Launched nearly 12 years ago, Bitcoin (BTC) is known for its often volatile market cycles. Though some feel that Bitcoin’s position as a store of value keeps these cycles fairly consistent.
The only consistent thing about Bitcoin and crypto markets is a large degree of uncertainty. We’re witnessing, in real-time, the birth of an industry, the birth of a new monetary system, and the birth of a new peer-to-peer economy; creating a new world is messy business.
Bitcoin is decentralized, borderless, and untied to any government. Holders can send and receive it quickly, as well as pseudonymously. It also touts a finite maximum supply, listed publicly. Based on its code, the coin automatically decreases the amount of new Bitcoin entering the ecosystem every four years until the full supply has hit circulation.
Bull cycles, for Bitcoin as well as other assets, can also play out as a result of other drivers, such as technological developments or popularity.
Speaking of popularity, Bitcoin has surfed many headlines in recent days as it recently traded within spitting distance of its all-time high.
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 15,643.05.
The projected upper bound is: 18,727.33.
The projected lower bound is: 16,012.24.
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 34 white candles and 16 black candles for a net of 18 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 37.1329. 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 56.66. 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 1 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 -42. This is not a topping or bottoming area. The last signal was a sell 5 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 1 period(s) ago.
Rex Takasugi – TD Profile
FOREX BTC= closed up 184.789 at 17,242.920. Volume was 77% below average (consolidating) and Bollinger Bands were 87% wider than normal.
Open High Low Close Volume 17,047.311 17,476.990 16,955.000 17,242.920 141,957
Technical Outlook Short Term: Neutral Intermediate Term: Bullish Long Term: Bullish
Moving Averages: 10-period 50-period 200-period Close: 18,201.16 14,534.94 11,295.43 Volatility: 68 57 48 Volume: 718,754 586,757 594,342
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 52.7% above its 200-period moving average and is in an upward trend. Volatility is extremely high when compared to the average volatility over the last 10 periods. There is a good possibility that volatility will decrease and prices will stabilize in the near term.
Our volume indicators reflect moderate flows of volume into BTC= (mildly bullish). Our trend forecasting oscillators are currently bullish on BTC= and have had this outlook for the last 61 periods.
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