Bitcoin: USD/BTC (BTC=X) Rally Continues
BTC is trading at around $4,904 at press time, holding ground on the day after it broke the $4,500 price mark for the first time this year. The coin has gained 17.66 percent on the day, while its weekly gains are over 22 percent.
Today, cryptocurrency bull Brian Kelly suggested that the next Bitcoin target is going to be $6,000, and that cryptocurrency market is finding its bottom.
On the top-20 cryptocurrency list on CoinMarketCap, all the coins are in the green zone, reporting gains between 0.53 and 44 percent over the past 24 hours at press time.
Among the top gainers, Bitcoin Cash (BCH) is seeing the most gains on the day, up over 44 percent to trade around $242.70. Bitcoin SV is reporting the second most growth, up over 32 percent and trading at around $87.56, while Litecoin (LTC) has seen an increase by over 25 percent on the day to trade at $76.17.
Total market capitalization of all cryptocurrencies is around $172.39 billion as of press time, up from the intraweek low of $137.90 on March 27.
Overall, the bias in prices is: Upwards.
Note: this chart shows extraordinary price action to the upside.
By the way, prices are vulnerable to a correction towards 3,998.36.
The projected upper bound is: 5,390.30.
The projected lower bound is: 4,563.18.
The projected closing price is: 4,976.74.
A white body occurred (because prices closed higher than they opened).
During the past 10 bars, there have been 8 white candles and 2 black candles for a net of 6 white candles. During the past 50 bars, there have been 29 white candles and 21 black candles for a net of 8 white candles.
Three white candles occurred in the last three days. Although these candles were not big enough to create three white soldiers, the steady upward pattern is bullish.
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 78.6798. This is not an overbought or oversold reading. The last signal was a buy 33 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 76.94. This is where it usually tops. The RSI usually forms tops and bottoms before the underlying security. A buy or sell signal is generated when the RSI moves out of an overbought/oversold area. The last signal was a sell 38 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 281.This is an overbought reading. However, a signal isn’t generated until the indicator crosses below 100. The last signal was a sell 13 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 3 period(s) ago.
Rex Takasugi – TD Profile
FOREX BTC= closed up 148.000 at 4,949.300. Volume was 38% below average (neutral) and Bollinger Bands were 115% wider than normal.
Open High Low Close Volume___
Short Term: Overbought
Intermediate Term: Bullish
Long Term: Bullish
Moving Averages: 10-period 50-period 200-period
Close: 4,208.17 3,943.60 4,620.55
Volatility: 94 64 67
Volume: 68,608 65,442 73,151
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 7.1% above its 200-period moving average and is in an upward trend. Volatility is extremely high when compared to the average volatility over the last 10 periods. There is a good possibility that volatility will decrease and prices will stabilize in the near term. 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 4 periods. Our momentum oscillator is currently indicating that BTC= is currently in an overbought condition.