Bitcoin: USD/BTC (BTC=X) Continues to Find Support in Low-$5,000 Region
After picking up some steam this past Sunday, Bitcoin was able to approach the $5,200 level before dropping slightly. Although the previous drop – which sent BTC reeling back towards the lower-$5,000 region last week – seemed to mark the end of the surge, it now appears that the markets have further room to climb before they face any significant resistance levels.
Analysts now expect Bitcoin to continue surging higher in the coming days and weeks, as it has formed an upwards parabola pattern that will likely aid in its upwards ascent for the foreseeable future.
Bitcoin (BTC) Continues to Find Support in Low-$5,000 Region
At the time of writing, Bitcoin is trading down roughly 1.5% at its current price of $5,050. BTC is up from its seven-day lows of just below $5,000 but is still down from its weekly highs of $5,400.
Because $5,400 has proven to be a strong level of resistance for the cryptocurrency, it is likely that BTC will require a significant influx of buying volume to propel it above this level.
Thomas Lee, the head of Fundstrat Global Advisors and a notable Bitcoin bull, recently spoke to MarketWatch about what may lead Bitcoin to surge higher in the near future and explained that risk appetite for cryptocurrencies is growing as more traditional equities investors look for assets with higher potential returns.
“Risk appetite is positive for bitcoin. If the S&P 500 made a 2.5 standard deviation move [as it has done year-to-date] and investors are looking for [volatility], that’s building a base case for bitcoin,” he explained, further adding that he expects BTC to break above $10k at some point this year.
Overall, the bias in prices is: Upwards.
Note: this chart shows extraordinary price action to the upside.
By the way, prices are vulnerable to a correction towards 4,364.62.
The projected upper bound is: 5,556.11.
The projected lower bound is: 4,612.82.
The projected closing price is: 5,084.46.
A white body occurred (because prices closed higher than they opened).
During the past 10 bars, there have been 5 white candles and 5 black candles. During the past 50 bars, there have been 30 white candles and 20 black candles for a net of 10 white 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 36.2391. This is not an overbought or oversold reading. The last signal was a sell 12 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 61.74. 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 -52. This is not a topping or bottoming area. The last signal was a sell 9 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 sell 3 period(s) ago.
Rex Takasugi – TD Profile
FOREX BTC= closed up 32.570 at 5,059.370. Volume was 63% below average (consolidating) and Bollinger Bands were 158% wider than normal.
Open High Low Close Volume___
Short Term: Neutral
Intermediate Term: Bullish
Long Term: Bullish
Moving Averages: 10-period 50-period 200-period
Close: 5,126.89 4,290.34 4,529.40
Volatility: 37 67 69
Volume: 80,077 68,890 73,596
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 11.7% 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 17 periods.
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