Bitcoin: USD/BTC (BTC=X) technicals indicate a bearish trend was forecast for the coin
The largest cryptocurrency in the market, Bitcoin [BTC], saw the bull make an entry and lift the coin’s prices.
However, this was a short-lived trend as the coin fell in the past hour, at the time of writing. The token was valued at $4,017.70, with a market cap of $70.69 billion. The token noted a 24-hour trading volume of $8.5 billion, while it was falling by 0.72% within the past hour. BTC noted a meager growth 0.06% over the past day and by 1.93% over the past week. However, the coin did manage to maintain its price above 4k.
According to the token’s one-day chart, a massive downtrend was observed from $7,359.99 to $3,990, followed by an uptrend from $3,184.28 to $3,846.79. The token traced resistance at $4,110 and support at $3,344.
Parabolic SAR pointed towards a bearish market as the markers were above the candlesticks.
MACD line was above the signal line after a crossover. However, the lines appeared close to each other, indicating another crossover soon.
Relative Strength Index indicated that the buying and the selling pressures had evened each other out. However, the indicator was closer to the overbought zone.
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 3,871.33.
The projected upper bound is: 4,288.43.
The projected lower bound is: 3,685.97.
The projected closing price is: 3,987.20.
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 24 white candles and 26 black candles for a net of 2 black candles.
An inverted hammer occurred. If this occurs during a downtrend it implies a reversal. Look for a confirmation of the reversal on the bar.
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 shooting star occurred (a shooting star has a small real body near the bottom of the candle and a long upper shadow). During an uptrend(which appears to be the case with FOREX BTC=) the long upper shadow indicates that the bears are gaining control and a top may occur.
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.
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 58.0939. This is not an overbought or oversold reading. The last signal was a buy 18 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 54.07. 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 23 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 98. This is not a topping or bottoming area. The last signal was a sell 0 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 3 period(s) ago.
Rex Takasugi – TD Profile
FOREX BTC= closed down -99.900 at 3,976.000. Volume was 77% below average (consolidating) and Bollinger Bands were 46% 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: 3,957.60 3,745.48 4,808.86
Volatility: 48 50 65
Volume: 54,513 65,457 74,265
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 17.3% 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 36 periods.