Bitcoin: USD/BTC (BTC=X) price embraces five figures

Bitcoin: USD/BTC (BTC=X) price embraces five figures

Bitcoin: USD/BTC (BTC=X) price embraces five figures

Data from Coin360 shows BTC/USD put in a sudden rally on Thursday, gaining more than 5% in hours and subsequently holding onto support above $10,000. 

The latest break to the upside reinforced an already positive mood among traders and analysts, who earlier recommended not treating Bitcoin’s dip to four figures as proof of a bear market return. 

As Cointelegraph reported, it was Peter Brandt who led calls for calm, arguing Bitcoin’s 2019 bull run still clearly outperformed its efforts between 2015 and 2017. 

Other well-known faces, such as Kim Dotcom, joined in, the tech mogul calling on Twitter followers to exit stocks and pile into both Bitcoin and gold. 

“Trust me,” he wrote on Wednesday, even as BTC/USD continued on its 15% two-day fall.

At press time, Bitcoin was trading at over $10,100, reducing its 24-hour losses to just over 3%. The uptick also went some way to lessening the impact of the previous drop on altcoin markets, the latter nonetheless still trailing losses of 10% or more.

Technical Indicators

Overall, the bias in prices is: Downwards.

Note: this chart shows extraordinary price action to the downside.

By the way, prices are vulnerable to a correction towards 10,377.00.

The projected upper bound is: 11,819.93.

The projected lower bound is: 8,244.31.

The projected closing price is: 10,032.12.

Candlesticks

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 26 white candles and 24 black candles for a net of 2 white candles.

A long lower shadow occurred. This is typically a bullish signal (particularly when it occurs near a low price level, at a support level, or when the security is oversold).

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.

Three black candles occurred in the last three days. Although these candles were not big enough to create three black crows, the steady downward pattern is bearish.

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 16.6011. This is an oversold reading. However, a signal is not generated until the Oscillator crosses above 20 The last signal was a sell 8 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 41.42. 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 49 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 -157.This is an oversold reading. However, a signal isn’t generated until the indicator crosses above -100. The last signal was a sell 6 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 down -69.771 at 10,084.550. Volume was 1% below average (neutral) and Bollinger Bands were 12% wider than normal.

Open     High      Low     Close     Volume___
10,155.71010,294.0009,458.79010,084.550 91,272
Technical Outlook 
Short Term: Oversold
Intermediate Term: Bullish
Long Term: Bullish
Moving Averages: 10-period     50-period     200-period
Close: 11,233.67 10,857.79 6,977.76
Volatility: 54 102 79
Volume: 88,293 93,711 81,163

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 44.5% above its 200-period moving average and is in an upward trend. Volatility is 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 10 periods.

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