Bitcoin: USD/BTC (BTC=X) Ready to Jump Higher?
A custom technical signal that has predicted Bitcoin’s price trends to a tee over the past six weeks is printing a buy, implying that BTC may soon mount higher. The indicator doesn’t show where Bitcoin is headed, but there are some analysts expecting the cryptocurrency to reenter the $10,000 range in coming trading sessions.
While this may not sound notable, especially considering that the signal is little-known, the Ribbbon Reaper has accurately predicted BTC’s price action nearly down to the dot over the past few weeks, marking local tops and bottoms. In fact, prior to the 42% rally seen at the end of October, during which Bitcoin embarked on a historic surge from $7,300 to $10,600, the indicator flashed a buy.
If historical precedent is of any current relevance, Bitcoin may soon rally higher, likely to retest the mid-$9,000s or high-$9,000s in an attempt to establish new multi-week highs.
Importantly, it isn’t only the Ribbbon Reaper that is implying BTC is building strength as it has consolidated over the past few days.
Overall, the bias in prices is: Upwards.
The projected upper bound is: 10,400.89.
The projected lower bound is: 8,518.21.
The projected closing price is: 9,459.55.
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 18 white candles and 32 black candles for a net of 14 black candles.
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 66.2870. This is not an overbought or oversold reading. The last signal was a sell 5 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 62.24. 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 28 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 53. This is not a topping or bottoming area. The last signal was a sell 5 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 10 period(s) ago.
Rex Takasugi – TD Profile
FOREX BTC= closed up 169.180 at 9,478.970. Volume was 3% below average (neutral) and Bollinger Bands were 32% wider than normal.
Open High Low Close Volume___
Short Term: Neutral
Intermediate Term: Bullish
Long Term: Bullish
Moving Averages: 10-period 50-period 200-period
Close: 9,316.69 8,712.23 9,090.12
Volatility: 52 70 79
Volume: 77,325 80,446 85,308
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 4.3% above its 200-period moving average and is in an upward trend. Volatility is high 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.
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