Bitcoin: USD/BTC (BTC=X) currently under pressure
This past week, bitcoin price topped near the $12,325 level against the US Dollar. The BTC/USD pair started a strong downside correction and traded below the $11,500 support. There was a close below the $11,800 pivot level and the 100 hourly simple moving average. Finally, the price tested the $11,200 support area and a swing low was formed at $11,096.
At the moment, the price is currently losses above the $11,400 level. Moreover, there was a break above the 23.6% Fib retracement level of the downward move from the $11,975 high to $11,096 low. However, the upward move is facing hurdles near the $11,500 and $11,550 levels. Additionally, the 50% Fib retracement level of the downward move from the $11,975 high to $11,096 low is acting as a resistance.
On the upside, there are a few important hurdles forming near $11,600 and $11,700. More importantly, there is a major bearish trend line forming with resistance near $11,700 on the hourly chart of the BTC/USD pair. Below the trend line, the 100 hourly SMA is near the 61.8% Fib retracement level of the downward move from the $11,975 high to $11,096 low.
Therefore, the price is likely to face a strong selling interest near between the $11,600 and $11,700 levels. The main resistance is near the $11,800 level, above which the price could turn positive in the near term. On the downside, an immediate support is near the $11,300 level. However, the main support is near the $11,200 level, below which the price might slide sharply below $11,000. In the mentioned case, BTC price might test the $10,500 level.
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 10,419.79.
The projected upper bound is: 13,276.12.
The projected lower bound is: 9,563.50.
The projected closing price is: 11,419.81.
A black body occurred (because prices closed lower 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 28 white candles and 22 black candles for a net of 6 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 32.0258. This is not an overbought or oversold reading. The last signal was a sell 6 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 56.98. 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 47 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 31. This is not a topping or bottoming area. The last signal was a sell 4 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 12 period(s) ago.
Rex Takasugi – TD Profile
FOREX BTC= closed down -10.610 at 11,408.640. Volume was 99% below average (consolidating) and Bollinger Bands were 16% 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: 11,528.59 10,945.19 6,914.82
Volatility: 53 105 78
Volume: 81,375 92,504 80,556
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 65.0% above 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 8 periods.
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