Bitcoin: USD/BTC (BTC=X) still awaits a bullish push to jump above $12,000

Bitcoin: USD/BTC (BTC=X) still awaits a bullish push to jump above $12,000

Bitcoin: USD/BTC (BTC=X) still awaits a bullish push to jump above $12,000

Bitcoin was above $12k for a few hours yesterday, and since then the coin is battling with resistance above $11,800 to surge above $12k again against U.S.Dollar.

 The coin was above $11836.95 4 hours ago, and from there it steadily surged above $11951. This instigated a hope that the coin will go beyond $12,000 today. However, BTC couldn’t stay above $11900 and pulled back quickly near $11876.24. The coin eventually hit the price point near $11829.71 with a decrease of 1.02%. Here, BTC price seems to have found support to trace a recovery as the coin has bounced up from there.

Technical Indicators

Overall, the bias in prices is: Upwards.

Note: this chart shows extraordinary price action to the upside.

By the way, prices are vulnerable to a correction towards 10,319.71.

The projected upper bound is: 13,742.22.

The projected lower bound is: 9,976.30.

The projected closing price is: 11,859.26.

Candlesticks

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 30 white candles and 20 black candles for a net of 10 white candles.

An engulfing bullish line occurred (where a white candle’s real body completely contains the previous black candle’s real body). The engulfing bullish pattern is bullish during a downtrend. It then signifies that the momentum may be shifting from the bears to the bulls.

If the engulfing bullish pattern occurs during an uptrend (which appears to be the case with FOREX BTC=), it may be a last engulfing top which indicates a top. The test to see if this is the case is if the next candle closes below the top of the current (white) candle’s real body.

Momentum Indicators

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.

Stochastic Oscillator

One method of interpreting the Stochastic Oscillator is looking for overbought areas (above 80) and oversold areas (below 20). The Stochastic Oscillator is 71.4152. 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 63.98. 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 43 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 99. This is not a topping or bottoming area. The last signal was a sell 0 period(s) ago.

MACD

The Moving Average Convergence/Divergence indicator (MACD) gives signals when it crosses its 9 period signal line. The last signal was a buy 8 period(s) ago.

Rex Takasugi – TD Profile

FOREX BTC= closed up 240.920 at 11,898.920. Volume was 69% below average (consolidating) and Bollinger Bands were 13% wider than normal.

Open     High      Low     Close     Volume___
11,591.14012,127.00011,543.30011,898.920 28,488
Technical Outlook 
Short Term: Overbought
Intermediate Term: Bullish
Long Term: Bullish
Moving Averages: 10-period     50-period     200-period
Close: 11,148.31 10,885.12 6,758.38
Volatility: 51 107 77
Volume: 83,320 93,281 80,332

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.

Summary

FOREX BTC= is currently 76.1% 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 4 periods. 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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