Bitcoin: USD/BTC (BTC=X) Needs to Break $11,600
Even since Bitcoin (BTC) hit $13,800 to then retrace by $4,000, the cryptocurrency market has slowed. Don’t get me wrong, volatility is still rife in this market, but BTC’s range is starting to tighten.
As of the time of writing this, Bitcoin sits at $11,200, down around 2% in the past 24 hours — a far cry from the 10% to 20% days seen last week.
With this extended bout of slower price action, analysts have been wondering what comes next for the cryptocurrency. A prominent trader recently provided an answer, issuing a simple analysis to explain what comes next for Bitcoin and its ilk.
He remarked that per his logarithmic chart and parabolic and simple trend lines, BTC needs to soon break past around $11,600 on the daily to “resume its parabolic rise.” Such a move would mark the cryptocurrency breaking past a declining trend line that has acted as resistance since last week’s blow-off top.
Should the parabolic rise continue, Bitcoin could hit $14,000 by the middle of July, which is just over a mere week away.
Overall, the bias in prices is: Upwards.
Note: this chart shows extraordinary price action to the upside.
The projected upper bound is: 13,111.78.
The projected lower bound is: 9,918.43.
The projected closing price is: 11,515.10.
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 33 white candles and 17 black candles for a net of 16 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 66.5120. This is not an overbought or oversold reading. The last signal was a sell 12 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 57.49. 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 11 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 9. This is not a topping or bottoming area. The last signal was a sell 11 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 7 period(s) ago.
Rex Takasugi – TD Profile
FOREX BTC= closed down -54.950 at 11,445.750. Volume was 50% below average (consolidating)(neutral) and Bollinger Bands were 41% 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: 11,328.13 9,393.48 5,655.71
Volatility: 86 94 74
Volume: 97,282 91,485 78,340
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 102.4% 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 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 19 periods.