Bitcoin: USD/BTC (BTC=X) price stayed above the $7,200 support
The BTC/USD pair did correct lower and moved towards the $7,200 support. However, sellers failed to push the price further lower towards the $7,130 support area. A swing low was formed at $7,186 later the price traded above the $7,300 level. The price made a few attempts to clear the $7,325 level recently, but buyers failed to gain traction.
There was a downside reaction and the price moved below the $7,250 level. There was also a break below the 50% Fib retracement level of the recent wave from the $7,186 low to $7,324 high. However, declines were once again protected by the $7,200 support area. Moreover, the 76.4% Fib retracement level of the recent wave from the $7,186 low to $7,324 high acted as a support. At the outset, there is a short-term bullish trend line in place with support at $7,240 on the hourly chart of the BTC/USD pair. The pair is holding the trend line and it seems like it could make another attempt to clear $7,325.
Overall, the bias in prices is: Upwards.
Note: this chart shows extraordinary price action to the upside.
The projected upper bound is: 7,922.46.
The projected lower bound is: 6,779.81.
The projected closing price is: 7,351.14.
A black body occurred (because prices closed lower than they opened).
During the past 10 bars, there have been 6 white candles and 4 black candles for a net of 2 white candles. During the past 50 bars, there have been 25 white candles and 24 black candles for a net of 1 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 90.6499. This is an overbought reading. However, a signal is not generated until the Oscillator crosses below 80 The last signal was a buy 25 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 64.70. 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 27 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 111.This is an overbought reading. However, a signal isn’t generated until the indicator crosses below 100. The last signal was a sell 6 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 buy 17 period(s) ago.
Rex Takasugi – TD Profile
FOREX BTC= closed down -9.300 at 7,350.470. Volume was 76% below average (consolidating) and Bollinger Bands were 15% narrower than normal.
Open High Low Close Volume___
Short Term: Overbought
Intermediate Term: Bullish
Long Term: Bearish
Moving Averages: 10-period 50-period 200-period
Close: 7,128.67 7,053.62 7,828.66
Volatility: 35 52 98
Volume: 74,285 90,642 73,263
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 6.1% below its 200-period moving average and is in an upward trend. Volatility is extremely low when compared to the average volatility over the last 10 periods. There is a good possibility that there will be an increase in volatility along with sharp price fluctuations in the near future. Our volume indicators reflect moderate flows of volume into BTC= (mildly bullish). Our trend forecasting oscillators are currently bullish on BTC= and have had this outlook for the last 5 periods.
Latest posts by HEFFX Australia (see all)
- British Prime Minister Boris Johnson tests positive for coronavirus, first world leader to do so - March 27, 2020
- NASDAQ Composite (.IXIC) – Wall Street gains as job losses stir talk of more stimulus - March 27, 2020
- Dow Jones Industrial Average (.DJI) just entered a new bull-market phase - March 27, 2020