Bitcoin: USD/BTC (BTC=X) Fails to Find Support at $5,600
At the time of writing Bitcoin is trading down roughly 2% at its current price of $5,490. On Monday, Bitcoin incurred a relatively large amount of buying pressure that pushed its price to the mid-$5,600 region, at which point it faced increased selling pressure that drove its price back down to its current levels.
It is important to note that BTC is still trading up from its weekly lows of $5,230 and is just slightly below its one-month highs of $5,650, which were set yesterday.
Shayne Heffernan, spoke about Bitcoin’s current price action, explaining that he is closely watching to see how BTC responds to the $5,300, as a strong reaction to this price level may allow the crypto to form another leg up.
Overall, the bias in prices is: Upwards.
Note: this chart shows extraordinary price action to the upside.
The projected upper bound is: 5,943.77.
The projected lower bound is: 4,989.49.
The projected closing price is: 5,466.63.
A white body occurred (because prices closed higher than they opened).
During the past 10 bars, there have been 7 white candles and 3 black candles for a net of 4 white candles. During the past 50 bars, there have been 30 white candles and 20 black candles for a net of 10 white 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 64.6752. This is not an overbought or oversold reading. The last signal was a sell 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 64.05. 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 94. 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 12 period(s) ago.
Rex Takasugi – TD Profile
FOREX BTC= closed up 1.600 at 5,436.800. Volume was 55% below average (consolidating) and Bollinger Bands were 17% narrower 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: 5,338.94 4,565.95 4,475.73
Volatility: 40 65 69
Volume: 67,181 71,338 73,860
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 21.5% above its 200-period moving average and is in an upward trend. Volatility is extremely low when compared to the average volatility over the last 10 periods. There is a good possibility that there will be an increase in volatility along with sharp price fluctuations in the near future. 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 26 periods.
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