Bitcoin: USD/BTC (BTC=X) forming a higher low pattern from July 24 lows
Bitcoin Cash is the generally bearish market a nice shed of green today. Besides, BCH the other cryptos subtly in the green are Bitcoin and Monero. With a relative change of +2.57, the price is up 0.87% on Tuesday. It opened the session at $305.31, surged to $309.23 before correcting lower to the current market value at $307.
Looking at the hourly chart, a higher low pattern has been forming since the lows touched on July 24. The price soared to highs above $325 on July 27. A high formed at $326.28 (Fib level swing high), in turn, giving the bears the power to revenge.
Credible support has established at the 38.2% Fib retracement level taken between the last drop from $326.28 to a low of $281.9 around $300. However, this week saw Bitcoin Cash slide to lows below $290 before revamping the uptrend.
Meanwhile, a tremendous recovery propelled BCH past the 50 Simple Moving Average (SMA) 1-hour resistance. The price brushed tried and failed to break the 61.8% Fib level resistance. Exchanging hands at $307, the biggest battle is to push BCH above $300. Technically, the bulls have the potential to push for more gains. The full stochastic oscillator, for instance, is pointing upwards almost entering the overbought. This suggests that the bulls will remain in control in the coming sessions.
Overall, the bias in prices is: Sideways.
Note: this chart shows extraordinary price action to the downside.
The projected upper bound is: 11,390.63.
The projected lower bound is: 7,704.86.
The projected closing price is: 9,547.75.
A white body occurred (because prices closed higher than they opened).
During the past 10 bars, there have been 3 white candles and 7 black candles for a net of 4 black candles. During the past 50 bars, there have been 31 white candles and 19 black candles for a net of 12 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 32.5456. This is not an overbought or oversold reading. The last signal was a buy 16 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 42.07. 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 33 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 -75. This is not a topping or bottoming area. The last signal was a buy 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 29 period(s) ago.
Rex Takasugi – TD Profile
FOREX BTC= closed up 21.050 at 9,516.170. Volume was 12% below average (neutral) and Bollinger Bands were 6% narrower than normal.
Open High Low Close Volume___
Short Term: Neutral
Intermediate Term: Bearish
Long Term: Bullish
Moving Averages: 10-period 50-period 200-period
Close: 9,828.88 10,409.28 6,380.64
Volatility: 41 105 77
Volume: 85,239 93,133 79,800
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 49.1% above its 200-period moving average and is in an downward trend. Volatility is low as compared to the average volatility over the last 10 periods. Our volume indicators reflect moderate flows of volume out of BTC= (mildly bearish). Our trend forecasting oscillators are currently bearish on BTC= and have had this outlook for the last 14 periods.
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