- Bitcoin fell by over 7% over the period, the biggest monthly percentage decline since March.
- Back in March, prices fell by nearly 25% as the coronavirus-induced crash in the global equity markets triggered a global dash for cash, sending the dollar higher.
- Bitcoin’s latest monthly decline is again accompanied by an uptick in the greenback.
- The Dollar Index (DXY), which tracks the greenback’s value against majors, gained nearly 1.8% in September – the first monthly rise since March.
- Bitcoin has moved largely in the opposite direction to the DXY since the coronavirus crisis slammed markets in March.
Overall, the bias in prices is: Sideways.
Note: this chart shows extraordinary price action to the downside.
By the way, prices are vulnerable to a correction towards 10,580.87.
The projected upper bound is: 11,338.21.
The projected lower bound is: 9,844.26.
The projected closing price is: 10,591.24.
A black body occurred (because prices closed lower than they opened).
During the past 10 bars, there have been 4 white candles and 6 black candles for a net of 2 black candles. During the past 50 bars, there have been 27 white candles and 23 black candles for a net of 4 white candles.
Three black candles occurred in the last three days. Although these candles were not big enough to create three black crows, the steady downward pattern is bearish.
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 34.4590. This is not an overbought or oversold reading. The last signal was a sell 3 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 46.79. 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 56 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 -37. This is not a topping or bottoming area. The last signal was a sell 12 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 6 period(s) ago.
Rex Takasugi – TD Profile
FOREX BTC= closed up 8.950 at 10,611.200. Volume was 96% below average (consolidating) and Bollinger Bands were 46% narrower than normal.
Open High Low Close Volume 10,611.250 10,653.000 10,573.050 10,611.200 29,330
Technical Outlook Short Term: Neutral Intermediate Term: Bullish Long Term: Bullish
Moving Averages: 10-period 50-period 200-period Close: 10,656.93 11,022.90 9,397.80 Volatility: 33 43 64 Volume: 414,187 681,210 587,526
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 12.9% 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 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 5 periods.