Bitcoin: USD/BTC (BTC=X) Shows Signs of Recovery

Bitcoin: USD/BTC (BTC=X) Shows Signs of Recovery

Bitcoin: USD/BTC (BTC=X) Shows Signs of Recovery

Bitcoin is trading at $10,407 at press time, representing a 0.82% price increase on the day. Bitcoin has ranged from just under $10,000 to over $12,000 this month and had most recently been on a downward streak. However, after bottoming out around $9,700 today, BTC has turned around to retake the $10,000 barrier and push beyond.

The number two cryptocurrency, ETH, has continued its gradual decline. Ether is currently trading at $188.32 and trending down by 1.99%. Bad news for investors in ETH and BTC alike broke earlier today, with a blockchain investment company founding partner telling the public on Twitter that a Chinese Ponzi scheme has robbed investors of $3 billion. This scam is apparently called PlusToken, and the aforementioned partner, Dovey Wan, called upon cybersecurity companies Chainalysis and PeckShield to investigate further. 

Technical Indicators

Overall, the bias in prices is: Downwards.

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

By the way, prices are vulnerable to a correction towards 10,380.65.

The projected upper bound is: 11,756.31.

The projected lower bound is: 8,602.96.

The projected closing price is: 10,179.64.

Candlesticks

A black body occurred (because prices closed lower than they opened).
During the past 10 bars, there have been 5 white candles and 5 black candles. During the past 50 bars, there have been 27 white candles and 23 black candles for a net of 4 white 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 28.6938. This is not an overbought or oversold reading. The last signal was a buy 1 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 42.99. 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 sell 50 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 -113.This is an oversold reading. However, a signal isn’t generated until the indicator crosses above -100. The last signal was a sell 7 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 2 period(s) ago.

Rex Takasugi – TD Profile

FOREX BTC= closed down -176.569 at 10,189.230. Volume was 70% below average (consolidating) and Bollinger Bands were 5% wider than normal.

Open     High      Low     Close     Volume___
10,368.00010,469.00010,157.19010,189.230 27,559
Technical Outlook 
Short Term: Neutral
Intermediate Term: Bullish
Long Term: Bullish
Moving Averages: 10-period     50-period     200-period
Close: 11,114.42 10,853.83 7,013.03
Volatility: 57 91 78
Volume: 82,617 92,120 80,907

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.

Summary

FOREX BTC= is currently 45.3% above 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 11 periods.

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