Bitcoin: USD/BTC (BTC=X) bullish beginning to the year appears to have bottomed-out
Bitcoin’s bullish beginning to the year appears to have bottomed-out, with early gains starting to slump. So how realistic are reports the volatile cryptocurrency could commence a new bull cycle?
Bitcoin’s (BTC) fortunes fluctuated during the last 12 months, with its value dropping from near $20,000 in December 2017, to lows of $3,360 (£2,634) almost a year later. There were, however, initial optimistic signs in the new year, after bitcoin passed the psychologically important $4,000 mark. But investors’ early hopes for the apparently ailing crypto were disappointed last week, following another sudden sell-off.
Overall, the bias in prices is: Downwards.
The projected upper bound is: 4,108.32.
The projected lower bound is: 3,105.39.
The projected closing price is: 3,606.85.
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 23 white candles and 27 black candles for a net of 4 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 31.6569. This is not an overbought or oversold reading. The last signal was a buy 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 43.99. 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 30 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 -78. 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 5 period(s) ago.
Rex Takasugi – TD Profile
FOREX BTC= closed up 41.870 at 3,610.000. Volume was 72% below average (consolidating) and Bollinger Bands were 50% narrower 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: 3,726.77 3,732.27 5,794.49
Volatility: 66 85 67
Volume: 75,862 88,162 82,386
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 37.7% below its 200-period moving average and is in an downward 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 bearish on BTC= and have had this outlook for the last 1 periods.
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