Bitcoin: USD/BTC (BTC=X) Preparing for Next Upside Wave
There were a couple of nasty swing moves above $6,100 in bitcoin price against the US Dollar. The BTC/USD pair dipped sharply below the $6,200 support area and tested the $6,100 support. A low was formed at $6,104 and later the price surged higher. There were two back to back large candles were formed above the $6,400 level. The price rallied towards the $6,580 level and a high was formed at $6,573.
During the ride, there was a break above two bearish trend lines with resistance at $6,320 on the hourly chart of the BTC/USD pair. Later, the price corrected lower below the $6,500 level. It even corrected below the 23.6% Fib retracement level of the last rally from the $6,104 low to $6,573 high. At the moment, the price is trading near the $6,400 support and the 100 hourly simple moving average. Below this, the next support is near the $6,338 level. It represents the 50% Fib retracement level of the last rally from the $6,104 low to $6,573 high. Moreover, the broken trend lines near the $6,320 level are also likely to act as supports.
Overall, the bias in prices is: Downwards.
The projected upper bound is: 7,201.81.
The projected lower bound is: 6,059.17.
The projected closing price is: 6,630.49.
A black body occurred (because prices closed lower 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 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 77.2073. This is not an overbought or oversold reading. The last signal was a sell 0 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 51.76. 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 46 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 99. This is not a topping or bottoming area. The last signal was a sell 0 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 down -57.790 at 6,638.010. Volume was 57% below average (consolidating) and Bollinger Bands were 53% 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: 6,510.95 6,571.23 7,437.39
Volatility: 44 55 94
Volume: 81,600 87,043 76,224
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 10.7% 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 8 periods.