Bitcoin: USD/BTC (BTC=X) still within the descending triangle

Bitcoin: USD/BTC (BTC=X) still within the descending triangle

Bitcoin: USD/BTC (BTC=X) still within the descending triangle

Today’s session advances while the Bitcoin price reports an increase of 3.50% in the last 24 hours. Bitcoin rises above $ 6400 at the time of writing this analysis increasing with a high purchase volume.

With this move Bitcoin moves away from the support in the $ 6000 demonstrating once again that buyers are not going to allow minimum of $ 5800 easily. Bitcoin is still within the descending triangle, but this could change if the price continues to increase.

Key Highlights

  • Bitcoin increases more than 3%
  • Bitcoin plays the slow moving average EMA 26
  • There is a higher purchase volume during today’s session

Analyzing the BTC/USD chart in a one-day timeframe, we can appreciate how Bitcoin manages to break up with a quite strong volume level; this allows a positive market sentiment.

Bitcoin price is on the way to 38% Fibonacci which is an important area for the entry of more investors besides break the resistance in the $ 6500 is a signal to enter long, as long as the volume level is high.

Overall, the bias in prices is: Downwards.

By the way, prices are vulnerable to a correction towards 6,712.64.

The projected upper bound is: 6,919.34.

The projected lower bound is: 5,941.23.

The projected closing price is: 6,430.29.

Candlesticks

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 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 52.9690. This is not an overbought or oversold reading. The last signal was a sell 22 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 47.43. 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 buy 68 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 -25. This is not a topping or bottoming area. The last signal was a buy 2 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 sell 5 period(s) ago.

Rex Takasugi – TD Profile

FOREX BTC= closed up 47.560 at 6,435.860. Volume was 86% below average (consolidating) and Bollinger Bands were 65% narrower than normal.

Open High Low Close Volume___
6,388.1206,460.3006,370.0106,435.860 11,511

Technical Outlook
Short Term: Neutral
Intermediate Term: Bullish
Long Term: Bearish

Moving Averages: 10-period 50-period 200-period
Close: 6,443.17 6,592.77 7,230.06
Volatility: 37 47 88
Volume: 59,132 75,563 76,827

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 11.0% below its 200-period moving average and is in an upward trend. Volatility is low 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 bullish on BTC= and have had this outlook for the last 9 periods.

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