Bitcoin: USD/BTC (BTC=X) has gained more than $5,000 since the start of 2019
The price of bitcoin crossed the $9,000 threshold Sunday for the first time in more than a year.
Bitcoin BTCUSD, +2.15% peaked around $9,385 in intraday trading, according to Coindesk. The cryptocurrency slipped in the afternoon, and was last around the $9,100 level.
The digital currency is up more than 22% over the past 30 days, and up 142% year to date. Sunday’s intraday prices were the highest for bitcoin since May 2018, though still well off its all-time high above $19,000 in late 2017.
Investors have been bullish on bitcoin recently, with optimism stoked by the expected announcement this week that Facebook Inc. FB, +2.18% will launch a new cryptocurrency, backed by a number of major companies, including Visa Inc. V, +0.18% , PayPal Holdings Inc. PYPL, +0.39% and Uber Technologies Inc. UBER, -2.44% . The new coin, reportedly to be called Libra, would allow users to make purchases around the internet, not just Facebook.
Bitcoin’s rise has boosted the wider crypto market, with rival digital currencies such as ethereum ETHUSD, +0.80% , bitcoin cash BCHUSD, +1.35% and litecoin LTCUSD, -0.33% also posting significant gains over the past week.
Overall, the bias in prices is: Upwards.
Note: this chart shows extraordinary price action to the upside.
The projected upper bound is: 10,139.12.
The projected lower bound is: 8,407.27.
The projected closing price is: 9,273.19.
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 33 white candles and 17 black candles for a net of 16 white candles.
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 83.2565. This is an overbought reading. However, a signal is not generated until the Oscillator crosses below 80 The last signal was a buy 10 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 71.26. This is where it usually tops. The RSI usually forms tops and bottoms before the underlying security. A buy or sell signal is generated when the RSI moves out of an overbought/oversold area. The last signal was a sell 18 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 164.This is an overbought reading. However, a signal isn’t generated until the indicator crosses below 100. The last signal was a buy 10 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 2 period(s) ago.
Rex Takasugi – TD Profile
FOREX BTC= closed up 157.930 at 9,193.630. Volume was 51% below average (consolidating) and Bollinger Bands were 14% wider than normal.
Open High Low Close Volume___
Short Term: Overbought
Intermediate Term: Bearish
Long Term: Bullish
Moving Averages: 10-period 50-period 200-period
Close: 8,330.19 7,493.97 4,878.27
Volatility: 33 72 69
Volume: 75,729 83,705 78,410
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 88.5% 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 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 10 periods. Our momentum oscillator is currently indicating that BTC= is currently in an overbought condition.
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