Bitcoin: USD/BTC (BTC=X) price signal for 2020 is hinting a major bullish trend

Bitcoin: USD/BTC (BTC=X) price signal for 2020 is hinting a major bullish trend

Bitcoin: USD/BTC (BTC=X) price signal for 2020 is hinting a major bullish trend

Bitcoin price fell down by 30 percent in Q4 of 2019 from $1092 on the 26th of October to the current price level standing at $7280 at the time of writing.

The king of cryptocurrency Bitcoin (BTC) is going through a rough yet somewhat stable decline in the last few months.

Whereas, the flash rise on the 26th October has managed to keep the king of cryptocurrency at the level prior to the said flash rise. Traders and analysts are keen for predictions, and most crypto-pundits have been unable to provide an accurate long term sighting.

Where the sceptics have been predicting crash down to the $3000 mark for quite some time, enthusiasts, on the other hand, have been of the view that the king would rise up to the $20000 mark.

The signal indicates that the Bitcoin price would be able to hit another high given that the one-week Klinger Oscillator hits the green once again. The last time it hit the green zone, Bitcoin price jumped from $3700 to the $13800 mark in Q1 of 2019.

The current movement is showing a similar pattern where the Klinger Oscillator is about to hit the green area within a week. If the pattern continues, Bitcoin price may well hit the much-awaited $20000 mark and a new all-time high record.

However, given the volatility of the cryptocurrency sphere and the ever-changing global political scenario it is also likely that the oscillator would miss the green zone and land into the reds, holding the Bitcoin price at current levels.

Technical Indicators

Overall, the bias in prices is: Downwards.

The projected upper bound is: 7,903.44.

The projected lower bound is: 6,820.95.

The projected closing price is: 7,362.20.

Candlesticks

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 22 white candles and 28 black candles for a net of 6 black 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 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 70.8176. This is not an overbought or oversold reading. The last signal was a sell 7 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 52.57. 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 12 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.

MACD

The Moving Average Convergence/Divergence indicator (MACD) gives signals when it crosses its 9 period signal line. The last signal was a buy 11 period(s) ago.

Rex Takasugi – TD Profile

FOREX BTC= closed up 17.270 at 7,394.900. Volume was 51% below average (consolidating) and Bollinger Bands were 59% narrower than normal.

Open     High      Low     Close     Volume___
7,400.5007,551.5007,212.2107,394.900 41,084
Technical Outlook 
Short Term: Neutral
Intermediate Term: Bullish
Long Term: Bearish
Moving Averages: 10-period     50-period     200-period
Close: 7,282.37 7,521.41 9,280.41
Volatility: 24 46 73
Volume: 82,348 84,869 85,639

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 20.3% below 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 10 periods. Our momentum oscillator has set a new 14-period high while the security price has not. This is a bullish divergence.

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