Bitcoin: USD/BTC (BTC=X) Drop Towards $3,200 Unless it Finds Continued Bullish Momentum
Although BTC’s ability to climb back above its 100-day moving average and to hold above the bottom of its parallel trading channel is positive, one analyst believes that Bitcoin may soon target its 2018 lows in the low-$3,200 region in the near-future if it is unable to gain a significant amount of buying pressure around its yearly open, which is set at roughly $3,700.
As Bitcoin’s trading activity continues to unfold as the week goes on, traders and analysts will likely gain greater insight into whether or not BTC will respect $3,800 to $4,200 as a new trading range.
Overall, the bias in prices is: Downwards.
Note: this chart shows extraordinary price action to the upside.
By the way, prices are vulnerable to a correction towards 3,863.74.
The projected upper bound is: 4,113.21.
The projected lower bound is: 3,485.49.
The projected closing price is: 3,799.35.
A white body occurred (because prices closed higher 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 22 white candles and 28 black candles for a net of 6 black candles.
A long upper shadow occurred. This is typically a bearish signal (particularly when it occurs near a high price level, at resistance level, or when the security is overbought).
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 16.9130. This is an oversold reading. However, a signal is not generated until the Oscillator crosses above 20 The last signal was a buy 11 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 53.73. 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 3 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 1. This is not a topping or bottoming area. The last signal was a sell 3 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 0 period(s) ago.
Rex Takasugi – TD Profile
FOREX BTC= closed up 16.300 at 3,803.200. Volume was 76% below average (consolidating) and Bollinger Bands were 30% narrower than normal.
Open High Low Close Volume___
Short Term: Oversold
Intermediate Term: Bullish
Long Term: Bearish
Moving Averages: 10-period 50-period 200-period
Close: 3,895.10 3,622.24 5,072.75
Volatility: 68 54 64
Volume: 74,065 71,693 77,492
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 25.0% below its 200-period moving average and is in an upward trend. Volatility is 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 16 periods.
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