Bitcoin: USD/BTC (BTC=X) recorded a straight fall after rising above $10,000

Bitcoin: USD/BTC (BTC=X) recorded a straight fall after rising above $10,000

Bitcoin: USD/BTC (BTC=X) recorded a straight fall after rising above $10,000

Bitcoin price movement has a massive impact on the values of a lot of other cryptocurrencies and its sudden fall to trade below $9,500 yesterday has started a wave of slow & bearish trends in the crypto market. The performance of the BTC in this month has been a roller coaster owing to new market entrants and speculations around Bitcoin’s leadership position. The coin’s current market performance, however, indicates a progressive trend in the upcoming days.

BTC to USD Price Comparison:

It has been quite a week for Bitcoin. The coin has shown all aspects, including sudden surge, sudden dip, and stable price movement. BTC started the week trading at $10,385.82 and has dipped almost 8% to trade below $10,000 at $9,465.22. BTC price slumped right after starting at $10,385.82 to hit $9595.01. Soon after, it gained momentum and started trading at $10,136.27 again but only after a brief momentum slumped to $9667.76. Yesterday, BTC managed to trade above 10k again at $10,165.37 and had a straight fall then to hit $9,411.68.

Overall, the bias in prices is: Sideways.

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

The projected upper bound is: 11,380.45.

The projected lower bound is: 7,694.88.

The projected closing price is: 9,537.67.

Candlesticks

A black body occurred (because prices closed lower than they opened).
During the past 10 bars, there have been 2 white candles and 8 black candles for a net of 6 black candles. During the past 50 bars, there have been 30 white candles and 20 black candles for a net of 10 white candles.

A falling window occurred (where the bottom of the previous shadow is above the top of the current shadow). This usually implies a continuation of a bearish trend. The two candles preceding the falling window were black, which makes this pattern even more bearish.

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.

Three black candles occurred in the last three days. Although these candles were not big enough to create three black crows, the steady downward pattern is bearish.

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 33.2789. 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 41.30. 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 -116.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 down -329.229 at 9,501.870. Volume was 92% below average (consolidating) and Bollinger Bands were 3% narrower than normal.

Open     High      Low     Close     Volume___
9,525.2809,565.9809,448.7009,501.870 7,369
Technical Outlook 
Short Term: Neutral
Intermediate Term: Bearish
Long Term: Bullish
Moving Averages: 10-period     50-period     200-period
Close: 10,041.87 10,391.96 6,354.87
Volatility: 49 105 77
Volume: 79,038 91,770 79,406

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= gapped down today (bearish) on light volume. Possibility of a Common Gap which usually coincides with a lack of interest in the security. Common Gaps are fairly irrelevent for forecasting purposes. Four types of price gaps exist – Common, Breakaway, Runaway, and Exhaustion. Gaps acts as support/resistance.
FOREX BTC= is currently 49.5% above its 200-period moving average and is in an downward trend. Volatility is low 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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