Bitcoin: USD/BTC (BTC=X) recovers from a brief dip to $8,100
The battle to set the next Bitcoin trend is being waged between the $8,100 to $8,300 price point.
During the last three weeks, Bitcoin has tried to move over or under that zone only to be brought back into place by that “invisible hand” of the market.
Today, most of the top 100 cryptocurrencies by market cap are in the red. And Bitcoin, as expected, set the tone.
After a small recovery of about $70 per bitcoin pumped the price back to $8,400, the coin corrected again to $8,100. At the moment, BTC is hovering near the $8,200 price tag, according to data from TradingView.
This would be the third week in which Bitcoin remains below the average price of the last 200 days (EMA 200). Many analysts see this as a strong signal that bulls have lost the strength they had shown throughout the year.
The last time Bitcoin had a price below the EMA200 was in April, when a big green candle confirmed a bullish trend that peaked in June when BTC spiked to more than $13,700 per coin.
Overall, the bias in prices is: Downwards.
Note: this chart shows extraordinary price action to the downside.
The projected upper bound is: 8,912.65.
The projected lower bound is: 7,326.97.
The projected closing price is: 8,119.81.
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 20 white candles and 30 black candles for a net of 10 black candles.
A long lower shadow occurred. This is typically a bullish signal (particularly when it occurs near a low price level, at a support level, or when the security is oversold).
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 31.0086. 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 38.30. 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 buy 9 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 -55. This is not a topping or bottoming area. The last signal was a sell 4 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 11 period(s) ago.
Rex Takasugi – TD Profile
FOREX BTC= closed down -8.150 at 8,159.450. Volume was 68% below average (consolidating) and Bollinger Bands were 73% narrower than normal.
Open High Low Close Volume___
Short Term: Neutral
Intermediate Term: Bearish
Long Term: Bearish
Moving Averages: 10-period 50-period 200-period
Close: 8,315.78 9,277.95 8,741.76
Volatility: 45 55 80
Volume: 82,228 81,047 85,932
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 6.7% below its 200-period moving average and is in an downward trend. Volatility is extremely low when compared to the average volatility over the last 10 periods. There is a good possibility that there will be an increase in volatility along with sharp price fluctuations in the near future. 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 22 periods.