Bitcoin: USD/BTC (BTC=X) starting to surge
As the week progresses crypto markets are looking stronger. Bitcoin is pulling them all up as it breaks through resistance to form a new 2019 high. Market capitalization is ramping up to do the same as it surges upwards of $180 billion again.
Bitcoin did what many had been waiting for over the past week – break resistance and surge to $5,640 according to TradingView. In typical fashion this happened within about an hour during the Asia trading session late this morning. The move puts BTC up almost 7 percent today as that fabled ‘golden cross’ finally comes into play. Next stop will be $6,000 if the momentum can continue in Europe and the US today.
Total crypto market capitalization is likely to hit a new 2019 high later today. It is currently at $184 billion which is up 4 percent on the same time yesterday. The $7 billion cash injection has gone largely into Bitcoin which is at three month market dominance high of 53.2%. Total volume is approaching $50 billion as more gains across the board are likely to follow this Tuesday.
Overall, the bias in prices is: Upwards.
Note: this chart shows extraordinary price action to the upside.
The projected upper bound is: 6,080.39.
The projected lower bound is: 5,133.00.
The projected closing price is: 5,606.70.
A big white candle occurred. This is generally considered bullish, as prices closed significantly higher than they opened. If the candle appears when prices are “low,” it may be the first sign of a bottom. If it occurs when prices are rebounding off of a support area (e.g., a moving average, trendline, or retracement level), the long white candle adds credibility to the support. Similarly, if the candle appears during a breakout above a resistance area, the long white candle adds credibility to the breakout.
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 31 white candles and 19 black candles for a net of 12 white candles.
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 67.4279. This is not an overbought or oversold reading. The last signal was a sell 2 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 71.04. This is where it usually tops. The RSI usually forms tops and bottoms before the underlying security. 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 177.This is an overbought reading. However, a signal isn’t generated until the indicator crosses below 100. The last signal was a sell 2 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 10 period(s) ago.
Rex Takasugi – TD Profile
FOREX BTC= closed up 198.360 at 5,569.360. Volume was 48% below average (neutral) and Bollinger Bands were 16% narrower than normal.
Open High Low Close Volume___
Short Term: Neutral
Intermediate Term: Bullish
Long Term: Bullish
Moving Averages: 10-period 50-period 200-period
Close: 5,261.22 4,505.35 4,487.09
Volatility: 33 66 69
Volume: 67,170 70,603 73,657
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 24.1% above its 200-period moving average and is in an upward trend. Volatility is extremely low when compared to the average volatility over the last 10 periods. There is a good possibility that there will be an increase in volatility along with sharp price fluctuations in the near future. 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 24 periods. Our momentum oscillator is currently indicating that BTC= is currently in an overbought condition. The security price has set a new 14-period high while our momentum oscillator has not. This is a bearish divergence.
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