Bitcoin: USD/BTC (BTC=X) Climbs Slightly as Analysts Anticipate Imminent Big Movement

Bitcoin: USD/BTC (BTC=X) Climbs Slightly as Analysts Anticipate Imminent Big Movement

Bitcoin: USD/BTC (BTC=X) Climbs Slightly as Analysts Anticipate Imminent Big Movement

At the time of writing, Bitcoin trading up roughly 1% at its current price of $9,300, which is the highest point that it has been trading at over the past 24 hours.

Bitcoin’s short-term bullishness came about after the crypto briefly visited $9,150 yesterday, which appears to be a near-term level of support that could bolster the cryptocurrency’s price action in the near-term.

It is important to note that the past few weeks have marked a consolidation period for the cryptocurrency, which has been ranging between $9,000 and $9,500 ever since it incurred its meteoric rally to $9,500.

BTC Caught in Wide Descending Channel

It is also important to note that Bitcoin is currently caught within a wide descending channel, which could mean that it is gearing up for a big movement to either the upper or lower boundary of the channel that it is currently trading within.

Technical Indicators

Overall, the bias in prices is: Upwards.

Note: this chart shows extraordinary price action to the upside.

The projected upper bound is: 10,338.06.

The projected lower bound is: 8,466.06.

The projected closing price is: 9,402.06.

Candlesticks

A black body occurred (because prices closed lower than they opened).
During the past 10 bars, there have been 4 white candles and 6 black candles for a net of 2 black candles. During the past 50 bars, there have been 18 white candles and 32 black candles for a net of 14 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 74.4190. 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 61.01. 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 29 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 53. This is not a topping or bottoming area. The last signal was a sell 6 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 11 period(s) ago.

Rex Takasugi – TD Profile

FOREX BTC= closed down -42.199 at 9,417.900. Volume was 66% below average (consolidating) and Bollinger Bands were 32% wider than normal.

Open     High      Low     Close     Volume___
9,438.5009,504.0009,246.0509,417.900 27,692
Technical Outlook 
Short Term: Neutral
Intermediate Term: Bullish
Long Term: Bullish
Moving Averages: 10-period     50-period     200-period
Close: 9,344.04 8,696.01 9,110.77
Volatility: 40 70 79
Volume: 72,189 79,576 85,140

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 3.4% above its 200-period moving average and is in an upward 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 bullish on BTC= and have had this outlook for the last 11 periods.

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