Bitcoin: USD/BTC (BTC=X) resistance is broken
Bitcoin [BTC] saw a short rally yesterday, driven by a 20% hike in the value of its direct competitor, Bitcoin Cash [BCH]. This has led to fresh capital entering the market, pushing the trading volume of Bitcoin to the highest since mid-September.
A long-term downtrend is seen from May, with price movement visible from $9,800 – $6,425. An uptrend is visible from the $6,185 – $6,270 – $6,330 – $6,410, with support levels set at $6,150 and $5,850. Resistance levels can also be set at $6,525, $6,750 and $7,360.
The MACD is demonstrating a bullish crossover, presenting a positive picture for the coin in the near future.
The Relative Vigor Index is demonstrating a bullish crossover, as shown by the RVGI line crossing upwards over the signal.
The Parabolic SAR is demonstrating a bearish turn, as seen by the presence of the dots over the candlesticks.
Overall, the bias in prices is: Downwards.
The projected upper bound is: 6,725.28.
The projected lower bound is: 6,084.34.
The projected closing price is: 6,404.81.
A black body occurred (because prices closed lower than they opened).
During the past 10 bars, there have been 5 white candles and 5 black candles. During the past 50 bars, there have been 27 white candles and 23 black candles for a net of 4 white candles.
A doji star occurred (where a doji gaps above or below the previous candle). This often signals a reversal with confirmation occurring on the next bar.
A long upper shadow occurred. This is typically a bearish signal (particularly when it occurs near a high price level, at resistance level, or when the security is overbought).
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 60.2563. This is not an overbought or oversold reading. The last signal was a sell 43 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 49.78. 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 89 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 33. This is not a topping or bottoming area. The last signal was a buy 5 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 2 period(s) ago.
Rex Takasugi – TD Profile
FOREX BTC= closed down -1.690 at 6,401.000. Volume was 72% 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: 6,344.63 6,464.83 7,093.23
Volatility: 19 32 54
Volume: 57,545 62,221 76,462
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 9.8% 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 19 periods.
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