Bitcoin: USD/BTC (BTC=X) plunged over 4% from $6,800
Bitcoin has plunged over 4% from $6,800 and tested the support at $6,250 before rising back up again to trade above $6,400 on Thursday’s afternoon trading.
The trading volume also suffered as it dipped below $4 billion. The crypto market, on the other hand, has wiped off $14 billion and the total market capitalization is now below $207 billion. Bitcoin market dominance continues to grow and currently stands at 53.4%.
The 38.2% extension lines up with the swing low at $5,900 then the 50% extension is near the $5,600 psychological support. Stronger selling pressure could take it down to the 61.8% extension at $5,274 or the 78.6% extension at $4,825.70. The full extension is at $4,254.10.
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 6,985.11.
The projected upper bound is: 7,173.63.
The projected lower bound is: 5,887.31.
The projected closing price is: 6,530.47.
A white body occurred (because prices closed higher 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 25 white candles and 24 black candles for a net of 1 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 30.7249. This is not an overbought or oversold reading. The last signal was a buy 13 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 46.97. 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 15 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 117.This is an overbought reading. However, a signal isn’t generated until the indicator crosses below 100. 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 5 period(s) ago.
Rex Takasugi – TD Profile
FOREX BTC= closed up 114.690 at 6,529.990. Volume was 61% below average (consolidating) and Bollinger Bands were 48% 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: 6,401.43 6,922.38 7,937.65
Volatility: 42 59 101
Volume: 90,344 92,667 71,965
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 17.7% below its 200-period moving average and is in an downward trend. Volatility is low 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 18 periods.
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