Bitcoin: USD/BTC (BTC=X) price breaks to $10300

Bitcoin: USD/BTC (BTC=X) price breaks to $10300

Bitcoin: USD/BTC (BTC=X) price breaks to $10300

Bitcoin (BTC) is not the king of cryptocurrencies without any reasons. Bitcoin price has finally broken through the downward wedge triangles and is now headed towards new highs.

In the past twenty-four hours (24hrs) Bitcoin price has seen the high point of ten thousand four hundred and sixty-one dollars ($10461.09) at one point.

However, for the better part of the day, Bitcoin price has been hovering between ten thousand two hundred and eighty dollars ($10280) and ten thousand four hundred dollars ($10400) marks.

Technical Indicators

Overall, the bias in prices is: Upwards.

The projected upper bound is: 11,310.31.

The projected lower bound is: 9,482.92.

The projected closing price is: 10,396.62.

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 28 white candles and 22 black candles for a net of 6 white candles.

Three white candles occurred in the last three days. Although these candles were not big enough to create three white soldiers, the steady upward pattern is bullish.

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 59.5759. This is not an overbought or oversold reading. The last signal was a buy 2 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 51.71. 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 78 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 37. This is not a topping or bottoming area. The last signal was a sell 7 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 buy 10 period(s) ago.

Rex Takasugi – TD Profile

FOREX BTC= closed up 37.500 at 10,386.500. Volume was 77% below average (consolidating) and Bollinger Bands were 49% narrower than normal.

Open     High      Low     Close     Volume___
10,328.50010,487.00010,305.07010,386.500 20,567
Technical Outlook 
Short Term: Neutral
Intermediate Term: Bearish
Long Term: Bullish
Moving Averages: 10-period     50-period     200-period
Close: 10,351.68 10,417.55 7,934.81
Volatility: 26 55 78
Volume: 73,859 83,038 82,294

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 30.9% above 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 20 periods.

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