Bitcoin: USD/BTC (BTC=X) Target $3000

Bitcoin: USD/BTC (BTC=X) Target $3000

Bitcoin: USD/BTC (BTC=X) Target $3000

The price of Bitcoin has surprised several investors in the last few months when it was traded under $4,000. At the beginning of the year, $4,000 was a price that nobody was expecting by the end of the year. And it seems that Bitcoin could keep falling and reach new lows close to $3,000, according to some analysts.

According to the crypto analyst, Crypto Rand, Bitcoin could be traded close to $3,250 and $3,000 if Bitcoin is not able to remain in the current levels close to $3,415.

Although this seems quite possible, there are other analysts that believe that Bitcoin can bottom close to $2,500. That would represent an 87.5% price reduction since Bitcoin’s record in December 2017.

Currently, each Bitcoin can be purchased close to $3,415 and it has a market cap of $59.46 billion.

Overall, the bias in prices is: Downwards

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

By the way, prices are vulnerable to a correction towards 4,792.30.

The projected upper bound is: 3,885.35.

The projected lower bound is: 2,678.14.

The projected closing price is: 3,281.75.

Candlesticks

A black body occurred (because prices closed lower than they opened).
During the past 10 bars, there have been 2 white candles and 8 black candles for a net of 6 black candles. During the past 50 bars, there have been 19 white candles and 31 black candles for a net of 12 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).

A spinning top occurred (a spinning top is a candle with a small real body). Spinning tops identify a session in which there is little price action (as defined by the difference between the open and the close). During a rally or near new highs, a spinning top can be a sign that prices are losing momentum and the bulls may be in trouble.

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 25.6702. This is not an overbought or oversold reading. The last signal was a buy 3 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 29.80. This is where it usually bottoms. The RSI usually forms tops and bottoms before the underlying security. A buy or sell signal is generated when the RSI moves out of an overbought/oversold area. The last signal was a buy 3 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 -87. This is not a topping or bottoming area. The last signal was a buy 3 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 12 period(s) ago.

Rex Takasugi – TD Profile

FOREX BTC= closed down -29.870 at 3,342.680. Volume was 66% below average (consolidating) and Bollinger Bands were 4% wider than normal.

Open High Low Close Volume___
3,370.3003,466.2003,324.0103,342.680 25,405

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

Moving Averages: 10-period 50-period 200-period
Close: 3,541.71 5,090.59 6,341.46
Volatility: 77 84 65
Volume: 96,491 79,442 81,288

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 47.3% below its 200-period moving average and is in an downward trend. Volatility is high as compared to the average volatility over the last 10 periods. Our volume indicators reflect moderate flows of volume out of BTC= (mildly bearish). Our trend forecasting oscillators are currently bearish on BTC= and have had this outlook for the last 29 periods. Our momentum oscillator is currently indicating that BTC= is currently in an oversold condition.

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