Bitcoin: USD/BTC (BTC=X) Shoots Past the $7,400 Mark
This is a significant improvement over the $7,100 level it’s been trading at for some time. While the currency rose this high during the mid-December point, it appeared bitcoin couldn’t retain this level of momentum, and immediately fell back down to the low $7,000 range. Now, it seems the currency has picked itself back up and is moving up the financial ladder once again.
The currency is experiencing some post-holiday joy, and bitcoin appears to be making a final statement before 2019 rings out permanently. The currency seems to be saying, “I won’t be held down. I won’t come to a halt, and I’m going to keep going until there’s nothing left to give.”
And we, as enthusiasts, have no choice but to give it respect. After all, the currency has experienced a very strange year in terms of up-and-down behavior. We’ve witnessed the coin go from its lowest point to its second highest point over the course of six months, as the currency was trading for around $3,500 during the year’s early period.
Later in the summer, however, the currency had added approximately $10,000 to its price and peaked at a solid $13,600 before finally falling back down. While it’s still only half that at press time, the currency is continuing to show signs of life, so perhaps things aren’t as dismal as they were looking before, and maybe the currency can end the year on a semi-high note after all.
Of course, whatever the cryptocurrency ends the year at will be nothing compared with where it was earlier in the year or during December of 2017. That much is for sure, but bitcoin is the most popular (and most powerful) cryptocurrency in the world for a reason, and perhaps that reason is being exhibited right here and now.
Overall, the bias in prices is: Downwards.
Note: this chart shows extraordinary price action to the downside.
The projected upper bound is: 7,762.54.
The projected lower bound is: 6,631.71.
The projected closing price is: 7,197.12.
A white body occurred (because prices closed higher than they opened).
During the past 10 bars, there have been 6 white candles and 4 black candles for a net of 2 white candles. During the past 50 bars, there have been 21 white candles and 29 black candles for a net of 8 black candles.
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 26.9595. 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 47.37. 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 9 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 28. This is not a topping or bottoming area. The last signal was a sell 3 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 8 period(s) ago.
Rex Takasugi – TD Profile
FOREX BTC= closed up 55.420 at 7,236.700. Volume was 86% below average (consolidating) and Bollinger Bands were 61% 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: 7,231.45 7,613.78 9,291.54
Volatility: 51 48 73
Volume: 86,738 84,419 85,459
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 22.1% 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 moderate flows of volume out of BTC= (mildly bearish). Our trend forecasting oscillators are currently bullish on BTC= and have had this outlook for the last 7 periods.