Bitcoin: USD/BTC (BTC=X) failed to maintain its recently established position in the $3,700 region

Bitcoin: USD/BTC (BTC=X) failed to maintain its recently established position in the $3,700 region

Bitcoin: USD/BTC (BTC=X) failed to maintain its recently established position in the $3,700 region

Yesterday, Bitcoin surged to highs of over $3,750, which appeared to many analysts to be an important price level that would lead to a further surge into the low-$4,000 range. Despite this, BTC’s bulls were not able to muster up enough buying pressure to push it higher, and the bears have taken control of today’s price action.

At the time of writing, Bitcoin is trading down 4.2% at its current price of $3,590, down from its 24-hour highs of $3,750.

Mayne, a popular cryptocurrency analyst on Twitter, discussed the cryptocurrency’s latest drop, noting that Bitcoin’s latest jump didn’t have a significant amount of buying pressure, which is why today’s full retrace was not entirely unexpected.

“$BTC… Discussed this one in the stream yesterday, to me Friday nights move looked just like that move to 4k Jan 6th. Thin and a liquidity grab that was fully retraced. BTC now back at the last HTF support before the lows,” Mayne explained.

Cheds Trading, another popular cryptocurrency analyst, also said in a recent tweet that if Bitcoin’s bulls fail to provide some buying pressure, things are going to get “ugly.”

“$BTC 12 hour – Bulls better show up quickly or this is going to get ugly,” he said.

Overall, the bias in prices is: Downwards.

The projected upper bound is: 4,009.20.

The projected lower bound is: 3,122.55.

The projected closing price is: 3,565.88.

Candlesticks

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 24 white candles and 26 black candles for a net of 2 black candles.

Momentum Indicators

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.

Stochastic Oscillator

One method of interpreting the Stochastic Oscillator is looking for overbought areas (above 80) and oversold areas (below 20). The Stochastic Oscillator is 33.2636. This is not an overbought or oversold reading. The last signal was a buy 5 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 44.20. 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 -82. This is not a topping or bottoming area. The last signal was a buy 7 period(s) ago.

MACD

The Moving Average Convergence/Divergence indicator (MACD) gives signals when it crosses its 9 period signal line. The last signal was a sell 10 period(s) ago.

Rex Takasugi – TD Profile

FOREX BTC= closed up 57.970 at 3,576.400. Volume was 55% below average (consolidating) and Bollinger Bands were 46% narrower than normal.

Open High Low Close Volume___
3,518.4403,611.3003,493.8203,576.400 36,644

Technical Outlook
Short Term: Neutral
Intermediate Term: Bearish
Long Term: Bearish

Moving Averages: 10-period 50-period 200-period
Close: 3,601.24 3,680.43 5,720.90
Volatility: 50 77 67
Volume: 68,280 85,180 81,450

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.

Summary

FOREX BTC= is currently 37.5% below its 200-period moving average and is in an downward trend. Volatility is relatively normal 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 6 periods.

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