Bitcoin: USD/BTC (BTC=X) plunged Tuesday below $10,000, cratering from a 17-month high hit just four sessions ago
The world’s most widely traded cryptocurrency dropped to a low of about $9,676 on Tuesday, a roughly $3,800 drop from its highs on Wednesday, according to Coindesk. Bitcoin started its free fall on Thursday, plunging nearly $3,000 as an outage occurred on popular cryptocurrency trading platform Coinbase.
Other large coins also fell on Tuesday, with Monero andDecred tumbling at least 6.5%, according to Coindesk.
Still, Bitcoin has had a stellar turnaround this year, soaring about 200% in 2019.
The volatile cryptocurrency rebounded early this year after tumbling more than 70% in 2018 as high-profile hacks and crackdowns on initial coin offerings dampened investor enthusiasm. The comeback this year was largely attributed to more interest in the space following Facebook’s announcement of a cryptocurrency project, a breakout from key technical levels and some hedging amid trade wars.
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 9,174.14.
The projected upper bound is: 12,885.70.
The projected lower bound is: 9,657.81.
The projected closing price is: 11,271.75.
A white body occurred (because prices closed higher than they opened).
During the past 10 bars, there have been 7 white candles and 3 black candles for a net of 4 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 37.0003. This is not an overbought or oversold reading. The last signal was a sell 7 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 57.78. 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 6 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 -0. This is not a topping or bottoming area. The last signal was a sell 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 sell 2 period(s) ago.
Rex Takasugi – TD Profile
FOREX BTC= closed up 503.410 at 11,202.110. Volume was 82% below average (consolidating) and Bollinger Bands were 109% 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: 11,376.34 9,011.29 5,458.51
Volatility: 168 100 75
Volume: 97,165 91,937 78,193
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 105.2% above its 200-period moving average and is in an upward 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 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 14 periods.