Bitcoin: USD/BTC (BTC=X) recorded double-digit gains over the weekend
Bitcoin climbed to its highest mark since September, jumping over $US7,500 ($10,865) at one stage, as a rally in cryptocurrencies gathered pace in weekend trading.
Bitcoin advanced 12 per cent from Friday to $US7,033.41 at midday AEST, having earlier hit $US7,585, according to Bitstamp pricing. The Bloomberg Galaxy Crypto Index is up 7.6 per cent.
The largest cryptocurrency is on a tear after trading closer to $US5,000 at the start of May and has more than doubled since mid-December. Still, it remains a long way off its 2017 peak that topped $US19,000. In 2018, cryptocurrencies slumped, with Bitcoin and its peers tumbling throughout the year. It ended last year at $US3829, or about 80 per cent off its peak.
After three months of relative calm to start 2019, Bitcoin surged at the start of April and has continued to climb as investors waded back in.
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 5,471.52.
The projected upper bound is: 7,683.96.
The projected lower bound is: 6,549.32.
The projected closing price is: 7,116.64.
A black body occurred (because prices closed lower than they opened).
During the past 10 bars, there have been 7 white candles and 3 black candles for a net of 4 white candles. During the past 50 bars, there have been 34 white candles and 16 black candles for a net of 18 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 77.5185. This is not an overbought or oversold reading. The last signal was a sell 0 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 84.56. 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 19 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 146.This is an overbought reading. However, a signal isn’t generated until the indicator crosses below 100. The last signal was a sell 7 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 9 period(s) ago.
Rex Takasugi – TD Profile
FOREX BTC= closed down -15.390 at 7,056.500. Volume was 19% below average (neutral) and Bollinger Bands were 190% 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: 6,227.35 5,233.70 4,420.44
Volatility: 56 70 71
Volume: 68,571 74,375 75,276
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 59.6% 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 10 periods. Our momentum oscillator is currently indicating that BTC= is currently in an overbought condition.
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