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Bitcoin: BTC/USD (BTC=X) Technical Analysis, Targets Today

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

Bitcoin
Ticker: BTC=
Price: $13114.57

Bitcoin Outlook

2020 may be the year of the Bitcoin. With the cryptocurrency’s price staying above $12,700 3 days in a row and above $11,000 for the past two weeks, Bitcoin seems to be rallying again. However, price theories by Bitcoin maximalists have been making the rounds for the past 10 months now.

While price trends do not necessarily follow a chart or a predicted pattern, many maximalists single-mindedly tend to look at Bitcoin’s price action with a one-track mind.

From charts predicting Bitcoin at $100,000 before the fourth halving to the Winklevoss twins’ prediction of $500,000, crypto-twitter has seen it all. However, here it is important to note that many of these predictions are seemingly based on solid rationale.

Consider this – In the past 2 months, dropping Bitcoin reserves on top exchanges have had a bigger impact on scarcity and price, than any other factor. It is also a key driver of the cyclic nature of Bitcoin’s price as scarcity post every halving drives the price up, thus, making it profitable for miners to continue mining, despite higher operation costs. Though this is common knowledge to almost every trader in the space, what’s on the surface grabs more attention than what lies under the surface.

So yes, 2020 maybe the year of the Bitcoin, and its price might just continue rallying to touch new ATHs soon enough. However, what’s important to note here is that what meets the eye is only the tip of the iceberg!

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 11,418.97.

The projected upper bound is: 13,884.97.

The projected lower bound is: 12,449.85.

The projected closing price is: 13,167.41.

Candlesticks

A white body occurred (because prices closed higher 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 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 83.7499. This is an overbought reading. However, a signal is not generated until the Oscillator crosses below 80 The last signal was a sell 15 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 72.36. 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 80 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 90. This is not a topping or bottoming area. The last signal was a sell 1 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 19 period(s) ago.

Rex Takasugi – TD Profile

FOREX BTC= closed up 161.010 at 13,110.000. Volume was 81% below average (consolidating) and Bollinger Bands were 77% wider than normal.

Open High Low Close Volume___
13,017.00013,142.80012,939.61013,110.000 122,361
Technical Outlook
Short Term: Overbought
Intermediate Term: Bullish
Long Term: Bullish
Moving Averages: 10-period 50-period 200-period
Close: 12,441.98 11,094.16 10,012.36
Volatility: 49 40 55
Volume: 332,887 513,915 539,735

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 30.9% above its 200-period moving average and is in an upward trend. Volatility is 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 29 periods. Our momentum oscillator is currently indicating that BTC= is currently in an overbought condition.

HEFFXhttp://www.heffx.com
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.

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