Bitcoin Bullish Longterm Outlook

Bitcoin Bullish Longterm Outlook

NYSE Bitcoin Index closed up 170.489 at 13,906.778. Volume was -0% below average (neutral) and Bollinger Bands were 35% wider than normal.

Open High Low Close Volume___
13,906.77813,906.77813,906.77813,906.778 0

Technical Outlook
Short Term: Oversold
Intermediate Term: Bearish
Long Term: Bullish

Moving Averages: 10-period 50-period 200-period
Close: 14,306.55 12,329.30 5,481.24
Volatility: 122 166 122
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 Bitcoin Index 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 Bitcoin Index is currently 153.7% above its 200-period moving average and is in an downward 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 .NYXBT (bullish). Our trend forecasting oscillators are currently bearish on .NYXBT and have had this outlook for the last 6 periods.

Candlesticks

During the past 10 bars, there have been 0 white candles and 0 black candles. During the past 50 bars, there have been 0 white candles and 0 black candles.

A gravestone doji occurred. This often signifies a top (the longer the upper shadow, the more bearish the signal).

A rising window occurred (where the top of the previous shadow is below the bottom of the current shadow). This usually implies a continuation of a bullish trend. There have been 29 rising windows in the last 50 candles–this makes the current rising window even more bullish.

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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 3.1530. This is an oversold reading. However, a signal is not generated until the Oscillator crosses above 20 The last signal was a sell 4 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 49.36. 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 16 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 -64. This is not a topping or bottoming area. The last signal was a buy 8 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 sell 16 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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