Wences Casares, CEO of bitcoin wallet Xapo and member of PayPal’s board of directors has made a compelling forecast on bitcoin’s value over the next decade.
The bitcoin entrepreneur and executive was speaking at the Consensus 2017 conference in New York. Taking the stage at a dinner organized by bitcoin and blockchain advocacy group Coin Center, Casares’ speech was quite the hit.
“Put 1% of your net worth in Bitcoin and forget about it for 10 years” Casares added, baiting new investors to adopt the cryptocurrency.
His speech also included a prediction for the cryptocurrency, where one bitcoin would hit $1 million before the next ten years.
Overall, the bias in prices is: Upwards.
Note: this chart shows extraordinary price action to the upside.
The projected upper bound is: 12,785.38.
The projected lower bound is: 11,048.73.
The projected closing price is: 11,917.05.
A black body occurred (because prices closed lower than they opened).
During the past 10 bars, there have been 7 white candles and 3 black candles for a net of 4 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 84.8426. This is an overbought reading. However, a signal is not generated until the Oscillator crosses below 80 The last signal was a buy 8 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 56.75. 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 26 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 129.This is an overbought reading. However, a signal isn’t generated until the indicator crosses below 100. The last signal was a buy 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 24 period(s) ago.
Rex Takasugi – TD Profile
FOREX BTC= closed down -159.550 at 11,865.200. Volume was 57% below average (consolidating) and Bollinger Bands were 22% narrower than normal.
Open High Low Close Volume 12,027.000 12,065.000 11,817.190 11,865.200 268,423
Technical Outlook Short Term: Neutral Intermediate Term: Bearish Long Term: Bullish
Moving Averages: 10-period 50-period 200-period Close: 11,588.68 11,051.37 9,078.92 Volatility: 40 49 83 Volume: 574,459 731,239 539,517
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 30.7% above its 200-period moving average and is in an downward 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 bearish on BTC= and have had this outlook for the last 8 periods.