Bitcoin: USD/BTC (BTC=X) survey suggests there’s a growing interest
Bitcoin has struggled over the last year as the market nurses a hangoverfrom its epic 2017 bull run that saw the bitcoin price explode from under $1,000 at the beginning of the year to almost $20,000 in fewer than 12 months.
The bitcoin price has so far failed to break out of its long-running bear market in 2019, with investors and traders desperately trying to call a bottom to the tumbling market that’s seen the value of bitcoin and other cryptocurrencies fall by more than $400 billion in a little over a year.
Now, a new survey suggests there’s a growing interest in bitcoin and cryptocurrency investments amongst millennials and younger generations as they deal with the long-term effects of the global financial crisis and a lack of trust in the traditional financial services sector.
The bitcoin price bear market, labeled “crypto winter” for its debilitating effect on the nascent industry, was sparked by traders and investors fretting that long-awaited institutional investment and mainstream adoption of bitcoin and cryptocurrencies will fail to materialize.
Overall, the bias in prices is: Upwards.
Note: this chart shows extraordinary price action to the upside.
The projected upper bound is: 4,220.64.
The projected lower bound is: 3,616.04.
The projected closing price is: 3,918.34.
A white body occurred (because prices closed higher than they opened).
During the past 10 bars, there have been 5 white candles and 5 black candles. During the past 50 bars, there have been 23 white candles and 27 black candles for a net of 4 black candles.
A long upper shadow occurred. This is typically a bearish signal (particularly when it occurs near a high price level, at resistance level, or when the security is overbought).
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 64.7972. This is not an overbought or oversold reading. The last signal was a buy 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 64.61. 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 67 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 104.This is an overbought reading. However, a signal isn’t generated until the indicator crosses below 100. The last signal was a sell 10 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 buy 17 period(s) ago.
Rex Takasugi – TD Profile
FOREX BTC= closed up 16.290 at 3,915.850. Volume was 72% below average (consolidating) and Bollinger Bands were 32% 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: 3,743.93 3,629.01 5,137.10
Volatility: 48 52 65
Volume: 70,115 72,302 77,946
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 high when compared to the average volatility over the last 10 periods. There is a good possibility that volatility will decrease and prices will stabilize in the near term. 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 11 periods.