Bitcoin: USD/BTC (BTC=X) shoots up almost 10%
We closed the day, January 14 2020, at a price of $8,827. That’s a decent 8.43 percent increase in 24 hours, or $686. It was the highest closing price in sixty-four days.
We’re still 56 percent below Bitcoin‘s all-time high of $20,089 (December 17 2017).
Bitcoin market cap
Bitcoin’s market cap ended the day at $160,319,484,883. It now commands 67 percent of the total crypto market.
Yesterday’s volume of $44,841,784,107 was the highest in two hundred and one days, 162 percent above the year’s average, and 0 percent below the year’s high. That means that yesterday, the Bitcoin network shifted the equivalent of 898 tons of gold.
A total of 346,808 transactions were conducted yesterday, which is 6 percent above the year’s average and 23 percent below the year’s high.
Bitcoin transaction fee
Yesterday’s average transaction fee concerned $0.26. That’s $3.45 below the year’s high of $3.71.
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 7,946.91.
The projected upper bound is: 9,422.55.
The projected lower bound is: 8,279.04.
The projected closing price is: 8,850.80.
A white body occurred (because prices closed higher than they opened).
During the past 10 bars, there have been 8 white candles and 2 black candles for a net of 6 white candles. During the past 50 bars, there have been 29 white candles and 21 black candles for a net of 8 white candles.
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 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 86.8113. This is an overbought reading. However, a signal is not generated until the Oscillator crosses below 80 The last signal was a sell 6 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 75.33. This is where it usually tops. The RSI usually forms tops and bottoms before the underlying security. A buy or sell signal is generated when the RSI moves out of an overbought/oversold area. The last signal was a buy 28 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 149.This is an overbought reading. However, a signal isn’t generated until the indicator crosses below 100. 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 27 period(s) ago.
Rex Takasugi – TD Profile
FOREX BTC= closed up 107.140 at 8,816.640. Volume was 72% above average (neutral) and Bollinger Bands were 37% wider than normal.
Open High Low Close Volume___
Short Term: Overbought
Intermediate Term: Bullish
Long Term: Bearish
Moving Averages: 10-period 50-period 200-period
Close: 8,126.02 7,444.70 9,077.59
Volatility: 53 49 65
Volume: 117,025 95,030 86,907
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 2.9% below its 200-period moving average and is in an upward trend. Volatility is extremely high when compared to the average volatility over the last 10 periods. There is a good possibility that volatility will decrease and prices will stabilize in the near term. Our volume indicators reflect moderate flows of volume into BTC= (mildly bullish). Our trend forecasting oscillators are currently bullish on BTC= and have had this outlook for the last 10 periods. Our momentum oscillator is currently indicating that BTC= is currently in an overbought condition.