Bitcoin: USD/BTC (BTC=X) Stable Above $3,900
Last week, the price of Bitcoin was in a bullish trend. The crypto’s price was trading above the $3900 and was attempting to break the resistance level. Each time the bulls tested the $4000 resistance level, the crypto’s price will fall to the bearish trend zone. On March 9, the bulls were resisted at a high of $4,046, and the BTC price fell and broke the 12-day EMA.
The crypto’s price is now trending and trading above the 26-day EMA. On the downside, if the bears break the EMAs, the BTC price will fall to the bearish trend zone. On the upside, if the bulls commence its bullish trend at the support of the 26-day EMA, the BTC price will rise and resume the bullish trend. Meanwhile, the MACD line and the signal line are above the zero line which indicates a buy signal. The BTC price is above the 12-day EMA and the 26-day EMA which indicates that price is in the bullish trend zone.
Overall, the bias in prices is: Sideways.
Note: this chart shows extraordinary price action to the upside.
The projected upper bound is: 4,175.46.
The projected lower bound is: 3,596.77.
The projected closing price is: 3,886.11.
A black body occurred (because prices closed lower 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 23 white candles and 27 black candles for a net of 4 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).
A spinning top occurred (a spinning top is a candle with a small real body). Spinning tops identify a session in which there is little price action (as defined by the difference between the open and the close). During a rally or near new highs, a spinning top can be a sign that prices are losing momentum and the bulls may be in trouble.
Three black candles occurred in the last three days. Although these candles were not big enough to create three black crows, the steady downward pattern is bearish.
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 51.2830. This is not an overbought or oversold reading. The last signal was a buy 9 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 54.30. 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 14 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 105.This is an overbought reading. However, a signal isn’t generated until the indicator crosses below 100. The last signal was a buy 5 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 11 period(s) ago.
Rex Takasugi – TD Profile
FOREX BTC= closed down -7.250 at 3,882.520. Volume was 25% below average (neutral) and Bollinger Bands were 52% 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: 3,872.69 3,667.77 4,936.50
Volatility: 51 49 65
Volume: 56,755 68,420 75,454
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 21.4% below its 200-period moving average and is in an upward trend. Volatility is low 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 27 periods.