Bitcoin: USD/BTC (BTC=X) Relative Strength Index (RSI) for the cryptocurrency has reached the oversold area
Despite Current Trends, Investors Should Stay Calm
According to the Forbes article, crypto investors should not adopt a bearish attitude, even if the Bitcoin price goes below the US $3,000 threshold. The Relative Strength Index (RSI) for the cryptocurrency has reached the oversold area.
A price drop below $3,000 could fill the gap created at the beginning of August 2018. This means that as the RSI drops deeper into the oversold area – down to extremely oversold – new buyers will appear on the market. As the Forbes author remarks, the major support for BTC occurs at the US $2,877 level. Thus, as the price goes down, more investors will join the market and fuel a bullish attitude once again.
Overall, the bias in prices is: Downwards.
Note: this chart shows extraordinary price action to the downside.
The projected upper bound is: 3,769.77.
The projected lower bound is: 3,001.76.
The projected closing price is: 3,385.76.
A black body occurred (because prices closed lower than they opened).
During the past 10 bars, there have been 3 white candles and 7 black candles for a net of 4 black candles. During the past 50 bars, there have been 25 white candles and 25 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 26.1686. This is not an overbought or oversold reading. The last signal was a buy 16 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 36.91. 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 46 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 -111.This is an oversold reading. However, a signal isn’t generated until the indicator crosses above -100. The last signal was a buy 1 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 sell 4 period(s) ago.
Rex Takasugi – TD Profile
FOREX BTC= closed down -33.610 at 3,383.200. Volume was 77% 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: 3,482.96 3,672.00 5,558.17
Volatility: 24 66 66
Volume: 64,312 78,038 80,514
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 39.1% 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 17 periods.