Bitcoin: USD/BTC (BTC=X) Sees New 2019 Lows
Bitcoin (BTC) has hit a new 2019 low, trading at $3,552 around press time as other major cryptocurrencies are facing moderate losses.
Bitcoin has lost another 2 percent in 24 hours, with its price barely reaching $3,600. Although some reports predicted major market movements due to the recent activation of long-dormant Bitcoin wallets, the major coin has spent a weekend mostly in the red.
Reuters has reported that Malaysian cryptocurrency regulation will come into effect on Tuesday, Jan. 15. The new regulation classifies digital currencies, tokens and crypto-assets as securities, placing them under the Securities Commission’s authority.
Overall, the bias in prices is: Downwards.
The projected upper bound is: 4,163.19.
The projected lower bound is: 3,159.86.
The projected closing price is: 3,661.53.
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 23 white candles and 27 black candles for a net of 4 black candles.
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 24.7993. This is not an overbought or oversold reading. The last signal was a buy 0 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 45.09. 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 29 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 -64. This is not a topping or bottoming area. 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 -0.900 at 3,661.520. Volume was 69% below average (consolidating) and Bollinger Bands were 51% narrower than normal.
Open High Low Close Volume___
Short Term: Neutral
Intermediate Term: Bullish
Long Term: Bearish
Moving Averages: 10-period 50-period 200-period
Close: 3,780.60 3,737.28 5,808.68
Volatility: 74 85 67
Volume: 76,752 88,967 82,541
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 37.0% below 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 26 periods.
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