Bitcoin: USD/BTC (BTC=X) Recovers Above $8,200

Bitcoin: USD/BTC (BTC=X) Recovers Above $8,200

Bitcoin: USD/BTC (BTC=X) Recovers Above $8,200

Crypto markets are slowly turning green, with Bitcoin (BTC) showing signs of recovery as it finds its way back above the $8,200 price mark.

Bitcoin has been trading below the $8,000 price mark for the better part of the day but is showing signs of recovery in recent hours. The world’s largest cryptocurrency traded at an intraday low of around $7,950, before grinding its way up to its current trading price of around $8,216. BTC is reporting gains of 3.73% in the past 24 hours.

Two days ago, the 18th million BTC was mined, leaving the world with only three million coins to mine, which was enough reason for crypto-sceptic Peter Schiff to claim that Bitcoin’s future “looks horrible” and that it is just a matter of time before the most popular cryptocurrency will experience a “rapid descent down to $4,000 or lower!”

Technical Indicators

Overall, the bias in prices is: Downwards.

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

The projected upper bound is: 9,000.05.

The projected lower bound is: 7,422.52.

The projected closing price is: 8,211.29.

Candlesticks

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 19 white candles and 31 black candles for a net of 12 black candles.

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 60.1557. This is not an overbought or oversold reading. The last signal was a sell 10 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 44.99. 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 14 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 -0. This is not a topping or bottoming area. The last signal was a buy 1 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 buy 16 period(s) ago.

Rex Takasugi – TD Profile

FOREX BTC= closed down -7.060 at 8,239.540. Volume was 55% below average (consolidating) and Bollinger Bands were 67% narrower than normal.

Open     High      Low     Close     Volume___
8,151.0008,335.6008,033.8808,239.540 37,228
Technical Outlook 
Short Term: Neutral
Intermediate Term: Bearish
Long Term: Bearish
Moving Averages: 10-period     50-period     200-period
Close: 8,146.44 9,122.25 8,826.30
Volatility: 38 55 76
Volume: 73,637 80,177 85,513

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= is currently 6.6% below 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 volume flowing into and out of BTC= at a relatively equal pace (neutral). Our trend forecasting oscillators are currently bearish on BTC= and have had this outlook for the last 27 periods.

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