Bitcoin: USD/BTC (BTC=X) Crypto Traders Optimistic

Bitcoin: USD/BTC (BTC=X) Crypto Traders Optimistic

Bitcoin: USD/BTC (BTC=X) Crypto Traders Optimistic

Bitcoin Price Gets Hammered, Traders Optimistic

In the past hours (per the time of writing), the value of cryptocurrencies across the board have fallen dramatically. Bitcoin (BTC) is currently posting a 2.3% loss, falling to the $3,500 price level for the umpteenth time in weeks. Altcoins, interestingly, have had it much worse. XRP and Ethereum (ETH) have seen their values been pared by 4.2% and 5.8% respectively, with the former approaching the all-important $0.30 price level, and the latter collapsing under $110.

The digital assets on the lower rungs of the proverbial crypto ladder have had it worse. After posting stellar gains in anticipation of the BitTorrent token airdrop, Tron (TRX) has stumbled big time, posting a 9% loss in the past 24 hours. The story is much of the same for Stellar Lumens (XLM), Cardano (ADA), Maker (MKR), among a mass of other preeminent crypto assets. Binance Coin has defied the trend, with BNB posting a mere 1% loss as the launch of the upstart’s decentralized exchange nears.

Overall, the bias in prices is: Downwards.

The projected upper bound is: 3,828.42.

The projected lower bound is: 3,032.89.

The projected closing price is: 3,430.65.

Candlesticks

A big black candle occurred. This is bearish, as prices closed significantly lower than they opened. If the candle appears when prices are “high,” it may be the first sign of a top. If it occurs when prices are confronting an overhead resistance area (e.g., a moving average, trendline, or price resistance level), the long black candle adds credibility to the resistance. Similarly, if the candle appears as prices break below a support area, the long black candle confirms the failure of the support area.
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 25 black candles.

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 37.3046. This is not an overbought or oversold reading. The last signal was a buy 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 38.33. 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 42 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 -186.This is an oversold reading. However, a signal isn’t generated until the indicator crosses above -100. The last signal was a buy 2 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 0 period(s) ago.

Rex Takasugi – TD Profile

FOREX BTC= closed down -117.260 at 3,433.120. Volume was 55% below average (consolidating) and Bollinger Bands were 66% narrower than normal.

Open High Low Close Volume___
3,548.6003,625.5003,357.3003,433.120 36,978

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

Moving Averages: 10-period 50-period 200-period
Close: 3,552.83 3,668.82 5,617.40
Volatility: 40 69 66
Volume: 65,391 80,579 80,204

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 38.9% below 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 13 periods.

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