Bitcoin: USD/BTC (BTC=X) Climbs 10% As Investors Gain Confidence

Bitcoin: USD/BTC (BTC=X) Climbs 10% As Investors Gain Confidence

Bitcoin: USD/BTC (BTC=X) Climbs 10% As Investors Gain Confidence

Bitcoin was trading at $6,473.5 by 19:54 (23:54 GMT) on the Investing.com Index on Monday, up 10.06% on the day. It was the largest one-day percentage gain since March 23.

The move upwards pushed Bitcoin’s market cap up to $117.3B, or 0.00% of the total cryptocurrency market cap. At its highest, Bitcoin’s market cap was $241.2B.

Bitcoin had traded in a range of $5,710.8 to $6,564.7 in the previous twenty-four hours.

Over the past seven days, Bitcoin has seen a rise in value, as it gained 26.9%. The volume of Bitcoin traded in the twenty-four hours to time of writing was $46.5B or 0.00% of the total volume of all cryptocurrencies. It has traded in a range of $4,946.4961 to $6,858.0732 in the past 7 days.

At its current price, Bitcoin is still down 67.42% from its all-time high of $19,870.62 set on December 17, 2017.

Technical Indicators

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 7,616.09.

The projected upper bound is: 7,745.36.

The projected lower bound is: 5,025.17.

The projected closing price is: 6,385.26.

Candlesticks

A white body occurred (because prices closed higher than they opened).
During the past 10 bars, there have been 6 white candles and 4 black candles for a net of 2 white candles. During the past 50 bars, there have been 20 white candles and 30 black candles for a net of 10 black 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 60.2156. This is not an overbought or oversold reading. The last signal was a buy 11 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 43.98. 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 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 64. This is not a topping or bottoming area. The last signal was a buy 7 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 buy 3 period(s) ago.

Rex Takasugi – TD Profile

FOREX BTC= closed up 22.550 at 6,441.850. Volume was 13% below average (neutral) and Bollinger Bands were 152% wider than normal.

Open     High      Low     Close     Volume___
6,405.7806,707.8606,302.2506,441.850 225,080
Technical Outlook 
Short Term: Neutral
Intermediate Term: Bearish
Long Term: Bearish
Moving Averages: 10-period     50-period     200-period
Close: 5,911.30 8,412.40 8,366.37
Volatility: 181 129 80
Volume: 570,384 378,717 161,246

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 23.0% 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 32 periods. Our momentum oscillator has set a new 14-period high while the security price has not. This is a bullish divergence.

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