Bitcoin: USD/BTC (BTC=X) has surged more than 10% since JPMorgan announced on Thursday that it would launch its own cryptocurrency, called “JPM Coin
Bitcoin hit a high of $US4,002.71 a coin on Tuesday, just days after JPMorgan said it would launch its own cryptocurrency that was tied to the US dollar. The largest cryptocurrency by market cap has surged by 10% to its highest level in more than a month following Thursday’s announcement.
The largest US bank by assets said on Thursday that it had created and successfully tested a cryptocurrency that would have a value equivalent to one US dollar. The digital currency, called “JPM Coin,” is based on blockchain technology and is intended to enable the “instantaneous transfer of payments between institutional accounts,” CNBC first reported.
Investors in the digital-currency space saw prices explode higher in 2017 as cryptomania swept over the world. Bitcoin began 2017 worth less than $US1,000 a coin before soaring more than 2,000% to a high of $US19,511. However, the year of 2018 was a different story, with the cryptocurrency’s value plunging by 70% to a low of $US3,136 a coin.
Overall, the bias in prices is: Upwards.
Note: this chart shows extraordinary price action to the upside.
The projected upper bound is: 4,204.51.
The projected lower bound is: 3,576.14.
The projected closing price is: 3,890.33.
A big black candle occurred. This is bearish, as prices closed significantly lower than they opened. If the candle appears when prices are “high,” it may be the first sign of a top. If it occurs when prices are confronting an overhead resistance area (e.g., a moving average, trendline, or price resistance level), the long black candle adds credibility to the resistance. Similarly, if the candle appears as prices break below a support area, the long black candle confirms the failure of the support area.
During the past 10 bars, there have been 5 white candles and 5 black candles. During the past 50 bars, there have been 23 white candles and 27 black candles for a net of 4 black 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 70.7528. This is not an overbought or oversold reading. The last signal was a buy 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 63.24. 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 65 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 167.This is an overbought reading. However, a signal isn’t generated until the indicator crosses below 100. The last signal was a sell 8 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 15 period(s) ago.
Rex Takasugi – TD Profile
FOREX BTC= closed down -97.760 at 3,886.940. Volume was 81% below average (consolidating) and Bollinger Bands were 42% narrower than normal.
Open High Low Close Volume___
Short Term: Neutral
Intermediate Term: Bullish
Long Term: Bearish
Moving Averages: 10-period 50-period 200-period
Close: 3,685.94 3,625.76 5,167.57
Volatility: 55 54 65
Volume: 69,880 72,268 78,081
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 24.8% below its 200-period moving average and is in an upward trend. Volatility is extremely high when compared to the average volatility over the last 10 periods. There is a good possibility that volatility will decrease and prices will stabilize in the near term. 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 9 periods.
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