Bitcoin: USD/BTC (BTC=X) Resistance at $8,300

Bitcoin: USD/BTC (BTC=X) Resistance at $8,300

Bitcoin: USD/BTC (BTC=X) Resistance at $8,300

After incurring a noteworthy rally yesterday that sent Bitcoin’s price surging towards the mid-$8,000 region after a brief visit to $7,800, BTC’s upwards momentum has once again faltered, with the crypto once again nearing its previously established support level at $8,200.

Analysts are now noting that the price level that exists directly above BTC’s current price could be a major level of resistance, and it is imperative that the crypto breaks above it in order to post further gains in the near-term.

Bitcoin’s Upwards Momentum Falters as Bears Fight Back

At the time of writing, Bitcoin is trading up just over 1% at its current price of $8,240, but it is sitting off of its daily highs of over $8,300, which is where it found notable resistance that halted the upwards momentum it incurred after visiting $7,800 a couple of days ago.

Bitcoin has continued to trade within a tight trading range between roughly $7,800 and $8,400 for the past couple of weeks, and the dwindling trading volume has contributed to the bout of consolidation that the crypto has been facing ever since it lost its foothold within the lower-$10,000 region.

Analysts are now offering somewhat bearish assessments of Bitcoin’s near-term price action, which stems partially from its inability to move above its near-term resistance that exists around $8,300.

Technical Indicators

Overall, the bias in prices is: Downwards.

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

By the way, prices are vulnerable to a correction towards 9,268.83.

The projected upper bound is: 8,800.15.

The projected lower bound is: 7,175.25.

The projected closing price is: 7,987.70.

Candlesticks

A black body occurred (because prices closed lower 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.

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 64.9695. This is not an overbought or oversold reading. The last signal was a buy 9 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 33.00. 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 2 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 -35. This is not a topping or bottoming area. The last signal was a buy 10 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 4 period(s) ago.

Rex Takasugi – TD Profile

FOREX BTC= closed down -113.450 at 8,041.550. Volume was 64% below average (consolidating) and Bollinger Bands were 17% wider than normal.

Open     High      Low     Close     Volume___
8,128.0008,234.9008,016.9408,041.550 30,806
Technical Outlook 
Short Term: Neutral
Intermediate Term: Bearish
Long Term: Bearish
Moving Averages: 10-period     50-period     200-period
Close: 8,166.13 9,527.24 8,588.46
Volatility: 37 55 80
Volume: 84,857 80,491 85,250

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 6.4% below its 200-period moving average and is in an downward trend. Volatility is relatively normal 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 15 periods.

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