearly $15,000. He says:
From the trading perspective, most of the year’s focus has been on yield and structured products. We’ve seen a huge wave of futures products and options products come to market and It’s likely more will follow soon. We have seen some of the ‘edge case’ crypto assets become mainstream as well, and this should continue in the new year.
2021 really centers around continual improvements in continuity between traditional markets and crypto markets.
A perfect example would be Square’s bitcoin offering or PayPal’s payment via crypto.
There are many such use cases for crypto, and we expect these to expand rapidly in the coming year.
Trading will still be reflective of this adoption curve.
The higher the adoption, the more bullish the overall trading mix will be, which is a bullish base case for the major crypto assets.
Overall, the bias in prices is: Upwards.
Note: this chart shows extraordinary price action to the upside.
The projected upper bound is: 21,296.74.
The projected lower bound is: 17,702.07.
The projected closing price is: 19,499.41.
A black body occurred (because prices closed lower than they opened).
During the past 10 bars, there have been 2 white candles and 8 black candles for a net of 6 black candles. During the past 50 bars, there have been 29 white candles and 21 black candles for a net of 8 white candles.
A spinning top occurred (a spinning top is a candle with a small real body). Spinning tops identify a session in which there is little price action (as defined by the difference between the open and the close). During a rally or near new highs, a spinning top can be a sign that prices are losing momentum and the bulls may be in trouble.
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 92.0642. This is an overbought reading. However, a signal is not generated until the Oscillator crosses below 80 The last signal was a sell 23 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 60.02. 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 20 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 20 period(s) ago.
Rex Takasugi – TD Profile
FOREX BTC= closed down -40.949 at 19,383.990. Volume was 93% below average (consolidating) and Bollinger Bands were 0% narrower than normal.
Open High Low Close Volume 19,435.590 19,498.051 19,263.801 19,383.990 44,270
Technical Outlook Short Term: Overbought Intermediate Term: Bearish Long Term: Bullish
Moving Averages: 10-period 50-period 200-period Close: 18,773.09 17,087.77 12,192.66 Volatility: 51 66 50 Volume: 619,972 742,136 628,911
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 59.0% above its 200-period moving average and is in an downward 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 bearish on BTC= and have had this outlook for the last 5 periods.