Bitcoin: USD/BTC (BTC=X) may take some more time to show a rally like June
Bitcoin, since the starting of this year, has shown tremendous strength in comparison with the year 2018. Though the initial few months were sluggish, the coin started showing positive results from April onwards. Here is an analysis of Bitcoin’s major price movements for this year. It should be noted that the medium-term outlook of the coin is bullish and it is yet to reach its full potential. Let us now look at the current details of the coin.
BTC Price Statistics-
|Bitcoin (BTC)||13th August 02:34 UTC|
|ROI (Return on Investment)||8,325.67%|
|Coin Circulation||17,873,200 BTC|
|Market Cap||203,816,219,114 USD|
|Value in USD||11,400.15 USD|
|All-Time High||20,089 USD|
|24h Volume||13,500,825,053 USD|
Bitcoin was being traded at 4032 USD towards the end of March. However, the April boom took the coin to 5249 USD by 10th April. From there, the coin did not look back. Between 25th April and 27th May, it grew by 69.39% and reached 8733.54 USD. And again this was followed by another hike of 68%, which lasted till 26th June.
This hike managed to give the coin the highest point of the year near 13,000 USD. By the end of June, Bitcoin started weakening and a 25% fall pushed the coin to 9552 USD by 16th July. The latest swing came as a hike of 25.79% and the value of Bitcoin lies at 11,969 USD on 8th August.
The market cap on 13th July was 205,739,186,364 USD and the value of the coin was 11,379.26 USD. The current market cap and the value of the coin are respectively 0.93% less and 0.183% more than the data for last month.
Overall, the bias in prices is: Upwards.
Note: this chart shows extraordinary price action to the upside.
By the way, prices are vulnerable to a correction towards 10,415.89.
The projected upper bound is: 13,207.90.
The projected lower bound is: 9,494.57.
The projected closing price is: 11,351.24.
A black body occurred (because prices closed lower than they opened).
During the past 10 bars, there have been 6 white candles and 4 black candles for a net of 2 white candles. During the past 50 bars, there have been 28 white candles and 22 black candles for a net of 6 white candles.
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 29.9158. This is not an overbought or oversold reading. The last signal was a sell 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 55.96. 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 47 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 26. This is not a topping or bottoming area. The last signal was a sell 4 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 12 period(s) ago.
Rex Takasugi – TD Profile
FOREX BTC= closed down -77.840 at 11,341.410. Volume was 70% below average (consolidating) and Bollinger Bands were 16% 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: 11,521.87 10,943.84 6,914.48
Volatility: 54 105 78
Volume: 84,058 93,040 80,691
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 64.0% above its 200-period moving average and is in an upward trend. Volatility is extremely low when compared to the average volatility over the last 10 periods. There is a good possibility that there will be an increase in volatility along with sharp price fluctuations in the near future. 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 8 periods.
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