Bitcoin: USD/BTC (BTC=X) positive finish

Bitcoin: USD/BTC (BTC=X) positive finish

Bitcoin: USD/BTC (BTC=X) positive finish 

The Bitcoin price (BTC/USD) has returned above the $6,500 mark following a positive finish to an otherwise poor Wednesday session.

The original cryptocurrency had a largely disappointing session yesterday, as its price dropped below the $6,500 level for the first time in six days during the morning hours. The digital currency experienced a sharp increase in the early afternoon, with its price jumping to an intraday high of $6,571.46, but this turned out to be just a temporary spike, as the coin swiftly returned to sub-$6,500 levels. Still, Bitcoin managed to recuperate in the latter part of the session, which allowed it to mitigate its losses and finish the day on a somewhat positive note. The coin closed the session at $6,502.59, down from its opening level of $6,553.86.

Overall, the bias in prices is: Downwards.

The projected upper bound is: 7,029.94.

The projected lower bound is: 6,056.17.

The projected closing price is: 6,543.06.

Candlesticks

A white body occurred (because prices closed higher than they opened).
During the past 10 bars, there have been 4 white candles and 6 black candles for a net of 2 black candles. During the past 50 bars, there have been 24 white candles and 26 black candles for a net of 2 black candles.

Momentum Indicators

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.

Stochastic Oscillator

One method of interpreting the Stochastic Oscillator is looking for overbought areas (above 80) and oversold areas (below 20). The Stochastic Oscillator is 30.3273. This is not an overbought or oversold reading. The last signal was a sell 10 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 49.16. 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 56 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 -46. This is not a topping or bottoming area. The last signal was a sell 10 period(s) ago.

MACD

The Moving Average Convergence/Divergence indicator (MACD) gives signals when it crosses its 9 period signal line. The last signal was a sell 1 period(s) ago.

Rex Takasugi – TD Profile

FOREX BTC= closed up 100.900 at 6,539.700. Volume was 62% below average (consolidating) and Bollinger Bands were 65% narrower than normal.

Open High Low Close Volume___
6,481.7006,645.6006,409.9106,539.700 33,584

Technical Outlook
Short Term: Neutral
Intermediate Term: Bearish
Long Term: Bearish

Moving Averages: 10-period 50-period 200-period
Close: 6,547.32 6,596.23 7,334.97
Volatility: 34 47 92
Volume: 69,018 82,721 76,845

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.

Summary

FOREX BTC= is currently 10.8% 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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