Bitcoin: USD/BTC (BTC=X) Consolidates Around $8,000 Amidst Quiet Sunday Trading Session
Bitcoin (BTC) has continued to trade sideways around $8,000 after recovering slightly from its recent drop to the upper-$7,000 region, but its bulls have failed to garner any notable upwards momentum following this slight recovery, which may spell trouble for its near-term price action.
Analysts are now noting that Bitcoin’s “bedrock” support in the near-term currently exists around $7,000, and the aggressive selling that the crypto has incurred in recent times may mean that a visit to this level is imminent in the near-future.
Bitcoin Consolidates Around $8,000 Amidst Quiet Sunday Trading Session
At the time of writing, Bitcoin is trading down nominally at its current price of $8,040, which marks a slight recovery from its recent lows of $7,900 that were set earlier this week.
It is important to note that the upper-$7,000 region has proven to be a strong level of support for the past several days and weeks, but BTC’s bulls have failed to post any notable extension of the upwards momentum that is incurred with each time the crypto visits this region.
Overall, the bias in prices is: Downwards.
Note: this chart shows extraordinary price action to the downside.
The projected upper bound is: 8,976.79.
The projected lower bound is: 7,417.96.
The projected closing price is: 8,197.38.
A white body occurred (because prices closed higher than they opened).
During the past 10 bars, there have been 3 white candles and 7 black candles for a net of 4 black candles. During the past 50 bars, there have been 19 white candles and 31 black candles for a net of 12 black candles.
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 48.6863. This is not an overbought or oversold reading. The last signal was a sell 9 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 43.67. 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 13 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 -2. This is not a topping or bottoming area. The last signal was a buy 1 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 15 period(s) ago.
Rex Takasugi – TD Profile
FOREX BTC= closed up 249.780 at 8,222.680. Volume was 87% below average (consolidating) and Bollinger Bands were 68% narrower than normal.
Open High Low Close Volume___
Short Term: Neutral
Intermediate Term: Bearish
Long Term: Bearish
Moving Averages: 10-period 50-period 200-period
Close: 8,166.63 9,152.60 8,810.10
Volatility: 32 54 76
Volume: 72,754 79,847 85,561
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 6.7% below its 200-period moving average and is in an downward 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 bearish on BTC= and have had this outlook for the last 26 periods.