Bitcoin (BTC) More Valuable Than Gold?

Bitcoin (BTC) More Valuable Than Gold?

Bitcoin (BTC) All Time High

Highlights:

  • Two days after breaching $1,700, Bitcoin continued its surge, trading through $1,800
  • Coinify Deal Adds 3000 Merchants to Bitcoin Network
  • Chinese Bitcoin Exchanges May Resume BTC Withdrawals
  • Bitcoin Gets a Tax Cut in Australia’s 2017 Budget
  • Japanese E-Giant Will Launch GMO-Z Bitcoin Exchange In Two Weeks.
  • 1000 Ghs = $ 0.79

Overall, the bias in prices is: Upwards.

Short term: Prices are moving.

Intermediate term: Prices are trending.

Note: this chart shows extraordinary price action to the upside.

By the way, prices are vulnerable to a correction towards 1,383.36.

The projected upper bound is: 2,000.49.

The projected lower bound is: 1,720.37.

The projected closing price is: 1,860.43.

NYSE BitcoinIndx closed up 64.270 at 1,845.970. Volume was -0% below average (neutral) and Bollinger Bands were 136% wider than normal.

Open              High             Low                Close                Volume
1,845.970     1,845.970     1,845.970     1,845.970          0

Technical Outlook
Short Term:               Overbought
Intermediate Term: Bullish
Long Term:                Bullish

Moving Averages: 10-period      50-period      200-period
Close:                       1,581.55        1,252.04         864.41
Volatility:                61                   72                    59
Volume:                  0                     0                      0

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
NYSE BitcoinIndx gapped up today (bullish) on normal volume. Possibility of a Runaway Gap which usually signifies a continuation of the trend. Four types of price gaps exist – Common, Breakaway, Runaway, and Exhaustion. Gaps acts as support/resistance.

NYSE BitcoinIndx is currently 113.6% above its 200-period moving average and is in an upward trend. Volatility is Our volume indicators reflect very strong flows of volume into .NYXBT (bullish). Our trend forecasting oscillators are currently bullish on .NYXBT and have had this outlook for the last 17 periods. Our momentum oscillator is currently indicating that .NYXBT is currently in an overbought condition.

HEFFX Momentum
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 100.0000. This is an overbought reading. However, a signal is not generated until the Oscillator crosses below 80 The last signal was a sell 17 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 89.02. 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 42 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 141.This is an overbought reading. However, a signal isn’t generated until the indicator crosses below 100. The last signal was a sell 18 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.

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John Heffernan

John Heffernan is a Junior Analyst at HEFFX. John is studying Economics and is a contributor on equities at Live Trading News.

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