Bitcoin: USD/BTC (BTC=X) Stays Above $9,000 in US Trading
The price of bitcoin (BTC) broke above $9,000 on a bullish run at 9:00 UTC (4:00 a.m. EST). The world’s leading cryptocurrency by market capitalization is up 4 percent in the past 24 hours, with a high reaching $9,150 on exchanges including Coinbase.
The last time bitcoin traded above $9,000 was on Feb. 26.
An uptrend started taking shape at 0:00 UTC Thursday as prices broke out of a steady $8,600 to $8,800 range. Bitcoin quickly surpassed its 50-day moving average at that time on higher buying volume than the same period yesterday.
The bullish run comes amid positive news regarding cryptocurrency from India’s Supreme Court. A decision allowing Indian banks to work with cryptocurrency firms reverses an April 2018 prohibition on providing such services to the country of over one billion people.
“The reckless ban on Indian banks working with cryptocurrency companies a few years ago was a big setback for Indian startups short term and the Indian economy long term,” Coinbase CEO Brian Armstrong wrote in a recent tweet.
Bitcoin hasn’t been in the $9,000 price range since Feb. 26. Year to date, bitcoin is up 26 percent, outperforming the S&P 500’s 5 percent decline since Jan. 1.
Many other cryptocurrencies are up today, particularly bitcoin forks, with bitcoin gold (BTG) up 15 percent, bitcoin SV (BSV) in the green 9 percent and bitcoin cash (BCH) ahead 7 percent.
Overall, the bias in prices is: Upwards.
The projected upper bound is: 9,800.02.
The projected lower bound is: 8,328.40.
The projected closing price is: 9,064.21.
A black body occurred (because prices closed lower than they opened).
During the past 10 bars, there have been 2 white candles and 8 black candles for a net of 6 black candles. During the past 50 bars, there have been 23 white candles and 27 black candles for a net of 4 black 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 80.8848. This is an overbought reading. However, a signal is not generated until the Oscillator crosses below 80 The last signal was a buy 6 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 47.57. 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 22 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 11. This is not a topping or bottoming area. The last signal was a buy 4 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 down -54.810 at 9,056.660. Volume was 84% below average (consolidating) and Bollinger Bands were 39% wider 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: 8,795.00 9,293.87 8,696.36
Volatility: 58 50 55
Volume: 308,650 220,980 119,085
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 4.1% above its 200-period moving average and is in an downward trend. Volatility is high 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 14 periods.