Bitcoin: USD/BTC (BTC=X) low volume and low volatility

Bitcoin: USD/BTC (BTC=X) low volume and low volatility

Bitcoin: USD/BTC (BTC=X) low volume and low volatility

The pair on 4H Coinbase chart is losing its bullish steam. It is trending below its 100H and 200H simple moving averages, while RSI, the momentum indicator, is also dipping into the selling area. The Stochastic Oscillator, meanwhile, is close to entering the oversold region, awaiting a pullback.

Trading volume is a major factor behind the dismissal performance. Though improved, the BTC/USD transactions remain below $4 billion in the past 24 hours. For a bias-defining rally, the volume needs to be way above the said level. Bitcoin volatility index, at the same time, is at its yearly low.

Overall, the Bitcoin market remains inside a bearish bias.

Overall, the bias in prices is: Downwards.

By the way, prices are vulnerable to a correction towards 6,681.98.

The projected upper bound is: 6,878.33.

The projected lower bound is: 5,957.49.

The projected closing price is: 6,417.91.

Candlesticks

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 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).

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 27.8433. This is not an overbought or oversold reading. The last signal was a sell 30 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 48.47. 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 76 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 74. This is not a topping or bottoming area. The last signal was a buy 10 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 5 period(s) ago.

Rex Takasugi – TD Profile

FOREX BTC= closed up 47.100 at 6,436.380. Volume was 76% below average (consolidating) and Bollinger Bands were 66% narrower than normal.

Open High Low Close Volume___
6,391.2506,615.7006,375.0006,436.380 18,475

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

Moving Averages: 10-period 50-period 200-period
Close: 6,434.92 6,478.84 7,180.92
Volatility: 25 45 57
Volume: 41,658 69,476 76,167

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 10.4% below its 200-period moving average and is in an downward trend. Volatility is relatively normal 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 bearish on BTC= and have had this outlook for the last 6 periods.

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