Bitcoin: USD/BTC (BTC=X) Facing Resistance
There were more declines noted below the $425 low in bitcoin cash price against the US Dollar. The BCH/USD pair broke the $425 and $420 support levels and traded to a new monthly low at $410. Later, buyers appeared and the price recovered above the $425 level. There was also a break above the 23.6% Fib retracement level of the last drop from the $475 swing high to $410 low.
However, the price is now approaching a couple of important hurdles near the $450 level. An immediate resistance is near the $444 level. It represents the 50% Fib retracement level of the last drop from the $475 swing high to $410 low. Moreover, this week’s highlighted important bearish trend line could stop upsides near $450 on the hourly chart of the BCH/USD pair. If there is a break above the trend line, the next resistance is near $460 and the 100 hourly simple moving average. Therefore, the $450 and $460 resistance levels are likely to stop the current recovery.
Overall, the bias in prices is: Downwards.
Note: this chart shows extraordinary price action to the downside.
By the way, prices are vulnerable to a correction towards 6,839.32.
The projected upper bound is: 6,984.16.
The projected lower bound is: 5,787.79.
The projected closing price is: 6,385.97.
A white body occurred (because prices closed higher 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 22 white candles and 27 black candles for a net of 5 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 57.8473. This is not an overbought or oversold reading. The last signal was a buy 2 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 44.10. 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 35 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 -53. 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 7 period(s) ago.
Rex Takasugi – TD Profile
FOREX BTC= closed up 116.310 at 6,421.030. Volume was 58% below average (consolidating) and Bollinger Bands were 10% narrower than normal.
Open High Low Close Volume___
Short Term: Neutral
Intermediate Term: Bullish
Long Term: Bearish
Moving Averages: 10-period 50-period 200-period
Close: 6,497.85 6,837.60 7,667.12
Volatility: 64 56 97
Volume: 80,213 88,297 74,487
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 16.3% 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 13 periods.
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