Bitcoin: USD/BTC (BTC=X) Inches Higher as Trading Volume Climbs

Bitcoin: USD/BTC (BTC=X) Inches Higher as Trading Volume Climbs

Bitcoin: USD/BTC (BTC=X) Inches Higher as Trading Volume Climbs

Bitcoin’s price has been slowly inching higher after briefly visiting its range lows around $9,000 this past weekend, but in order for bulls to maintain their growing strength, it is imperative that they push BTC past its range high resistance level at $9,500.

Analysts are now noting that the bull case for Bitcoin may be growing stronger, as the crypto has begun finding strong support at a key technical level and has been incurring increasing on-chain volume – factors that could help push the crypto higher in the near-term.

Bitcoin Inches Higher as Trading Volume Climbs

At the time of writing, Bitcoin is trading up just under 1% at its current price of $9,375, which marks a slight climb from its daily lows of just under $9,300.

Bitcoin’s slow and steady climb over the past few days was first sparked when BTC fell towards $9,100 this past weekend, and it has been slowly climbing back towards its range highs at $9,500 in the time since.

How Bitcoin responds to its range highs in the near $9,500 in the near-term will offer investors and analysts alike significant insight into which direction the cryptocurrency will trend in the near-term, as a failure to decisively break above this level could spell trouble for which direction it trends in the near-term.

Technical Indicators

Overall, the bias in prices is: Upwards.

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

The projected upper bound is: 10,222.40.

The projected lower bound is: 8,349.28.

The projected closing price is: 9,285.84.

Candlesticks

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 17 white candles and 33 black candles for a net of 16 black candles.

A spinning top occurred (a spinning top is a candle with a small real body). Spinning tops identify a session in which there is little price action (as defined by the difference between the open and the close). During a rally or near new highs, a spinning top can be a sign that prices are losing momentum and the bulls may be in trouble.

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 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 54.4524. This is not an overbought or oversold reading. The last signal was a sell 8 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 58.44. 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 31 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 25. This is not a topping or bottoming area. The last signal was a sell 8 period(s) ago.

MACD

The Moving Average Convergence/Divergence indicator (MACD) gives signals when it crosses its 9 period signal line. The last signal was a buy 13 period(s) ago.

Rex Takasugi – TD Profile

FOREX BTC= closed down -0.730 at 9,304.020. Volume was 79% below average (consolidating) and Bollinger Bands were 27% wider than normal.

Open     High      Low     Close     Volume___
9,314.7109,385.8009,156.9609,304.020 16,943
Technical Outlook 
Short Term: Neutral
Intermediate Term: Bullish
Long Term: Bullish
Moving Averages: 10-period     50-period     200-period
Close: 9,291.90 8,657.43 9,150.66
Volatility: 23 70 79
Volume: 67,769 79,518 85,209

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.

Summary

FOREX BTC= is currently 1.7% above its 200-period moving average and is in an upward trend. Volatility is high 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 bullish on BTC= and have had this outlook for the last 13 periods.

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