Bitcoin: USD/BTC (BTC=X) Still Could Be The ‘Next Big Thing’
Although many cynics, including Warren Buffet, Jamie Dimon, and the rest of the skeptics in that Wall Street posse, would claim that Bitcoin is inevitably going to bite the dust, this might not be the case. More specifically, in the current context of the embattled macroeconomy, some argue that decentralized money’s value proposition is as apparent as ever, if not more so than normal.
Speaking to TD Ameritrade, Wall Street hotshot Travis Kling explained that there’s a non-zero chance that Bitcoin could live up to everyone’s expectations, becoming a globally-secured transaction settlement layer that is immutable, decentralized, censorship-resistant, and cost- and time-effective. Kling, the incumbent chief investment officer of Ikigai, added that as governments continue to enlist the use of questionable fiscal decisions, that gives Bitcoin a sort of inevitability, citing quantitative easing and sovereign debt concerns.
It could also be argued that non-BTC cryptocurrencies and related technologies also have some sort of inevitability too, like what Burniske was touching on. But, this facet of the nascent industry has yet to get fully fleshed out, as cryptocurrencies are rather embryonic on the world stage. Regardless, more and more technologists and futurists are coming to the conclusion that the future will be rife with blockchain technologies, digital assets, and peer-to-peer systems for all society asks or wants.
Overall, the bias in prices is: Downwards.
By the way, prices are vulnerable to a correction towards 3,859.88.
The projected upper bound is: 4,096.91.
The projected lower bound is: 3,552.34.
The projected closing price is: 3,824.62.
A white body occurred (because prices closed higher 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 25 white candles and 25 black 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 64.9167. This is not an overbought or oversold reading. The last signal was a buy 3 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 52.99. 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 8 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 -85. This is not a topping or bottoming area. The last signal was a sell 8 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 5 period(s) ago.
Rex Takasugi – TD Profile
FOREX BTC= closed down -74.400 at 3,818.600. Volume was 69% below average (consolidating) and Bollinger Bands were 25% 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: 3,855.56 3,637.64 5,012.33
Volatility: 50 47 64
Volume: 59,658 69,041 76,382
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 23.8% below 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 21 periods.
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