Bitcoin: USD/BTC (BTC=X) Briefly Drops Below $10,000, But Altcoins Hold Strong Against BTC

Bitcoin: USD/BTC (BTC=X) Briefly Drops Below $10,000, But Altcoins Hold Strong Against BTC

Bitcoin: USD/BTC (BTC=X) Briefly Drops Below $10,000, But Altcoins Hold Strong Against BTC

At the time of writing, Bitcoin is trading down nearly 8% at its current price of $10,300, but is up slightly from its daily lows, as its price briefly dipped into the upper-$9,000 region before quickly being pushed higher.

While zooming out and looking at BTC over a seven day trading period, it is clear just how bearish its near-term price action has been, as it has plummeted from weekly highs of $13,800, signaling that its bulls are not ready to propel it back towards its previously established all-time-highs.

Nevertheless, over a longer time frame, Bitcoin has been incredibly bullish, but many altcoins have not mirrored this bullish price action and have remained stagnant around their current prices.

One example of this is XRP, which has been hovering around the $0.40 region for a significant amount of time. Despite this, while looking at its price against Bitcoin, XRP/BTC has surged significantly today, and is currently trading up nearly 6%.

Other altcoins have also surged against BTC today, with Ethereum trading up 3%, and Bitcoin Cash trading up over 5%.

The Wolf of All Streets, a popular cryptocurrency analyst on Twitter, spoke about the flow of BTC profits into altcoins, explaining that it’s a good sign that the money is staying in the market.

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 9,169.03.

The projected upper bound is: 12,174.51.

The projected lower bound is: 8,967.60.

The projected closing price is: 10,571.05.

Candlesticks

A white body occurred (because prices closed higher than they opened).
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 32 white candles and 18 black candles for a net of 14 white candles.

A spinning top occurred (a spinning top is a candle with a small real body). Spinning tops identify a session in which there is little price action (as defined by the difference between the open and the close). During a rally or near new highs, a spinning top can be a sign that prices are losing momentum and the bulls may be in trouble.

Momentum Indicators

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.

Stochastic Oscillator

One method of interpreting the Stochastic Oscillator is looking for overbought areas (above 80) and oversold areas (below 20). The Stochastic Oscillator is 23.5777. This is not an overbought or oversold reading. The last signal was a sell 6 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 53.59. 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 5 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 -29. This is not a topping or bottoming area. The last signal was a sell 5 period(s) ago.

MACD

The Moving Average Convergence/Divergence indicator (MACD) gives signals when it crosses its 9 period signal line. The last signal was a sell 1 period(s) ago.

Rex Takasugi – TD Profile

FOREX BTC= closed up 7.240 at 10,516.740. Volume was 82% below average (consolidating) and Bollinger Bands were 126% wider than normal.

Open High Low Close Volume___
10,473.89010,726.90010,399.68010,516.740 14,877

Technical Outlook
Short Term: Neutral
Intermediate Term: Bullish
Long Term: Bullish

Moving Averages: 10-period     50-period     200-period
Close: 11,350.83 8,938.01 5,417.59
Volatility: 168 99 75
Volume: 95,375 92,342 78,117

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.

Summary

FOREX BTC= is currently 94.1% above its 200-period moving average and is in an upward trend. Volatility is extremely high when compared to the average volatility over the last 10 periods. There is a good possibility that volatility will decrease and prices will stabilize in the near term. Our volume indicators reflect moderate flows of volume into BTC= (mildly bullish). Our trend forecasting oscillators are currently bullish on BTC= and have had this outlook for the last 13 periods.

The following two tabs change content below.
HEFFX has become one of Asia’s leading financial services companies with interests in Publishing, Private Equity, Capital Markets, Mining, Retail, Transport and Agriculture that span every continent of the world. Our clearing partners have unprecedented experience in Equities, Options, Forex and Commodities brokering, banking, physical metals dealing, floor brokering and trading.

You must be logged in to post comments :  
CONNECT WITH