Bitcoin: USD/BTC (BTC=X) Slow and Steady Rise Back to Previous All-Time High
BTC is currently trading at around $3,700 today, following a fall from local highs of over $4,200. These numbers would have been laughable back in December 2017 when Bitcoin was trading anywhere from $13,000 to a high if $20,000.
But after Bitcoin’s parabolic advance was broken and the media blitz and irrational exuberance subsided, the price of the leading crypto by market cap fell significantly and has since struggled to find a bottom or regain bullish momentum.
What’s next for BTC, according to a team of analysts from Canaccord Genuity Capital Markets, is a slow and steady rise toward the previous all-time high price of $20,000 – a price point the analysts expect to occur in March 2021. Michael Graham and Scott Suh of Canaccord Genuity Capital Markets used a repeating four-year cycle model to come up with their estimate.
“Looking ahead, if bitcoin were to continue following the same trend as in the years 2011-2017, the implication is that bitcoin would be bottoming approximately now and would soon begin climbing back towards its all-time high of ~$20,000, theoretically reaching that level in March 2021,” they explained.
Overall, the bias in prices is: Downwards.
By the way, prices are vulnerable to a correction towards 3,850.84.
The projected upper bound is: 3,980.81.
The projected lower bound is: 3,428.67.
The projected closing price is: 3,704.74.
A white body occurred (because prices closed higher 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 24 white candles and 26 black candles for a net of 2 black candles.
A long upper shadow occurred. This is typically a bearish signal (particularly when it occurs near a high price level, at resistance level, or when the security is overbought).
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 33.4292. This is not an overbought or oversold reading. The last signal was a buy 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 47.33. 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 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 -129.This is an oversold reading. However, a signal isn’t generated until the indicator crosses above -100. The last signal was a sell 9 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 6 period(s) ago.
Rex Takasugi – TD Profile
FOREX BTC= closed up 1.430 at 3,703.910. Volume was 90% below average (consolidating) and Bollinger Bands were 26% 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: 3,803.74 3,636.15 4,997.88
Volatility: 48 47 64
Volume: 57,806 68,339 76,123
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 25.9% 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 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 22 periods.
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