Bitcoin: USD/BTC (BTC=X) $6,550 support
Yesterday, we discussed that bitcoin price seems to be preparing for the next leg either above $6,640 or below $6,460 against the US Dollar. The BTC/USD pair traded higher and broke the $6,600 and $6,620 resistance levels. There was also a break above the $6,640 level and the price settled above the 100 hourly simple moving average. It traded to a new weekly high at $6,688 and later it corrected lower.
It declined below the $6,650 level and the 23.6% Fib retracement level of the recent wave from the $6,490 low to $6,688 high. However, the downside move was protected by the $6,600 level, which was a resistance earlier. Moreover, the 50% Fib retracement level of the recent wave from the $6,490 low to $6,688 high acted provided support. There is also a connecting bullish trend line with support at $6,600 on the hourly chart of the BTC/USD pair. Below $6,600, the 100 hourly SMA could hold losses at $6,565. There is also another major bullish trend line in place with support at $6,550.
Overall, the bias in prices is: Downwards.
The projected upper bound is: 7,020.27.
The projected lower bound is: 6,062.80.
The projected closing price is: 6,541.54.
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 25 white candles and 25 black candles.
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 53.8564. This is not an overbought or oversold reading. The last signal was a sell 16 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 48.37. 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 62 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 -11. This is not a topping or bottoming area. The last signal was a sell 1 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 6 period(s) ago.
Rex Takasugi – TD Profile
FOREX BTC= closed down -37.200 at 6,539.760. Volume was 80% below average (consolidating) and Bollinger Bands were 77% 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: 6,568.59 6,621.58 7,271.22
Volatility: 23 46 90
Volume: 58,117 77,642 76,644
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 10.1% below its 200-period moving average and is in an upward trend. Volatility is low 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 3 periods.