Bitcoin: USD/BTC (BTC=X) back above $10,000 for first time since September
The price of bitcoin topped $10,000 on Sunday for the first time since September, as the leading cryptocurrency continues its rally in 2020.
Bitcoin (BTCUSD) was at $10,129 late Sunday, according to Coindesk, after surging more than 41% year to date. Bitcoin’s market cap has risen to $183.4 billion, according to Coinmarketcap.com.
Other cryptocurrencies have gained as well, with ethereum (ETHUSD) up 20% over the past five days and nearly 78% higher year to date. So far in 2020, Ripple (XRPUSD) is up 49%, bitcoin cash (BCHUSD) is 121% higher and Litecoin (LTCUSD) is up 88%.
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 8,691.28.
The projected upper bound is: 10,397.80.
The projected lower bound is: 9,198.42.
The projected closing price is: 9,798.11.
A black body occurred (because prices closed lower 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 31 white candles and 19 black candles for a net of 12 white 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 66.2403. This is not an overbought or oversold reading. The last signal was a sell 0 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 63.17. 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 1 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 60. 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 13 period(s) ago.
Rex Takasugi – TD Profile
FOREX BTC= closed down -112.091 at 9,749.390. Volume was 33% below average (neutral) and Bollinger Bands were 42% wider than normal.
Open High Low Close Volume___
Short Term: Overbought
Intermediate Term: Bullish
Long Term: Bullish
Moving Averages: 10-period 50-period 200-period
Close: 9,660.59 8,452.71 8,847.87
Volatility: 43 45 56
Volume: 179,022 118,865 92,164
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 10.2% above its 200-period moving average and is in an upward trend. Volatility is relatively normal 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 37 periods.