Bitcoin: USD/BTC (BTC=X) struggling to demonstrate strength at the $4,000 resistance level
In the last 24 hours, the Bitcoin price has slightly dropped from $3,860 to $3,770, struggling to demonstrate strength at the $4,000 resistance level.
Despite the lack of momentum on the price trend of Bitcoin, several crypto tokens in the likes of Binance Coin (BNB) and Enjin Coin (ENJ) have recorded 15 percent gains against the U.S. dollar and BTC.
In the upcoming days, traders generally foresee BTC rebounding to the high $3,000 region once again after its downside movement was stopped at the $3,700 mark.
The sentiment in the cryptocurrency industry has improved in recent weeks with reports suggesting that Starbucks is set to integrate Bitcoin payments in the next 18 months as a part of its deal with Bakkt.
“Interesting. But probably well worth it on the long term. The Starbucks angle was the most interesting thing about the Bakkt announcement. BTC needs more use cases and more retail adoption,” fintech analyst Richard Johnson said.
With a growing number of financial institutions committing to the cryptocurrency sector and more investors willing to engage in higher-risk trades, traders expect an upside movement in crypto markets in the upcoming days.
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 3,856.20.
The projected upper bound is: 4,219.18.
The projected lower bound is: 3,638.97.
The projected closing price is: 3,929.08.
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.
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 61.0715. This is not an overbought or oversold reading. The last signal was a buy 5 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 56.56. 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 10 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 12. This is not a topping or bottoming area. The last signal was a buy 1 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 7 period(s) ago.
Rex Takasugi – TD Profile
FOREX BTC= closed down -15.600 at 3,922.000. Volume was 89% below average (consolidating) and Bollinger Bands were 29% 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: 3,833.12 3,647.90 4,986.81
Volatility: 52 50 65
Volume: 57,007 68,224 75,917
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 21.4% below its 200-period moving average and is in an upward trend. Volatility is 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 23 periods.