The price of Bitcoin continued on an upward path Thursday, increasing in value by $1,472.28, or more than 10% in a single day and reaching a high of $15,755.52.
The price of the crypto token has been rallying for several weeks, increasing by more than 30% in value in the past month, and more than doubling in value since the year began.
Some investors and speculators believe that cryptocurrency can provide a shelter from inflation as governments around the world are flooding their citizens with coronavirus stimulus cash, experts said Thursday.
Bitcoin will probably see a pullback after the stimulus checks.
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 12,355.22.
The projected upper bound is: 16,631.05.
The projected lower bound is: 14,800.27.
The projected closing price is: 15,715.66.
A white body occurred (because prices closed higher than they opened).
During the past 10 bars, there have been 8 white candles and 2 black candles for a net of 6 white candles. During the past 50 bars, there have been 30 white candles and 20 black candles for a net of 10 white candles.
Three white candles occurred in the last three days. Although these candles were not big enough to create three white soldiers, the steady upward pattern is bullish.
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 88.6647. This is an overbought reading. However, a signal is not generated until the Oscillator crosses below 80 The last signal was a sell 10 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 82.35. This is where it usually tops. The RSI usually forms tops and bottoms before the underlying security. A buy or sell signal is generated when the RSI moves out of an overbought/oversold area. The last signal was a sell 5 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 259.This is an overbought reading. However, a signal isn’t generated until the indicator crosses below 100. 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 buy 30 period(s) ago.
Rex Takasugi – TD Profile
FOREX BTC= closed up 376.880 at 15,622.000. Volume was 57% below average (consolidating) and Bollinger Bands were 112% wider than normal.
Open High Low Close Volume 15,245.120 15,976.810 15,175.000 15,622.000 266,010
Technical Outlook Short Term: Overbought Intermediate Term: Bullish Long Term: Bullish
Moving Averages: 10-period 50-period 200-period Close: 14,003.51 11,859.99 10,396.99 Volatility: 55 46 54 Volume: 559,215 437,603 551,801
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 50.3% above its 200-period moving average and is in an upward trend. Volatility is high as compared to the average volatility over the last 10 periods.
Our volume indicators reflect very strong flows of volume into BTC= (bullish). Our trend forecasting oscillators are currently bullish on BTC= and have had this outlook for the last 40 periods. Our momentum oscillator is currently indicating that BTC= is currently in an overbought condition.