Bitcoin: USD/BTC (BTC=X) struggling to break the $8,300

Bitcoin: USD/BTC (BTC=X) struggling to break the $8,300

Bitcoin: USD/BTC (BTC=X) struggling to break the $8,300

Thanks to Bitcoin’s massive market dominance, when it falls, other coins tend to follow suit.

Unfortunately for some of the other big coins, such as Ripple (XRP), Ethereum (ETH), and Bitcoin Cash (BCH), which have experienced sharp corrections, they, unlike BTC, haven’t enjoyed recent bullish runs to cushion the fall, so to speak.

Although Bitcoin hasn’t experienced anything the kind of gains it achieved during the tail-end of 2017 of late, it did, over the past month or so, surge from around $6,000 (where it was stuck for some time), to over $8,000.

However, Bitcoin seems bearish once again, routinely struggling to keep its head above the $8,000 psychological watermark.

Overall, the bias in prices is: Sideways.

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

By the way, prices are vulnerable to a correction towards 7,524.52.

The projected upper bound is: 8,213.01.

The projected lower bound is: 6,912.29.

The projected closing price is: 7,562.65.

Candlesticks

A black body occurred (because prices closed lower than they opened).
During the past 10 bars, there have been 4 white candles and 5 black candles for a net of 1 black candles. During the past 50 bars, there have been 26 white candles and 23 black candles for a net of 3 white candles.

Three black candles occurred in the last three days. Although these candles were not big enough to create three black crows, the steady downward pattern is bearish.

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 25.5760. This is not an overbought or oversold reading. The last signal was a sell 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 52.56. 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 1 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 -52. This is not a topping or bottoming area. The last signal was a sell 5 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 0 period(s) ago.

Rex Takasugi – TD Profile

FOREX BTC= closed down -144.300 at 7,542.470. Volume was 59% below average (consolidating) and Bollinger Bands were 54% wider than normal.

Open High Low Close Volume___
7,685.4107,777.0007,440.1107,542.470 32,763

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

Moving Averages: 10-period 50-period 200-period
Close: 8,022.43 6,855.30 8,426.07
Volatility: 57 61 115
Volume: 89,428 91,999 67,627

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 10.5% below its 200-period moving average and is in an upward trend. Volatility is relatively normal as compared to the average volatility over the last 10 periods. Our volume indicators reflect moderate flows of volume into BTC= (mildly bullish). Our trend forecasting oscillators are currently bullish on BTC= and have had this outlook for the last 25 periods. our momentum oscillator has set a new 14-period low while the security price has not. This is a bearish divergence.

The following two tabs change content below.
HEFFX has become one of Asia’s leading financial services companies with interests in Publishing, Private Equity, Capital Markets, Mining, Retail, Transport and Agriculture that span every continent of the world. Our clearing partners have unprecedented experience in Equities, Options, Forex and Commodities brokering, banking, physical metals dealing, floor brokering and trading.

You must be logged in to post comments :  
CONNECT WITH