Bitcoin: USD/BTC (BTC=X) move back in the bullish zone
Bulls enjoy the sentiment positivity as they take Bitcoin safely over USD 8k, but Altcoins don’t replicate the same run, Overall coin market cap is on the rise SEC continues to delays and rejects Bitcoin ETF applications, Google removes MetaMask and bans cryptocurrency mining apps from its stores.
The bulls seem to be holding their ground in crypto markets for the second week as they successfully took the prices of BTC above 8K. Unfortunately, that was the case only with Bitcoin as most of the altcoins including Ethererum, Ripple and Bitcoin Cash could not replicate it having a mixed week with narrow positives price or in some cases negative movements.
Looking at the technical indicators:
4-hours MACD – The MACD for BTC/USD is about to move back in the bullish zone.
4-hours RSI (Relative Strength Index) – The RSI is currently above the 50 level.
Major Support Level – $7,900
Major Resistance Level – $8,500
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 7,526.04.
The projected upper bound is: 8,823.45.
The projected lower bound is: 7,581.11.
The projected closing price is: 8,202.28.
A black body occurred (because prices closed lower than they opened).
During the past 10 bars, there have been 6 white candles and 3 black candles for a net of 3 white candles. During the past 50 bars, there have been 27 white candles and 22 black candles for a net of 5 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 0.5977. This is an oversold reading. However, a signal is not generated until the Oscillator crosses above 20 The last signal was a sell 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 72.78. This is where it usually tops. The RSI usually forms tops and bottoms before the underlying security. A buy or sell signal is generated when the RSI moves out of an overbought/oversold area. The last signal was a buy 30 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 -27. This is not a topping or bottoming area. The last signal was a sell 1 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 14 period(s) ago.
Rex Takasugi – TD Profile
FOREX BTC= closed down -40.360 at 8,174.320. Volume was 87% below average (consolidating) and Bollinger Bands were 78% wider than normal.
Open High Low Close Volume___
Short Term: Oversold
Intermediate Term: Bullish
Long Term: Bearish
Moving Averages: 10-period 50-period 200-period
Close: 7,990.01 6,817.01 8,489.71
Volatility: 40 59 115
Volume: 89,376 90,618 67,157
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 3.7% below its 200-period moving average and is in an upward trend. Volatility is low as compared to the average volatility over the last 10 periods. Our volume indicators reflect moderate flows of volume into BTC= (mildly bullish). Our trend forecasting oscillators are currently bullish on BTC= and have had this outlook for the last 23 periods. Our momentum oscillator is currently indicating that BTC= is currently in an overbought condition.
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