Bitcoin: USD/BTC (BTC=X) Could Pullback
The range we are watching for today has 7379-fiat as our interim resistance and 7153-fiat as our interim support. It is a pretty wide range to apply our intrarange strategy; thus, a pullback from the Rising wedge resistance or interim resistance could open a decent short opportunity towards support, and a bounce back from support could open a decent long opportunity towards the Rising Wedge resistance while eyeing the resistance level.
The chances of a breakout are meager according to the current scenario. We will still be prepared for it. That being said, a break above 7379-fiat could have us put a long position towards 7459-fiat. Placing a stop loss four-pips below the entry position will protect our trade from intensified losses.
Looking the other way, a break below 7153-fiat will have us enter a short towards 7091-fiat while eyeing the Rising Wedge channel for a potential bounce back. A stop-loss four-pips above the entry point will define our risk management perspective.
Overall, the bias in prices is: Upwards.
The projected upper bound is: 7,930.88.
The projected lower bound is: 6,663.97.
The projected closing price is: 7,297.42.
A black body occurred (because prices closed lower 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 25 white candles and 24 black candles for a net of 1 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 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 92.0756. This is an overbought reading. However, a signal is not generated until the Oscillator crosses below 80 The last signal was a buy 24 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 63.25. 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 26 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 103.This is an overbought reading. However, a signal isn’t generated until the indicator crosses below 100. The last signal was a sell 5 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 16 period(s) ago.
Rex Takasugi – TD Profile
FOREX BTC= closed down -12.730 at 7,284.990. Volume was 68% below average (consolidating) and Bollinger Bands were 17% narrower than normal.
Open High Low Close Volume___
Short Term: Overbought
Intermediate Term: Bullish
Long Term: Bearish
Moving Averages: 10-period 50-period 200-period
Close: 7,055.15 7,051.46 7,845.85
Volatility: 36 58 98
Volume: 76,321 91,598 73,265
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 7.1% 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 moderate flows of volume into BTC= (mildly bullish). Our trend forecasting oscillators are currently bullish on BTC= and have had this outlook for the last 4 periods.