Bitcoin: BTC/USD (BTC=X) Indicators Call For A Correction

Bitcoin: BTC/USD (BTC=X) Indicators Call For A Correction

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

Bitcoin
Ticker: BTC=
Price: $13184.51

Bitcoin Outlook

According to on-chain data from the analysts at Whalemap, $13,000 has become a support level for the price of Bitcoin (BTC). Whale clusters indicate that whales — or large BTC holders — are continuously accumulating.

Whale clusters form when a large number of BTC are transferred to a new address and the BTC is unspent. This indicates that whales either bought or transferred their BTC to other whales, signifying buyer demand.

A large whale cluster has emerged at the $13,000 level, which could turn into a key support level.

The origins of BTC that was spent during that time is shown in the ‘Map of spent bitcoins’ chart (red bubbles). SOPR for the 01:00 UTC time on 23 October does not go too high though which is quite surprising. In terms of macro levels, volume profile shows them pretty well where the levels shown also coincide with what a technical trader would consider valid S/R as well.

Technical Indicators

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 11,607.31.

The projected upper bound is: 14,052.88.

The projected lower bound is: 12,515.21.

The projected closing price is: 13,284.04.

Candlesticks

A black body occurred (because prices closed lower 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 29 white candles and 21 black candles for a net of 8 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 62.6700. 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 68.02. This is not a topping or bottoming area. However, the RSI just crossed below 70 from a topping formation. This is a bearish sign. A buy or sell signal is generated when the RSI moves out of an overbought/oversold area. The last signal was a sell 0 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 83. This is not a topping or bottoming area. The last signal was a sell 0 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 21 period(s) ago.

Rex Takasugi – TD Profile

FOREX BTC= closed down -393.170 at 13,220.000. Volume was 29% below average (neutral) and Bollinger Bands were 84% wider than normal.

Open High Low Close Volume___
13,615.91013,863.66012,870.68013,220.000 459,861
Technical Outlook
Short Term: Overbought
Intermediate Term: Bullish
Long Term: Bullish
Moving Averages: 10-period 50-period 200-period
Close: 12,848.90 11,225.56 10,077.50
Volatility: 57 42 54
Volume: 341,226 471,183 541,767

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 31.2% 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 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 31 periods.

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