Bitcoin: USD/BTC (BTC=X) Landmark passed on the 11th anniversary of cryptocurrencies emergence
Bitcoin has reached $1bn (£770m) in cumulative transaction fees, passing the major milestone on the eleventh anniversary of the world’s first cryptocurrency.
Data gathered by analytics firm Coin Metrics revealed that over 200,000 bitcoin have now been paid in transaction fees since it launched in 2009 – three months after its creator Satoshi Nakamotoa, a pseudonym, published the white paper unveiling it to the world for the first time.
Nakamoto laid out the details of a “new electronic cash system that’s fully peer-to-peer” that negated the need for banks and other third parties, on 31 October 2008.
Its popularity has soared in recent years but despite transaction volume increasing considerably, the actual cost of transactions has fallen over the last year. This is thanks to the implementation of solutions like the Lightning Network, which helps speed up and simplify blockchain transactions.
2019 has been relatively positive for bitcoin, especially when compared to the seemingly terminal decline the cryptocurrency market experienced in 2018.
After peaking at close to $20,000 in December 2017, bitcoin fell to below $4,000 before finally making a recovery earlier this year.
It still faces a number of challenges before it can ever be considered as a legitimate and mainstream form of payment, including regulatory hurdles, price volatility and security issues that make wallets and exchanges vulnerable to hacking.
It is estimated that around $4.2bn worth of cryptocurrency has been stolen by hackers so far this year, surpassing the record total from last year.
Overall, the bias in prices is: Upwards.
The projected upper bound is: 10,071.14.
The projected lower bound is: 8,194.17.
The projected closing price is: 9,132.66.
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.
An engulfing bearish line occurred (where a black candle’s real body completely contains the previous white candle’s real body). The engulfing bearish pattern is bearish during an uptrend (which appears to be the case with FOREX BTC=). It then signifies that the momentum may be shifting from the bulls to the bears.
If the engulfing bearish pattern occurs during a downtrend, it may be a last engulfing bottom which indicates a bullish reversal. The test to see if this is the case is if the next candle closes above the bottom the current (black) candle’s real body.
A hammer occurred (a hammer has a long lower shadow and closes near the high). Hammers must appear after a significant decline or when prices are oversold to be valid. When this occurs, it usually indicates the formation of a support level and is thus considered a bullish pattern.
A hanging man occurred (a hanging man has a very long lower shadow and a small real body). This pattern can be bullish or bearish, depending on the trend. If it occurs during an uptrend (which appears to be the case with FOREX BTC=) it is called a hanging man line and signifies a reversal top. If it occurs during a downtrend it is called a bullish hammer.
A long lower shadow occurred. This is typically a bullish signal (particularly when it occurs near a low price level, at a support level, or when the security is oversold).
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.
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 30.2569. This is not an overbought or oversold reading. The last signal was a sell 2 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 57.76. 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 25 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 49. This is not a topping or bottoming area. The last signal was a sell 2 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 7 period(s) ago.
Rex Takasugi – TD Profile
FOREX BTC= closed down -34.280 at 9,156.510. Volume was 95% below average (consolidating) and Bollinger Bands were 23% wider than normal.
Open High Low Close Volume___
Short Term: Neutral
Intermediate Term: Bullish
Long Term: Bullish
Moving Averages: 10-period 50-period 200-period
Close: 8,868.78 8,772.51 9,028.71
Volatility: 109 70 79
Volume: 77,972 80,383 85,192
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 1.4% 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 7 periods.