Home Crypto Bitcoin Bitcoin: USD/BTC (BTC=X) has made another sustained move higher

Bitcoin: USD/BTC (BTC=X) has made another sustained move higher


Bitcoin: USD/BTC (BTC=X) has made another sustained move higher

For the fourth day this week bitcoin has added further gains. This latest move, which began a few hours ago during Asian trading, propelled prices to highs not seen since early November.

The 5 percent pump lifted BTC from around $8,950 to top out at $9,400.

From here it is just a mere $600 to five figures which could happen this week if momentum continues. Bitcoin has not had a sustained month of solid gains since April last year when it shot from $4k to $5.5k.

So far this month the asset has made almost 30% making it one of the best performing Januarys in its short history.

Whether there is a pullback or not, bitcoin performance so far this year has been phenomenal. The safe haven narrative has strengthened, clearly observed with the two major incidents that have occurred in January.

Technical Indicators

Overall, the bias in prices is: Upwards.

Note: this chart shows extraordinary price action to the upside.

By the way, prices are vulnerable to a correction towards 8,216.03.

The projected upper bound is: 10,020.15.

The projected lower bound is: 8,801.93.

The projected closing price is: 9,411.04.


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 31 white candles and 19 black candles for a net of 12 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 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 91.3494. This is an overbought reading. However, a signal is not generated until the Oscillator crosses below 80 The last signal was a sell 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 70.28. 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 10 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 188.This is an overbought reading. However, a signal isn’t generated until the indicator crosses below 100. The last signal was a sell 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 0 period(s) ago.

Rex Takasugi – TD Profile

FOREX BTC= closed up 332.200 at 9,368.800. Volume was 32% above average (neutral) and Bollinger Bands were 12% narrower than normal.

Open     High      Low     Close     Volume___
9,036.5909,436.3008,923.9609,368.800 120,452
Technical Outlook 
Short Term: Overbought
Intermediate Term: Bullish
Long Term: Bullish
Moving Averages: 10-period     50-period     200-period
Close: 8,709.67 7,810.85 8,889.15
Volatility: 48 50 60
Volume: 105,289 98,803 87,484

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 5.4% above its 200-period moving average and is in an upward trend. Volatility is relatively normal as compared to the average volatility over the last 10 periods. Our volume indicators reflect moderate flows of volume into BTC= (mildly bullish). Our trend forecasting oscillators are currently bullish on BTC= and have had this outlook for the last 24 periods. Our momentum oscillator is currently indicating that BTC= is currently in an overbought condition. The security price has set a new 14-period high while our momentum oscillator has not. This is a bearish divergence.

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