Home Crypto Bitcoin Bitcoin: USD/BTC (BTC=X) Rises Above $9,700

Bitcoin: USD/BTC (BTC=X) Rises Above $9,700

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Bitcoin: USD/BTC (BTC=X) Rises Above $9,700

Bitcoin (BTC) has continued its journey north to reach its highest point in over 3 months after defying expectations of a temporary pullback in its price.

The price of BTC rose 5.9 percent from $9,250 to around $9,775 before a small sell-off ensued that brought prices back to current levels at around $9,559.

Oliver von Landsberg-Sadie, CEO of U.K. crypto firm BCB Group said the recent moves in BTC were likely due to shallow market depth amplifying buyer bids. 

“Any meaningful size still rocks the boat while the background bullish drivers are the usual suspects with the upcoming halving,” Landsberg-Sadie said.

Still, the impact to BTC’s latest price rise could also be attributed to activity in the altcoin market.

Su Zhu, co-founder at Three Arrows Capital said that the price movements were being led by large-cap altcoins, especially ether (ETH).

The 7-day short-term change in ETH’s price is up 18.5 percent alongside XRP which is beginning to pull BTC higher while bitcoin cash (BCH) and bitcoin SV (BSV) are up 17.6 and 12.9 percent, respectively, over a 24-hour period, Messari data shows.

Technical Indicators

Overall, the bias in prices is: Upwards.

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

By the way, prices are vulnerable to a correction towards 8,515.40.

The projected upper bound is: 10,249.27.

The projected lower bound is: 9,061.82.

The projected closing price is: 9,655.54.

Candlesticks

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 31 white candles and 19 black candles for a net of 12 white 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).

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 67.2840. This is not an overbought or oversold reading. The last signal was a sell 4 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 65.78. 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 sell 6 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 93. This is not a topping or bottoming area. The last signal was a sell 4 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 8 period(s) ago.

Rex Takasugi – TD Profile

FOREX BTC= closed down -79.830 at 9,606.770. Volume was 24% below average (neutral) and Bollinger Bands were 15% wider than normal.

Open     High      Low     Close     Volume___
9,689.0009,690.9509,397.9609,606.770 74,106
Technical Outlook 
Short Term: Overbought
Intermediate Term: Bullish
Long Term: Bullish
Moving Averages: 10-period     50-period     200-period
Close: 9,379.53 8,188.49 8,849.59
Volatility: 45 45 56
Volume: 139,952 108,206 89,282

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 8.6% above its 200-period moving average and is in an upward trend. Volatility is relatively normal 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 bullish on BTC= and have had this outlook for the last 32 periods.

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