Bitcoin: USD/BTC (BTC=X) sentiment to turn bearish

Bitcoin: USD/BTC (BTC=X) sentiment to turn bearish

Bitcoin: USD/BTC (BTC=X) sentiment to turn bearish

Bitcoin (BTC) price is still retracing from the massive rally two weeks ago, which leads the sentiment to turn bearish. Several signs indicate that the price needs to reverse quite soon, or the whole upwards move is deleted from the charts.

Bitcoin loses 200-Day MA and EMA for the second time in 2019

The daily chart shows that the price of Bitcoin once again can’t hold support on the 200-Day Moving Average (MA) and Exponential Moving Average (EMA). Such a move often leads to a bearish bias among traders as the 200-Day MA and EMA are crucial indicators for bull/bear perspectives.

Technical Indicators

Overall, the bias in prices is: Downwards.

The projected upper bound is: 9,344.61.

The projected lower bound is: 7,767.29.

The projected closing price is: 8,555.95.

Candlesticks

A white body occurred (because prices closed higher 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 18 white candles and 32 black candles for a net of 14 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 37.5522. This is not an overbought or oversold reading. The last signal was a sell 19 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 43.99. 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 42 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 -79. This is not a topping or bottoming area. The last signal was a buy 1 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 sell 10 period(s) ago.

Rex Takasugi – TD Profile

FOREX BTC= closed up 95.000 at 8,545.750. Volume was 85% below average (consolidating) and Bollinger Bands were 34% narrower than normal.

Open High Low Close Volume___
8,545.5008,662.9008,409.4408,545.750 11,650

Technical Outlook
Short Term: Neutral
Intermediate Term: Bearish
Long Term: Bearish

Moving Averages: 10-period 50-period 200-period
Close: 8,662.47 8,573.75 9,334.77
Volatility: 31 61 79
Volume: 68,934 79,043 85,627

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 8.5% 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 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 4 periods.

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