Bitcoin: USD/BTC (BTC=X) Continues Squeeze to $4500

Bitcoin: USD/BTC (BTC=X) Continues Squeeze to $4500

Bitcoin: USD/BTC (BTC=X) Continues Squeeze to $4500

Bitcoin (BTC/USD) continues its path to higher highs as crypto bulls show no signs of exhaustion. Less than 48 hours ago BTCUSD was still trading at $3250.

In what seems like no time at all bitcoin is back to its old ways again slicing through $3750 resistance, currently trading $4000, a +25.81% increase since its previous lows last week.

Could this be it? Could this be the price rally that determines the final BTC bottom?

There are still some ways to go before BTC/USD can go back to $4500-$5000, but one thing is for sure, bitcoin bears have become complacent and, at least for now, it is their turn to feel the pain.

Overall, the bias in prices is: Downwards

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

By the way, prices are vulnerable to a correction towards 4,567.87.

The projected upper bound is: 4,287.07.

The projected lower bound is: 3,032.39.

The projected closing price is: 3,659.73.

Candlesticks

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

A long upper shadow occurred. This is typically a bearish signal (particularly when it occurs near a high price level, at resistance level, or when the security is overbought).

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 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 62.8760. This is not an overbought or oversold reading. The last signal was a buy 3 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 46.77. 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 3 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 166.This is an overbought reading. However, a signal isn’t generated until the indicator crosses below 100. The last signal was a buy 5 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 20 period(s) ago.

Rex Takasugi – TD Profile

FOREX BTC= closed up 47.650 at 3,711.550. Volume was 70% below average (consolidating) and Bollinger Bands were 2% narrower than normal.

Open High Low Close Volume___
3,668.1003,899.0003,643.0203,711.550 22,110

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

Moving Averages: 10-period 50-period 200-period
Close: 3,402.46 4,618.44 6,180.01
Volatility: 69 90 66
Volume: 85,834 85,136 82,310

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 39.9% below 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 0 periods.

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