Bitcoin: USD/BTC (BTC=X) broke the $10,600 resistance area
Bitcoin maintained its bullish momentum on Tuesday in Asia. Reports that a crypto exchange startup is considering raising more than $100 million in an IPO received some attention.
Bitcoin and other cryptocurrency prices were supported this week by news that Bakkt, a subsidiary of the Intercontinental Exchange, was given the green light from the U.S. Commodity Futures Trading Commission to launch bitcoin futures next month.
Meanwhile, INX Limited, a crypto exchange startup, plans to raise up to $129.5 million through an IPO, CoinDesk reported citing a prospectus.
It will be the first security token sale registered with the U.S. Securities and Exchange Commission, and the salewould be one of the very few full-fledged IPOs in the blockchain industry, the article said.
“When fully operational, we expect to offer professional traders and institutional investors trading platforms with established practices common in other regulated financial services markets, such as customary trading, clearing, and settlement procedures, regulatory compliance, capital and liquidity reserves and operational transparency,” says the draft prospectus.
Overall, the bias in prices is: Upwards.
The projected upper bound is: 12,185.26.
The projected lower bound is: 9,463.89.
The projected closing price is: 10,824.58.
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 29 white candles and 21 black candles for a net of 8 white candles.
Three white candles occurred in the last three days. Although these candles were not big enough to create three white soldiers, the steady upward pattern is bullish.
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 77.4992. This is not an overbought or oversold reading. The last signal was a buy 5 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 51.49. 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 54 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 -14. 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 sell 6 period(s) ago.
Rex Takasugi – TD Profile
FOREX BTC= closed up 147.950 at 10,818.400. Volume was 72% below average (consolidating) and Bollinger Bands were 20% narrower than normal.
Open High Low Close Volume___
Short Term: Neutral
Intermediate Term: Bullish
Long Term: Bullish
Moving Averages: 10-period 50-period 200-period
Close: 10,654.36 10,771.03 7,155.26
Volatility: 60 80 79
Volume: 82,638 90,573 81,377
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 51.2% 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 15 periods.