Bitcoin: USD/BTC (BTC=X) optimistic market expecting entry of institutional grade investors
Technically, BTC/USD is bearish but with increasing adoption and an optimistic market expecting entry of institutional grade investors thanks to Fidelity Custodial Services, launch of NASDAQ Bitcoin Futures and a likely approval of Bitcoin ETF by the SEC, digital asset investors are set to gain. However, before traders begin ramping up, prices must first expand above $4,700 and the re-emergence of Satoshi Nakamoto could first track this.
Still, Bitcoin prices are flip flopping and all over the place. After days of higher highs which culminated with Bitcoin closing higher and unexpectedly fading gains of week ending Nov 25, gains of last week could be the much needed foundation and a sling that will catalyze gains back above$4,700 and eventually $6,000.
But even as bears threaten to press the sell pedal, analysts as Thomas Lee—the Managing Partners and Head of Research at Fundstrat Global Advisors—is overly positive on Bitcoin and the trajectory it will take in the next few years. Citing the digital world where digital assets will find use, he projects BTC prices to expand $300 percent and test $15,000 by the end of the year.
Overall, the bias in prices is: Downwards.
Note: this chart shows extraordinary price action to the downside.
By the way, prices are vulnerable to a correction towards 5,212.72.
The projected upper bound is: 4,483.29.
The projected lower bound is: 3,305.99.
The projected closing price is: 3,894.64.
A black body occurred (because prices closed lower than they opened).
During the past 10 bars, there have been 3 white candles and 7 black candles for a net of 4 black candles. During the past 50 bars, there have been 23 white candles and 27 black candles for a net of 4 black 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 51.2456. 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 31.57. 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 2 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 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 buy 3 period(s) ago.
Rex Takasugi – TD Profile
FOREX BTC= closed down -170.840 at 3,931.800. Volume was 22% below average (neutral) and Bollinger Bands were 125% wider 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: 3,947.63 5,619.14 6,542.19
Volatility: 116 78 63
Volume: 95,164 69,231 79,635
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 39.9% below its 200-period moving average and is in an downward trend. Volatility is extremely high when compared to the average volatility over the last 10 periods. There is a good possibility that volatility will decrease and prices will stabilize in the near term. 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 20 periods.
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