Bitcoin: USD/BTC (BTC=X) considered bearish in the immediate short-term

Bitcoin: USD/BTC (BTC=X) considered bearish in the immediate short-term

Bitcoin: USD/BTC (BTC=X) considered bearish in the immediate short-term

BTC can be considered bearish in the immediate short-term as long as prices are trending below the 50-period MA.

The cryptocurrency is now into its sixth day of consolidation below that key line and, the longer prices continue to trend at these levels, the greater the risk for the bulls.

Further, the daily RSI is demonstrating a bearish bias with strong resistance seen at the neutral 50 line (arrows on chart) hinting at a greater pressure from sellers.

Last but not least, the awesome oscillator (AO) is flashing a bearish twin peak pattern, signaling further downside potential with a likely landing pad located along the confluence of support at $8,800 (calculated from the 100-period MA and July 25–27 resistance zone.)

Overall, the bias in prices is: Sideways.

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

The projected upper bound is: 11,366.95.

The projected lower bound is: 7,681.08.

The projected closing price is: 9,524.01.

Candlesticks

A black body occurred (because prices closed lower than they opened).
During the past 10 bars, there have been 2 white candles and 8 black candles for a net of 6 black candles. During the past 50 bars, there have been 30 white candles and 20 black candles for a net of 10 white 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 31.8267. This is not an overbought or oversold reading. The last signal was a buy 16 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 41.79. 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 33 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 -82. This is not a topping or bottoming area. The last signal was a buy 0 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 29 period(s) ago.

Rex Takasugi – TD Profile

FOREX BTC= closed down -2.220 at 9,492.900. Volume was 95% below average (consolidating) and Bollinger Bands were 6% narrower than normal.

Open     High      Low     Close     Volume___
9,505.9409,543.6009,460.3409,492.900 4,430
Technical Outlook 
Short Term: Neutral
Intermediate Term: Bearish
Long Term: Bullish
Moving Averages: 10-period     50-period     200-period
Close: 9,826.55 10,408.81 6,380.52
Volatility: 41 105 77
Volume: 77,717 91,628 79,424

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 48.8% above its 200-period moving average and is in an downward trend. Volatility is low as compared to the average volatility over the last 10 periods. Our volume indicators reflect moderate flows of volume out of BTC= (mildly bearish). Our trend forecasting oscillators are currently bearish on BTC= and have had this outlook for the last 14 periods.

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