Bitcoin: USD/BTC (BTC=X) Breaks Above $4,100
At the time of writing, Bitcoin is trading up marginally at its current price of $4,105. Over the past couple of weeks, $4,100 has proven to be a level of resistance for BTC, and it is unclear if the crypto’s bulls will garner enough buying pressure to flip this price into a level of support going forward.
Yesterday, Bitcoin experienced large volatility that entailed a sudden surge to $4,230 that was immediately proceeded by a drop to below $4,100. This price surge was strikingly similar to one seen in late-February, where BTC surged from $3,900 to $4,200 before spiraling downwards towards $3,700.
These two price moves have made it clear that $4,200 is a strong level of resistance, and that Bitcoin will require a significant influx of buying pressure to propel its price above this level.
Bitcoin Struggles to Break Above Yearly Downwards Resistance Level
Over the past year, Bitcoin has been caught below a downwards resistance level which has continued to put bearish pressure on BTC’s price.
The Cryptomist, a popular cryptocurrency trader on Twitter, discussed this resistance level in a recent tweet, noting that she expects the crypto to face one more downwards break before it garners enough buying pressure to break above this resistance level.“$BTC Weekly resistance right on the money! The daily candle is being rejected by the downtrend resistance that has held us in for a year… Double top on RSI suggest we may not break right now… My gut feeling – need 1 more leg down before break… When we do break, long green candle,” she explained.
“$BTC Weekly resistance right on the money! The daily candle is being rejected by the downtrend resistance that has held us in for a year… Double top on RSI suggest we may not break right now… My gut feeling – need 1 more leg down before break… When we do break, long green candle,” she explained.
Overall, the bias in prices is: Upwards.
Note: this chart shows extraordinary price action to the upside.
The projected upper bound is: 4,485.10.
The projected lower bound is: 3,864.05.
The projected closing price is: 4,174.58.
A big white candle occurred. This is generally considered bullish, as prices closed significantly higher than they opened. If the candle appears when prices are “low,” it may be the first sign of a bottom. If it occurs when prices are rebounding off of a support area (e.g., a moving average, trendline, or retracement level), the long white candle adds credibility to the support. Similarly, if the candle appears during a breakout above a resistance area, the long white candle adds credibility to the breakout.
During the past 10 bars, there have been 7 white candles and 3 black candles for a net of 4 white candles. During the past 50 bars, there have been 27 white candles and 23 black candles for a net of 4 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 70.0209. This is not an overbought or oversold reading. The last signal was a buy 30 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 59.44. 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 35 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 177.This is an overbought reading. However, a signal isn’t generated until the indicator crosses below 100. The last signal was a sell 10 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 0 period(s) ago.
Rex Takasugi – TD Profile
FOREX BTC= closed up 89.170 at 4,165.600. Volume was 4% above average (neutral) and Bollinger Bands were 36% 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: 4,021.02 3,883.35 4,648.70
Volatility: 41 51 64
Volume: 65,203 66,003 73,373
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 10.4% below 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 1 periods.
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