Bitcoin: USD/BTC (BTC=X) new yearly low volume
Over the past 24 hours, Bitcoin has achieved a new yearly low volume, demonstrating a lack of momentum and strength to recover to the higher region of $6,000.
Generally, technical analysts have stated that the low trading activity in the cryptocurrency exchange market can be attributed to the concerns of investors in the uncertainty in the market. A fairly large portion of traders in the market are waiting for a move to breakout, either on the downside or upside, to confirm a short-term price movement.
BTC has not been able to record any major movement since early August.
Historically, BTC has tended to demonstrate minor recovery on Mondays, following two low volume days throughout the weekend. Over-the-counter (OTC) markets typically open in the beginning of the weak and close its operations prior to the weekend.
Overall, the bias in prices is: Downwards.
By the way, prices are vulnerable to a correction towards 6,684.44.
The projected upper bound is: 6,828.07.
The projected lower bound is: 5,903.64.
The projected closing price is: 6,365.85.
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 24 white candles and 26 black candles for a net of 2 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 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 37.2004. This is not an overbought or oversold reading. The last signal was a sell 28 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 46.21. 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 74 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 35. This is not a topping or bottoming area. The last signal was a buy 8 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 3 period(s) ago.
Rex Takasugi – TD Profile
FOREX BTC= closed down -142.000 at 6,384.000. Volume was 73% below average (consolidating) and Bollinger Bands were 66% narrower than normal.
Open High Low Close Volume___
Short Term: Neutral
Intermediate Term: Bearish
Long Term: Bearish
Moving Averages: 10-period 50-period 200-period
Close: 6,418.29 6,514.88 7,200.41
Volatility: 27 45 73
Volume: 46,099 70,906 76,266
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 11.3% 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 4 periods.
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