Bitcoin: USD/BTC (BTC=X) price plunges towards the mid-term ascending trend line

Bitcoin: USD/BTC (BTC=X) price plunges towards the mid-term ascending trend line

Bitcoin: USD/BTC (BTC=X) price plunges towards the mid-term ascending trend line

The 6% quick drop in Bitcoin’s price has made the market to record a 24-hour low of $9296 on Bitfinex after trading around the $10200 early yesterday.

Meanwhile, the bear surge has now positioned the market in a squeeze, causing the market to remain subdued with price action on the hourly chart. After testing the above low price, Bitcoin has sharply drawn back and slowly heading towards the $9750 resistance. However, we can say the market is in a consolidation mode on the lower time frame. The next surge may bring us to $9100 as we have stated in our previous Bitcoin’s analysis.

Bitcoin’s Current Statistics

Trading Price: $9539

Market Capitalization: $170,223,587,328

Trading Volume: $12,391,596,740

Key resistance levels: $9750, $10000, $10200

Key support levels: $9300, $9100, $8800

Bitcoin (BTC) Price Prediction July 28, 2019

As appeared on the daily chart, Bitcoin’s price is approaching ten weeks ascending trend line where the market is likely to rebound for a bullish continuation. Following the short-term bearish scenario; the next level of supports for Bitcoin lies at $9300, $9100 and $8800.

Today, the BTC dominance is 64.5% as the market cap continue to remain below $27 billion for the past few days, revealing the bears’ action in the market.

Overall, the bias in prices is: Sideways.

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

The projected upper bound is: 11,500.79.

The projected lower bound is: 7,811.08.

The projected closing price is: 9,655.93.

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 32 white candles and 18 black candles for a net of 14 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).

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 28.9418. This is not an overbought or oversold reading. The last signal was a buy 15 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 43.16. 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 sell 32 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 -102.This is an oversold reading. However, a signal isn’t generated until the indicator crosses above -100. The last signal was a buy 4 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 28 period(s) ago.

Rex Takasugi – TD Profile

FOREX BTC= closed up 113.551 at 9,617.820. Volume was 66% below average (consolidating) and Bollinger Bands were 2% wider than normal.

Open     High      Low     Close     Volume___
9,525.2809,722.4609,094.9309,617.820 30,493
Technical Outlook 
Short Term: Neutral
Intermediate Term: Bearish
Long Term: Bullish
Moving Averages: 10-period     50-period     200-period
Close: 9,982.87 10,380.16 6,351.92
Volatility: 52 106 77
Volume: 81,351 92,232 79,522

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 51.4% above its 200-period moving average and is in an downward trend. Volatility is high as compared to the average volatility over the last 10 periods. Our volume indicators reflect moderate flows of volume out of BTC= (mildly bearish). Our trend forecasting oscillators are currently bearish on BTC= and have had this outlook for the last 13 periods.

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