Bitcoin: BTC/USD (BTC=X) HEFFX Technicals and Outlook

Bitcoin: BTC/USD (BTC=X) HEFFX Technicals and Outlook

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

Bitcoin
Ticker: BTC=
Price: $10893.00

Bitcoin Outlook

  • The bellwether cryptocurrency’s previous record 62-day streak above $10,000 lasted from Dec. 1, 2017, through Jan. 31, 2018, when bitcoin reached its all-time high of just above $19,900 on Coinbase after soaring nearly 100% in 2 weeks.
  • Bitcoin’s latest prolonged period above the major five-digit mark, however, has been relatively quiet, mostly staying in a fairly small range between $10,000 and $12,500.
  • According to Coin Metrics, 180-day returns volatility for the leading cryptocurrency has plummeted 41% so far in September.

Technical Indicators

Overall, the bias in prices is: Upwards.

The projected upper bound is: 11,740.07.

The projected lower bound is: 10,096.35.

The projected closing price is: 10,918.21.

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 88.7745. This is an overbought reading. However, a signal is not generated until the Oscillator crosses below 80 The last signal was a buy 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 53.49. 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 52 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 46. This is not a topping or bottoming area. The last signal was a sell 8 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 2 period(s) ago.

Rex Takasugi – TD Profile

FOREX BTC= closed up 207.770 at 10,930.500. Volume was 75% below average (consolidating) and Bollinger Bands were 33% narrower than normal.

Open         High          Low          Close      Volume
10,723.560   10,957.710    10,695.370   10,930.500 172,867
Technical Outlook
Short Term:        Neutral
Intermediate Term: Bullish
Long Term:         Bullish
Moving Averages: 10-period     50-period     200-period
Close:           10,692.90     11,095.57     9,292.51
Volatility:      43            47            71
Volume:          453,922       744,099       592,866

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 17.6% above its 200-period moving average and is in an upward trend. Volatility is extremely low when compared to the average volatility over the last 10 periods. There is a good possibility that there will be an increase in volatility along with sharp price fluctuations in the near future.

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 1 periods.

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