Bitcoin: USD/BTC (BTC=X) market looks indecisive on further uptrend momentum
This year is almost halfway over, and bitcoin is looking back on an exciting year in the price category. It rose from the doldrums, all the way up to arguable exuberance and parabolic action. Lately, bitcoin’s price has seen a bit of ranging activity as the market looks indecisive on further uptrend momentum, according to opinions and analysis from crypto podcaster and trader Brian Krogsgard, also known on Twitter as LedgerStatus.
“We’re basically trying to see if we are going to just keep consolidating at this higher level and push for a new leg up, or if it’s truly a topping pattern,” Krogsgard told me in a podcast interview on June 11, 2019. “A key level would be if we breach above around $8,200 on a daily level,” he said, mentioning this level also coincides with the Bollinger Band midline, a popular technical analysis indicator sometimes used in trend analysis.
If the $8,200 price zone is broken to the upside, Krogsgard said he sees it as an indication of potential further price action up toward 2019’s highs, which are in the low $9,000 range.
In general, however, Krogsgard said he is looking for consolidation ahead. “For the most part, I’m just looking for consolidation and dip-buying opportunities,” he said. “I wouldn’t say $8,000 bitcoin is a particularly attractive place to buy,” he added, noting his personal opinion based on his analysis. “We’re fairly far from the mean, if you will, as in, we’ve moved fast so far this year, so I think that there will probably be cheaper places to buy, but it’s certainly possible we have another leg up,” the trader added.
Overall, the bias in prices is: Upwards.
Note: this chart shows extraordinary price action to the upside.
The projected upper bound is: 9,093.14.
The projected lower bound is: 7,352.03.
The projected closing price is: 8,222.58.
A white body occurred (because prices closed higher than they opened).
During the past 10 bars, there have been 5 white candles and 5 black candles. During the past 50 bars, there have been 32 white candles and 18 black candles for a net of 14 white 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.
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 77.2437. This is not an overbought or oversold reading. The last signal was a buy 6 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 57.24. 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 sell 14 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 28. This is not a topping or bottoming area. The last signal was a buy 6 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 14 period(s) ago.
Rex Takasugi – TD Profile
FOREX BTC= closed up 47.770 at 8,167.930. Volume was 84% below average (consolidating) and Bollinger Bands were 4% narrower than normal.
Open High Low Close Volume___
Short Term: Neutral
Intermediate Term: Bearish
Long Term: Bullish
Moving Averages: 10-period 50-period 200-period
Close: 7,867.84 7,204.22 4,779.61
Volatility: 72 75 70
Volume: 74,158 83,353 78,933
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 70.9% above its 200-period moving average and is in an downward trend. Volatility is low 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.