Bitcoin: USD/BTC (BTC=X) Down $500 in Minutes
Bitcoin’s price peaked above $9,000 for the first time in over a year earlier today, but the rally was short lived as its price returned below $8,600 just minutes later.
At 16:00 UTC, the world’s largest cryptocurrency jumped 4.6 percent from today’s UTC opening price of $8,681 and climbed as high as $9,084 – its highest price since May 10, 2018, according to CoinDesk pricing data.
However, sellers quickly halted the rally, causing the price of bitcoin to drop more than $500 to $8,548 in just 30 minutes after reaching today’s high.
The broader cryptocurrency market also felt the pull of gravity shortly after climbing to a 10-month high of $285.8 billion in total capitalization.
Highly ranked cryptocurrencies such as tron (TRX), litecoin (LTC), and EOS (EOS) are all reporting losses greater than 3 percent after initially being a few percent in the green before the market wide dip.
That said, some cryptocurrencies are still reporting 24-hour growth. The prices for dogecoin (DOGE) and Bitcoin SV (BSV) – both top 20 cryptocurrencies by market cap – are still up more than 5 percent on the day.
What’s more, today’s pullback has hardly put a dent in an impressive performance from crypto bulls this month, with bitcoin still reporting month-to-date gains of roughly 63 percent at the time of writing.
Overall, the bias in prices is: Upwards.
Note: this chart shows extraordinary price action to the upside.
The projected upper bound is: 9,034.04.
The projected lower bound is: 7,474.03.
The projected closing price is: 8,254.03.
A black body occurred (because prices closed lower than they opened).
During the past 10 bars, there have been 4 white candles and 6 black candles for a net of 2 black candles. During the past 50 bars, there have been 31 white candles and 19 black candles for a net of 12 white candles.
Three black candles occurred in the last three days. Although these candles were not big enough to create three black crows, the steady downward pattern is bearish.
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 49.4997. This is not an overbought or oversold reading. The last signal was a sell 1 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 61.39. 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 1 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 25. This is not a topping or bottoming area. The last signal was a sell 0 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 1 period(s) ago.
Rex Takasugi – TD Profile
FOREX BTC= closed down -271.740 at 8,191.260. Volume was 58% below average (consolidating) and Bollinger Bands were 33% 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: 8,263.76 6,474.54 4,573.94
Volatility: 65 69 76
Volume: 87,962 80,646 78,891
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 79.1% 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 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 28 periods. our momentum oscillator has set a new 14-period low while the security price has not. This is a bearish divergence.