Bitcoin: USD/BTC (BTC=X) $4,000 acts as its new cushion
The cryptocurrency market’s roller-coaster ride in 2019 has been ongoing with several coins seeing ups and down on the price charts. Popular cryptocurrencies like Bitcoin [BTC], Ethereum [ETH] and XRP witnessed stagnated price holds in a scenario where Ethereum overtook XRP to become the second-largest cryptocurrency. Bitcoin, at the moment, is still holding above the $4,000-mark.
Bitcoin’s one-day graph paints a picture of a cryptocurrency trying to get out of its bearish drudge. The downtrend that occurred in November was significant, bringing the price down from $6,475 to $4,166.4. The immediate support on the long-term graph is a $3,270.
Overall, the bias in prices is: Downwards.
Note: this chart shows extraordinary price action to the upside.
The projected upper bound is: 4,526.79.
The projected lower bound is: 3,499.90.
The projected closing price is: 4,013.35.
A white body occurred (because prices closed higher than they opened).
During the past 10 bars, there have been 6 white candles and 4 black candles for a net of 2 white candles. During the past 50 bars, there have been 22 white candles and 28 black candles for a net of 6 black candles.
A long upper shadow occurred. This is typically a bearish signal (particularly when it occurs near a high price level, at resistance level, or when the security is overbought).
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 55.9412. This is not an overbought or oversold reading. The last signal was a buy 12 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 55.11. 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 buy 24 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 98. This is not a topping or bottoming area. The last signal was a sell 0 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 41 period(s) ago.
Rex Takasugi – TD Profile
FOREX BTC= closed up 22.620 at 4,021.910. Volume was 71% below average (consolidating) and Bollinger Bands were 60% narrower than normal.
Open High Low Close Volume___
Short Term: Neutral
Intermediate Term: Bullish
Long Term: Bearish
Moving Averages: 10-period 50-period 200-period
Close: 3,914.24 3,779.77 5,872.57
Volatility: 48 86 66
Volume: 72,491 89,884 82,919
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 31.5% below its 200-period moving average and is in an upward trend. Volatility is extremely low when compared to the average volatility over the last 10 periods. There is a good possibility that there will be an increase in volatility along with sharp price fluctuations in the near future. 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 21 periods.