Bitcoin: USD/BTC (BTC=X) Climbs to Over $5,300 as Recent Tether-Based Fears Subside

Bitcoin: USD/BTC (BTC=X) Climbs to Over $5,300 as Recent Tether-Based Fears Subside

Bitcoin: USD/BTC (BTC=X) Climbs to Over $5,300 as Recent Tether-Based Fears Subside

Bitcoin is trading up nearly 1% at its current price of $5,310, up slightly from its daily lows of $5,260.

Earlier this week, BTC fell from highs of well over $5,600 due to news surrounding the New York Attorney General’s office claiming that controversial stablecoin Tether and related cryptocurrency exchange Bitfinex, have been defrauding investors and traders.

This news instantly sent Bitcoin and the entire crypto market reeling downwards, but BTC found a decent amount of support in the $5,200 region that stopped it from falling lower and has allowed it to begin climbing higher.

This recent drop initially appeared to put the upwards momentum that Bitcoin formed when it surged into the $5,000 region earlier this month at risk, but clearly investors were not too fazed by the news, as the scope of its impact was limited.

Overall, the bias in prices is: Upwards.

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

The projected upper bound is: 5,677.98.

The projected lower bound is: 4,675.27.

The projected closing price is: 5,176.62.

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 29 white candles and 21 black candles for a net of 8 white candles.

Three black candles occurred in the last three days. Although these candles were not big enough to create three black crows, the steady downward pattern is bearish.

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 25.7444. This is not an overbought or oversold reading. The last signal was a sell 8 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 52.83. 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 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 -99. This is not a topping or bottoming area. The last signal was a sell 3 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 sell 16 period(s) ago.

Rex Takasugi – TD Profile

FOREX BTC= closed up 4.650 at 5,151.250. Volume was 86% below average (consolidating) and Bollinger Bands were 15% narrower than normal.

Open High Low Close Volume___
5,159.6705,219.6305,099.0005,151.250 9,563

Technical Outlook
Short Term: Neutral
Intermediate Term: Bullish
Long Term: Bullish

Moving Averages: 10-period 50-period 200-period
Close: 5,306.19 4,668.71 4,448.92
Volatility: 54 68 69
Volume: 68,937 72,602 74,039

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 15.8% above its 200-period moving average and is in an upward trend. Volatility is extremely low when compared to the average volatility over the last 10 periods. There is a good possibility that there will be an increase in volatility along with sharp price fluctuations in the near future. 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 30 periods.

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