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Bitcoin: USD/BTC (BTC=X) risen sharply and several exchanges have been overloaded after India’s Supreme Court overturned a ban on cryptocurrency trading

Bitcoin: USD/BTC (BTC=X) risen sharply and several exchanges have been overloaded after India’s Supreme Court overturned a ban on cryptocurrency trading

The price of bitcoin has risen sharply and several exchanges have been overloaded after India’s Supreme Court overturned a ban on cryptocurrency trading.

The ruling quashed an April 2018 order by the country’s central bank that prohibited banks and financial institutions from providing “any service in relation to virtual currencies”.

Bitcoin’s value rose by around 5 per cent following Wednesday’s verdict and has since returned above $9,000 for the first time since last month.

Other cryptocurrencies also received a boost, with ether (Ethereum), XRP (Ripple) and Bitcoin Cash all surging 4-7 per cent in price.

Cryptocurrency businesses and exchanges in the country welcomed the decision, despite some suffering difficulties as a result of their infrastructure being overwhelmed by a sudden increase in demand for their services.

Indian exchange platform WazirX described the decision as long overdue. “Crypto has won in India,” the firm’s CEO wrote in a blog post. “Very rarely do we, as a nation, get an opportunity to participate in revolutionary technology”.

Technical Indicators

Overall, the bias in prices is: Upwards.

The projected upper bound is: 9,864.40.

The projected lower bound is: 8,405.49.

The projected closing price is: 9,134.94.

Candlesticks

A white body occurred (because prices closed higher 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 24 white candles and 26 black candles for a net of 2 black candles.

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.

Three white candles occurred in the last three days. Although these candles were not big enough to create three white soldiers, the steady upward pattern is bullish.

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 89.4547. This is an overbought reading. However, a signal is not generated until the Oscillator crosses below 80 The last signal was a buy 8 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 48.91. 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 sell 24 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 45. This is not a topping or bottoming area. The last signal was a buy 6 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 1 period(s) ago.

Rex Takasugi – TD Profile

FOREX BTC= closed unchanged at 9,130.500. Volume was 54% above average (neutral) and Bollinger Bands were 30% wider than normal.

Open     High      Low     Close     Volume___
9,111.3709,200.0008,993.4209,130.500 263,271
Technical Outlook 
Short Term: Neutral
Intermediate Term: Bearish
Long Term: Bullish
Moving Averages: 10-period     50-period     200-period
Close: 8,876.12 9,304.30 8,683.54
Volatility: 42 50 55
Volume: 319,124 231,535 122,070

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 5.1% above its 200-period moving average and is in an downward trend. Volatility is high 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 16 periods.

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S. Jack Heffernan Ph.D. Economist at Knightsbridge holds a Ph.D. in Economics and brings with him over 25 years of trading experience in Asia and hands on experience in Venture Capital, he has been involved in several start ups that have seen market capitalization over $500m and 1 that reach a peak market cap of $15b. He has managed and overseen start ups in Crypto, Mining, Shipping, Technology and Financial Services.