Bitcoin: USD/BTC (BTC=X) Surges Over 5%

Bitcoin: USD/BTC (BTC=X) Surges Over 5%

Bitcoin: USD/BTC (BTC=X) Surges Over 5%

At the time of writing, Bitcoin Cash is trading up 5.3% at its current price of $293.51, up from its daily lows of $275.

Over a seven-day period, BCH is significantly up from its lows of $230, which were set last Monday, and is only down slightly from its highs of $310 which were set on Friday.

The recent market surge has proven to be very positive for Bitcoin Cash, as it surged from lows of $170 in early-April to highs of $336, from which point it settled slightly lower and has traded sideways since.

This recent price action does appear to be emblematic of the formation of a new trading range, with strong support existing around $240, and resistance in the lower-$300 region.

Keshav Narla, a cryptocurrency analyst on Twitter, shared his thoughts on the crypto’s current price action in a recent tweet, explaining that he believes that Bitcoin Cash is growing increasingly bullish, with another upwards surge potentially taking it as high as $340 before it incurs any significant selling pressure.

“$BCH continuing the bullish bias, we appear to be in 5th wave (green) and done with the yellow Subwaves 1 & (2?). We also have a golden cross where 50DMA goes above 200DMA, which is bullish. I expect some resistance at 300DMA ($340),” he noted.

Overall, the bias in prices is: Upwards.

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

The projected upper bound is: 6,170.54.

The projected lower bound is: 5,156.58.

The projected closing price is: 5,663.56.

Candlesticks

A black body occurred (because prices closed lower 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 33 white candles and 17 black candles for a net of 16 white candles.

An engulfing bearish line occurred (where a black candle’s real body completely contains the previous white candle’s real body). The engulfing bearish pattern is bearish during an uptrend (which appears to be the case with FOREX BTC=). It then signifies that the momentum may be shifting from the bulls to the bears.

If the engulfing bearish pattern occurs during a downtrend, it may be a last engulfing bottom which indicates a bullish reversal. The test to see if this is the case is if the next candle closes above the bottom the current (black) 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 74.9000. This is not an overbought or oversold reading. The last signal was a sell 0 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 62.96. 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 12 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 91. 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 2 period(s) ago.

Rex Takasugi – TD Profile

FOREX BTC= closed down -79.510 at 5,630.150. Volume was 72% below average (consolidating) and Bollinger Bands were 1% narrower than normal.

Open High Low Close Volume___
5,712.0005,787.9005,561.0205,630.150 19,289

Technical Outlook
Short Term: Overbought
Intermediate Term: Bullish
Long Term: Bullish

Moving Averages: 10-period 50-period 200-period
Close: 5,424.60 4,891.91 4,419.58
Volatility: 37 67 70
Volume: 56,404 72,457 74,116

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 27.4% above 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 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 3 periods.

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