Bitcoin: USD/BTC (BTC=X) hovering over the $3,450 mark again
Bitcoin is down a fraction of half percent on the day, trading at around $3,476, according to CoinMarketCap. Looking at its weekly chart on CoinMarketCap, the current price is about 3 percent lower than $3,594, the price at which Bitcoin started the week.
The stock market is seeing slight growth, with the S&P 500 reporting a nearly a 0.1 percent gain while the CBOE Volatility Index (VIX) loses 2.6 percent, according to CNBC. DOW, on the other hand, is up 0.26 percent at press time, according to MarketWatch. Still, as Cointelegraph reported yesterday, a recent analysis suggests that the growth currently reported by the stock market is a bull trap.
Major oil futures and indexes are seeing moderate growth, with WTI Crude closing at a 2.73 percent increase, Brent Crude being up over 3 percent and Mars US up 2.87 percent, according to OilPrice.
Ex-Goldman Sachs partner Michael Novogratz tweeted earlier this week that while he believes the crypto market will not “head north for at least a few more months,” he is still very confident that things will move eventually. He also pointed out that there is “tons of activity under the hood.”
As Cointelegraph reported at the beginning of last month, Novogratz has increased his shares of Galaxy Digital, the crypto-focused merchant bank he founded and of which is the CEO.
Overall, the bias in prices is: Downwards.
Note: this chart shows extraordinary price action to the downside.
By the way, prices are vulnerable to a correction towards 3,939.71.
The projected upper bound is: 3,801.89.
The projected lower bound is: 3,039.58.
The projected closing price is: 3,420.74.
A black body occurred (because prices closed lower 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 25 white candles and 25 black candles.
A long upper shadow occurred. This is typically a bearish signal (particularly when it occurs near a high price level, at resistance level, or when the security is overbought).
Three black candles occurred in the last three days. Although these candles were not big enough to create three black crows, the steady downward pattern is bearish.
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 31.8235. This is not an overbought or oversold reading. The last signal was a buy 19 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 39.01. 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 49 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 -72. This is not a topping or bottoming area. The last signal was a buy 4 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 7 period(s) ago.
Rex Takasugi – TD Profile
FOREX BTC= closed down -0.720 at 3,416.370. Volume was 61% below average (consolidating) and Bollinger Bands were 73% narrower than normal.
Open High Low Close Volume___
Short Term: Neutral
Intermediate Term: Bearish
Long Term: Bearish
Moving Averages: 10-period 50-period 200-period
Close: 3,448.07 3,687.32 5,499.46
Volatility: 24 65 65
Volume: 65,258 77,031 80,002
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 37.9% below its 200-period moving average and is in an downward trend. Volatility is extremely low when compared to the average volatility over the last 10 periods. There is a good possibility that there will be an increase in volatility along with sharp price fluctuations in the near future. 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 20 periods.