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Monday, September 20, 2021

Bitcoin: USD/BTC (BTC=X) Shorters Lose $44 Million in One Morning

Bitcoin: USD/BTC (BTC=X) Shorters Lose $44 Million in One Morning

Bitcoin price (BTC) reached $12,000 on some exchanges on July 8 after a fresh uptick saw daily gains top another 6%. 

Data showed BTC/USD just hit its latest significant psychological level in trading at press time, having begun the day below $11,500. 

On major exchanges, USD spreads meant bitcoin was yet to reach $12,000 universally, with Bitfinex the first to record the higher price point, topping out at $12,040. 

Bitstamp, traditionally one of the more conservative price trackers, recorded $11,940.

As Cointelegraph reported earlier Monday, analysts remained unsure about bitcoin’s future, nonetheless agreeing a downward move was incoming.

Bitcoin has since surprised markets once again by moving up, casting doubt about the significance of its weekly close below $11,500 resistance.

Progress towards $12,000 occurred as a result of a sudden $500 moonshot which completed in a matter of minutes. Since then, markets have held onto the new levels.

While the exact reason remains unclear, investors were relieved, despite short traders losing huge amounts of money, having bet on the bitcoin price going down. A single morning’s activity on derivatives giant BitMEX cost traders $44 million, social media users noted.

$12,000 represents most of the lost ground bitcoin managed to reclaim in the past week, having previously hit a 15-month high of $13,800.

Attention remains focused on the largest cryptocurrency, with altcoins still putting in lackluster performance for traders. Ethereum (ETH) managed a 6% return on the back of news its own futures could soon launch, trading back above $300.

Overall, the bias in prices is: Upwards.

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

The projected upper bound is: 14,027.11.

The projected lower bound is: 10,791.78.

The projected closing price is: 12,409.45.


A white body occurred (because prices closed higher than they opened).
During the past 10 bars, there have been 7 white candles and 3 black candles for a net of 4 white candles. During the past 50 bars, there have been 34 white candles and 16 black candles for a net of 18 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 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 84.2940. This is an overbought reading. However, a signal is not generated until the Oscillator crosses below 80 The last signal was a sell 13 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 62.76. 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 12 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 115.This is an overbought reading. However, a signal isn’t generated until the indicator crosses below 100. The last signal was a sell 12 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 8 period(s) ago.

Rex Takasugi – TD Profile

FOREX BTC= closed up 116.720 at 12,323.000. Volume was 86% below average (consolidating) and Bollinger Bands were 32% wider than normal.

Open High Low Close Volume___
12,197.65012,414.20012,125.60012,323.000 11,587

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

Moving Averages: 10-period     50-period     200-period
Close: 11,419.78 9,495.13 5,701.90
Volatility: 95 95 75
Volume: 93,252 90,808 78,126

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 116.1% above its 200-period moving average and is in an upward trend. Volatility is high as compared to the average volatility over the last 10 periods. 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 20 periods.

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