Bitcoin: USD/BTC (BTC=X) Dips Below 8,699.7 Level, Down 1%
Bitcoin fell bellow the $8,699.7 level on Tuesday. Bitcoin was trading at 8,699.7 by 10:21 (15:21 GMT) on the Investing.com Index, down 1.35% on the day. It was the largest one-day percentage loss since March 3.
The move downwards pushed Bitcoin’s market cap down to $161.0B, or 62.35% of the total cryptocurrency market cap. At its highest, Bitcoin’s market cap was $241.2B.
Bitcoin had traded in a range of $8,697.4 to $8,911.7 in the previous twenty-four hours.
Over the past seven days, Bitcoin has seen a drop in value, as it lost 6.87%. The volume of Bitcoin traded in the twenty-four hours to time of writing was $42.0B or 24.03% of the total volume of all cryptocurrencies. It has traded in a range of $8,437.2441 to $9,368.0654 in the past 7 days.
At its current price, Bitcoin is still down 56.22% from its all-time high of $19,870.62 set on December 17, 2017.
Overall, the bias in prices is: Downwards.
Note: this chart shows extraordinary price action to the downside.
The projected upper bound is: 9,531.90.
The projected lower bound is: 8,088.65.
The projected closing price is: 8,810.28.
A white body occurred (because prices closed higher than they opened).
During the past 10 bars, there have been 2 white candles and 8 black candles for a net of 6 black candles. During the past 50 bars, there have been 24 white candles and 26 black candles for a net of 2 black 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 78.7805. This is not an overbought or oversold reading. The last signal was a buy 4 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 42.14. 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 20 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 -46. This is not a topping or bottoming area. The last signal was a buy 2 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 18 period(s) ago.
Rex Takasugi – TD Profile
FOREX BTC= closed up 37.200 at 8,808.300. Volume was 26% below average (neutral) and Bollinger Bands were 58% wider than normal.
Open High Low Close Volume___
Short Term: Neutral
Intermediate Term: Bearish
Long Term: Bullish
Moving Averages: 10-period 50-period 200-period
Close: 8,883.69 9,282.20 8,711.07
Volatility: 53 49 55
Volume: 318,887 216,400 117,504
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 1.1% above its 200-period moving average and is in an downward 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 bearish on BTC= and have had this outlook for the last 12 periods.
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