Bitcoin: USD/BTC (BTC=X) bear continues its rule
The current cryptocurrency market has seen something of a roller coaster, with some coins seeing bullish gains while others are still crumbling under the bear’s pressure. Popular cryptocurrencies like Bitcoin [BTC], XRP and Ethereum [ETH] have been seeing surprising gains, with the bear still looming large.
Bitcoin’s one-day graph has only been showing a consistent downtrend, with a lack of uptrends. The latest downtrend witnessed the price crash from $6,502.1 to $3,578.67. The long-term support has been holding at $3,440.3.
The Chaikin Money Flow indicator has been staying below the zero line, a sign of the money going out of the market. The recent spike towards the zero line points to a slight increase in the inflow.
The Awesome Oscillator indicates an increase in momentum, that has been the highest since August.
The MACD indicator is holding below the histogram, with the signal line and the MACD line both moving as a conjoined pair. The MACD histogram has shown a bearish spike after being in a lull for a long time.
The above-mentioned indicators all point to the bear taking control of the market again as the bull’s power has started waning. With the crypto-winter continuing, Bitcoin’s chances of shooting up to the heights of 2017 seem highly unlikely.
Overall, the bias in prices is: Downwards.
Note: this chart shows extraordinary price action to the downside.
By the way, prices are vulnerable to a correction towards 4,846.85.
The projected upper bound is: 3,916.17.
The projected lower bound is: 2,708.82.
The projected closing price is: 3,312.50.
A white body occurred (because prices closed higher than they opened).
During the past 10 bars, there have been 3 white candles and 7 black candles for a net of 4 black candles. During the past 50 bars, there have been 20 white candles and 30 black candles for a net of 10 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 37.9748. This is not an overbought or oversold reading. The last signal was a buy 2 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 32.25. 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 2 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 -89. This is not a topping or bottoming area. The last signal was a buy 2 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 11 period(s) ago.
Rex Takasugi – TD Profile
FOREX BTC= closed up 57.500 at 3,448.200. Volume was 24% below average (neutral) and Bollinger Bands were 7% wider than normal.
Open High Low Close Volume___
Short Term: Neutral
Intermediate Term: Bearish
Long Term: Bearish
Moving Averages: 10-period 50-period 200-period
Close: 3,625.27 5,153.03 6,362.73
Volatility: 79 84 65
Volume: 99,638 78,842 81,211
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 45.8% below 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 volume flowing into and out of BTC= at a relatively equal pace (neutral). Our trend forecasting oscillators are currently bearish on BTC= and have had this outlook for the last 28 periods.
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