Bitcoin: USD/BTC (BTC=X) Climbs Above 9,782.4 Level, Up 2%
Bitcoin rose above the $9,782.4 threshold on Friday. Bitcoin was trading at 9,782.4 by 19:50 (00:50 GMT) on the Investing.com Index, up 2.37% on the day. It was the largest one-day percentage gain since February 5.
The move upwards pushed Bitcoin’s market cap up to $177.7B, or 62.96% of the total cryptocurrency market cap. At its highest, Bitcoin’s market cap was $241.2B.
Bitcoin had traded in a range of $9,770.7 to $9,816.3 in the previous twenty-four hours.
Over the past seven days, Bitcoin has seen a rise in value, as it gained 3.03%. The volume of Bitcoin traded in the twenty-four hours to time of writing was $37.5B or 27.33% of the total volume of all cryptocurrencies. It has traded in a range of $9,179.9121 to $9,854.8955 in the past 7 days.
At its current price, Bitcoin is still down 50.77% from its all-time high of $19,870.62 set on December 17, 2017.
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 8,555.56.
The projected upper bound is: 10,408.44.
The projected lower bound is: 9,226.15.
The projected closing price is: 9,817.30.
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 32 white candles and 18 black candles for a net of 14 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 88.4345. This is an overbought reading. However, a signal is not generated until the Oscillator crosses below 80 The last signal was a sell 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 68.95. 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 7 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 114.This is an overbought reading. However, a signal isn’t generated until the indicator crosses below 100. The last signal was a sell 5 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 9 period(s) ago.
Rex Takasugi – TD Profile
FOREX BTC= closed up 25.521 at 9,765.790. Volume was 40% below average (neutral) and Bollinger Bands were 27% wider than normal.
Open High Low Close Volume___
Short Term: Overbought
Intermediate Term: Bullish
Long Term: Bullish
Moving Averages: 10-period 50-period 200-period
Close: 9,465.79 8,242.66 8,847.60
Volatility: 44 45 56
Volume: 152,730 111,103 90,131
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% 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 33 periods. The security price has set a new 14-period high while our momentum oscillator has not. This is a bearish divergence.