Bitcoin: USD/BTC (BTC=X) stable above $5,000
Bitcoin adoption is all about the number of individuals willing to ditch fiat and hold BTC. To satisfactorily gauge how many do, analysts track active Bitcoin addresses. Good news is, despite the cyclic nature of Bitcoin and other asset prices; the number of BTC public addresses is up.
Not surprising, the number of BTC users tend to correlate with prices. As BTC prices edge higher, we expect the number of addresses to increase reflecting flow from fiat, further increasing demand and dominance of the world’s most valuable asset.
Presently, prices are up, and as analysts project BTC’s next wave of higher highs to blast above 2017 peaks towards $50,000 and even $1 million, investors are upbeat. Technically, candlestick arrangements are supportive but fundamental developments are crucial.
Overall, the bias in prices is: Upwards.
Note: this chart shows extraordinary price action to the upside.
The projected upper bound is: 6,011.68.
The projected lower bound is: 5,007.00.
The projected closing price is: 5,509.34.
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 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 92.6123. This is an overbought reading. However, a signal is not generated until the Oscillator crosses below 80 The last signal was a sell 12 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 61.56. 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 76. This is not a topping or bottoming area. The last signal was a buy 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 sell 20 period(s) ago.
Rex Takasugi – TD Profile
FOREX BTC= closed up 75.020 at 5,478.750. Volume was 82% below average (consolidating) and Bollinger Bands were 23% narrower than normal.
Open High Low Close Volume___
Short Term: Neutral
Intermediate Term: Bearish
Long Term: Bullish
Moving Averages: 10-period 50-period 200-period
Close: 5,307.95 4,785.76 4,429.73
Volatility: 51 68 69
Volume: 61,044 72,111 73,724
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 23.7% above its 200-period moving average and is in an downward 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 bearish on BTC= and have had this outlook for the last 1 periods.
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