Bitcoin: USD/BTC (BTC=X) price climbed above the $10,200 and $10,300 resistance levels to start a decent recovery
Bitcoin is down about 1.81% from the previous day, putting its price at $10,212.66 US dollars at the time of this writing. The past 24 hours mark a reversal in price from the day prior.
It should be noted, though, that price is still in a downtrend, and is currently 6.27% below its 20-day moving average; staying above this level may be critical to sustaining short-term momentum.
Given that its distance from its 20-day moving average of $10,895.56 is somewhat close, it may mean that a climb up to the 20-day moving average may be needed before momentum buyers come in.
Alternatively, for those interested in trading ranges that Bitcoin bounces between, its current two-week trading range in US dollars is between $9,523.05 and $12,268.07. The currency’s market cap is now at $181.44 billion US dollars, and its market dominance — the percent of the entire amount of capital invested in cryptocurrencies that belong to Bitcoin — is at 68.16%.
As for the recent behavior, Bitcoin’s dominance level hasn’t exhibited a clear trend — but has fluctuated between 66.31% and 69.3%. A dominance level without a clear trend suggests that it may still be unclear as to whether or not we will live in a world with many viable coins, or whether Bitcoin will be the “one coin to rule them all”.
Overall, the bias in prices is: Sideways.
The projected upper bound is: 11,743.05.
The projected lower bound is: 8,940.15.
The projected closing price is: 10,341.60.
A black body occurred (because prices closed lower than they opened).
During the past 10 bars, there have been 5 white candles and 5 black candles. During the past 50 bars, there have been 27 white candles and 23 black candles for a net of 4 white candles.
A spinning top occurred (a spinning top is a candle with a small real body). Spinning tops identify a session in which there is little price action (as defined by the difference between the open and the close). During a rally or near new highs, a spinning top can be a sign that prices are losing momentum and the bulls may be in trouble.
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 52.9114. This is not an overbought or oversold reading. The last signal was a buy 4 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 45.69. 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 53 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 -67. This is not a topping or bottoming area. The last signal was a buy 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 sell 5 period(s) ago.
Rex Takasugi – TD Profile
FOREX BTC= closed up 4.030 at 10,362.030. Volume was 67% below average (consolidating) and Bollinger Bands were 15% narrower 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: 10,675.28 10,758.68 7,116.84
Volatility: 58 82 78
Volume: 83,585 91,337 81,319
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 45.6% above its 200-period moving average and is in an upward 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 bullish on BTC= and have had this outlook for the last 14 periods.