Bitcoin: USD/BTC (BTC=X) isn’t quite in a bull market yet

Bitcoin: USD/BTC (BTC=X)  isn’t quite in a bull market yet

Bitcoin: USD/BTC (BTC=X) isn’t quite in a bull market yet

Following the crypto market’s quiet weekend trading session, most cryptocurrencies have continued to trade flat, and have thus far maintained nearly all of their recent price gains that were incurred during Friday’s market surge. Bitcoin (BTC) has found stability in the mid-$3,600 region and appears to be forming $3,700 as a level of resistance.

Multiple analysts now expect Bitcoin to form another upwards leg before hitting a strong resistance level, which is unlikely to be swiftly broken above unless the cryptocurrency’s bulls garner a significant amount of buying pressure.

Bitcoin Stable Around $3,650, Analysts Bearish on Larger Time Frames

At the time of writing, Bitcoin is trading down marginally at its current price of $3,645. Over the weekend, BTC rose to highs of nearly $3,700 before swiftly being pushed down towards its current price levels. This signals that $3,700 may be a level of relative resistance for the cryptocurrency in the short-term.

In a recent tweet from Mayne, a popular cryptocurrency analyst, he explained that he is still bearish on BTC over high time frames despite Friday’s upwards surge that sent it from lows of $3,400 to highs of $3,700.

“$BTC…I’m still leaning bearish on the HTF… I think if we make another leg up we top out in the grey zone… If we make a higher high, great, I’ll be bullish. Don’t let your ego or some neckbeard on CT yelling “REKT” stop you from moving with price… Just focus on the chart,” he explained.

Overall, the bias in prices is: Downwards.

The projected upper bound is: 3,902.60.

The projected lower bound is: 3,230.63.

The projected closing price is: 3,566.61.

Candlesticks

A black body occurred (because prices closed lower than they opened).
During the past 10 bars, there have been 4 white candles and 6 black candles for a net of 2 black candles. During the past 50 bars, there have been 22 white candles and 28 black candles for a net of 6 black candles.

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 61.8626. 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 51.22. 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 57 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 sell 0 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 7 period(s) ago.

Rex Takasugi – TD Profile

FOREX BTC= closed down -105.860 at 3,576.440. Volume was 66% below average (consolidating) and Bollinger Bands were 68% narrower than normal.

Open High Low Close Volume___
3,591.8803,695.1003,539.8703,576.440 28,261

Technical Outlook
Short Term: Neutral
Intermediate Term: Bullish
Long Term: Bearish

Moving Averages: 10-period 50-period 200-period
Close: 3,515.76 3,642.36 5,327.66
Volatility: 54 58 65
Volume: 66,413 71,366 78,826

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 32.9% 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 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 1 periods.

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