Bitcoin: USD/BTC (BTC=X) Trades Between a 7.8% Range In March 2019, Monthly Candle Close Important
There is much debate between crypto bears and bulls alike, on if the bottom of the current bear market is in. After falling from its all-time high of $20,000, Bitcoin ping-ponged between lowering overhead resistance, and seemingly unbreakable support at roughly $6,000.
On November 2018, all that changed, and Bitcoin had a violent fall to the current trading range it is now in. Since then, the king of cryptocurrencies has experienced a period of stability that is uncommon for the emerging asset class.
During the month of March, BTC has traded within a narrow trading range of just 7.8%. The drop from over $6,000 to the low of $3,150 represents nearly a 50% drop for comparison sake. While most other assets would be seen as highly profitable with a 7.8 percent change in just one month, the stability is rare for Bitcoin.
The 7.8% trading range, according to MarketWatch, could soon break the record for the tightest trading range in the history of Bitcoin, if March’s monthly candle closes within the current 7.8% range. All eyes will be watching the candle close, and traders are expecting fireworks.
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 3,881.70.
The projected upper bound is: 4,432.65.
The projected lower bound is: 3,784.25.
The projected closing price is: 4,108.45.
A white body occurred (because prices closed higher 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 27 white candles and 23 black candles for a net of 4 white candles.
Three white candles occurred in the last three days. Although these candles were not big enough to create three white soldiers, the steady upward pattern is bullish.
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 73.1880. This is not an overbought or oversold reading. The last signal was a buy 27 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 57.03. 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 32 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 102.This is an overbought reading. However, a signal isn’t generated until the indicator crosses below 100. The last signal was a sell 7 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 5 period(s) ago.
Rex Takasugi – TD Profile
FOREX BTC= closed up 13.200 at 4,093.900. Volume was 72% below average (consolidating) and Bollinger Bands were 42% narrower than normal.
Open High Low Close Volume___
Short Term: Neutral
Intermediate Term: Bearish
Long Term: Bearish
Moving Averages: 10-period 50-period 200-period
Close: 4,005.57 3,852.15 4,681.84
Volatility: 48 54 64
Volume: 59,695 65,294 73,415
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 12.6% below its 200-period moving average and is in an downward 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 bearish on BTC= and have had this outlook for the last 3 periods.
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