Bitcoin: USD/BTC (BTC=X) Flashes Bullish Signals as Bulls Hold it Above Key Technical Levels
After hovering around the $8,000 region for an extended period of time, Bitcoin has been able to garner some hints of bullishness as its buyers have pushed its price up over 3%. This latest surge further confirms the upper-$7,000 region as a strong level of support for BTC.
Analysts are noting that today’s surge pushed BTC past multiple key technical levels that had previously been suppressing its price, which may mean that it is positioned for significantly further gains in the near-term.
Bitcoin Surges Over 3% as Bulls Respond to Recent Dip Below $8,000
At the time of writing, Bitcoin is trading up over 3% at its current price of just under $8,300, and this surge has come about just days after the crypto dipped below $8,000 into a region that appears to be full of significant buying pressure.
Although BTC has failed to incur any significant trend in either direction for the past several weeks, its recent bout of consolidation has proven to be a positive thing for many major altcoins, with XRP and others posting large gains over the past couple of weeks.
Overall, the bias in prices is: Downwards.
Note: this chart shows extraordinary price action to the downside.
The projected upper bound is: 8,876.75.
The projected lower bound is: 7,449.29.
The projected closing price is: 8,163.02.
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 19 white candles and 31 black candles for a net of 12 black candles.
A doji star occurred (where a doji gaps above or below the previous candle). This often signals a reversal with confirmation occurring on the next bar.
A long lower shadow occurred. This is typically a bullish signal (particularly when it occurs near a low price level, at a support level, or when the security is oversold).
Three white candles occurred in the last three days. Although these candles were not big enough to create three white soldiers, the steady upward pattern is bullish.
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 78.0709. This is not an overbought or oversold reading. The last signal was a sell 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 44.36. 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 15 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 -10. 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 buy 17 period(s) ago.
Rex Takasugi – TD Profile
FOREX BTC= closed up 6.220 at 8,207.040. Volume was 70% below average (consolidating) and Bollinger Bands were 66% narrower than normal.
Open High Low Close Volume___
Short Term: Neutral
Intermediate Term: Bearish
Long Term: Bearish
Moving Averages: 10-period 50-period 200-period
Close: 8,127.40 9,077.46 8,842.15
Volatility: 38 51 76
Volume: 71,629 79,889 85,405
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 7.2% 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 28 periods.