Bitcoin: USD/BTC (BTC=X) Hitting A Fresh 2020 High
Bitcoin has suddenly soared back above $10,000 after a volatile few days that saw it breach the psychological barrier for the first time this year.
The bitcoin price, which was earlier today seen trading at under $9,700, surged to $10,380 on the Luxembourg-based Bitstamp bitcoin and cryptocurrency exchange—part of a broader rally that some have suggested is very different to the 2017 bitcoin bull run.
The cause for the latest rally was not immediately clear, however, the bitcoin price has been on an upward trend since mid-December.
Earlier today, some huge bitcoin trades were made, recorded by tracker Whale Alert, with some $360 million worth of bitcoin moving between two mega trades.
“A lot of good things are happening with bitcoin this year,” Fundstrat Global Advisors cofounder Tom Lee told CNBC yesterday, pointing to bitcoin’s upcoming halving, bitcoin acting as a safe haven during the coronavirus sell-off, and geopolitical tensions between the U.S., Iran and China.
“I think bitcoin could rally very strongly from here,” Lee said, blaming the Trump administration’s negative outlook on bitcoin for last year’s sell-off and suggesting the upcoming 2020 elections could change the landscape in the U.S. for cryptocurrencies.
“Bitcoin should return to and move beyond its all-time high some time this year,” Lee added, putting “bitcoin at $27,000.”
However, despite bitcoin’s stellar performance over the last few weeks, it’s being handily beat by many smaller cryptocurrencies—some of which have recently made three-digit percentage gains.
Minor digital token tezos has recently broken into the top ten cryptocurrencies by market capitalization after gaining over 400% in the last 12-months.
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 8,800.72.
The projected upper bound is: 10,989.43.
The projected lower bound is: 9,772.48.
The projected closing price is: 10,380.95.
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.
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 77.6191. This is not an overbought or oversold reading. The last signal was a sell 1 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 72.24. 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 2 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 145.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 14 period(s) ago.
Rex Takasugi – TD Profile
FOREX BTC= closed up 83.030 at 10,319.400. Volume was 38% below average (neutral) and Bollinger Bands were 45% wider than normal.
Open High Low Close Volume___
Short Term: Overbought
Intermediate Term: Bullish
Long Term: Bullish
Moving Averages: 10-period 50-period 200-period
Close: 9,798.73 8,524.00 8,854.64
Volatility: 45 46 56
Volume: 192,231 121,863 93,001
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 16.5% above its 200-period moving average and is in an upward trend. Volatility is low 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 38 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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