Bitcoin: BTC/USD (BTC=X) Repeating History?

Bitcoin: BTC/USD (BTC=X) Repeating History?

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

Bitcoin
Ticker: BTC=
Price: $13492.38

Bitcoin Outlook

With the recent influx of mainstream financial players into the blockchain space, how long will it take for corporate allocation of Bitcoin (BTC) to become the norm? 

In 2019, only 10% of U.S. persons held crypto assets, up from 0% before Bitcoin’s launch in early 2009, Estes pointed out. In April 2019, data from Blockchain Capital asserted that Bitcoin holders comprised 11% of the U.S. population. 

It took 10 years for Bitcoin to go from 0–10% adoption. According to S-curve analysis, BTC should reach 90% adoption over the current decade. In light of 15% of U.S. folks holding crypto in 2020. We’re right on track to hit 90% in the year 2029.

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 11,720.25.

The projected upper bound is: 14,317.04.

The projected lower bound is: 12,772.15.

The projected closing price is: 13,544.60.

Candlesticks

A black body occurred (because prices closed lower than they opened).
During the past 10 bars, there have been 5 white candles and 5 black candles. During the past 50 bars, there have been 28 white candles and 22 black candles for a net of 6 white candles.

A spinning top occurred (a spinning top is a candle with a small real body). Spinning tops identify a session in which there is little price action (as defined by the difference between the open and the close). During a rally or near new highs, a spinning top can be a sign that prices are losing momentum and the bulls may be in trouble.

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 57.7793. This is not an overbought or oversold reading. The last signal was a sell 3 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 70.18. 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 2 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 84. This is not a topping or bottoming area. The last signal was a sell 2 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 23 period(s) ago.

Rex Takasugi – TD Profile

FOREX BTC= closed down -3.250 at 13,481.000. Volume was 80% below average (consolidating) and Bollinger Bands were 90% wider than normal.

Open         High        Low          Close      Volume
13,498.460   13,667.760  13,330.930   13,481.000 130,561
Technical Outlook
Short Term:        Overbought
Intermediate Term: Bullish
Long Term:         Bullish
Moving Averages: 10-period     50-period     200-period
Close:           13,179.79     11,353.26     10,142.52
Volatility:      57            42            54
Volume:          344,552       441,661       540,939

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 32.9% 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 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 33 periods. Our momentum oscillator is currently indicating that BTC= is currently in an overbought condition.

The following two tabs change content below.
HEFFX has become one of Asia’s leading financial services companies with interests in Publishing, Private Equity, Capital Markets, Mining, Retail, Transport and Agriculture that span every continent of the world. Our clearing partners have unprecedented experience in Equities, Options, Forex and Commodities brokering, banking, physical metals dealing, floor brokering and trading.