Bitcoin: USD/BTC (BTC=X) Trades Sideways

Bitcoin: USD/BTC (BTC=X) Trades Sideways

Bitcoin: USD/BTC (BTC=X) Trades Sideways

It is a largely green picture across the top-20 cryptocurrencies. While Bitcoin (BTC) has remained flat overall, altcoins have enjoyed some sizeable gains, with some rising over 9% on the day

Bitcoin’s price was down a fraction at press time, losing 0.61% to trade at $11,352, according to Coin360­­. BTC’s value has tumbled by more than $500 in the past 24 hours — struggling to recover from a sudden $400 drop in the space of just five minutes on Saturday. Prices have remained relatively steady since then. Looking back at the past seven days, BTC is up by over 5%.

Technical Indicators

Overall, the bias in prices is: Upwards.

By the way, prices are vulnerable to a correction towards 10,510.34.

The projected upper bound is: 13,335.80.

The projected lower bound is: 9,628.04.

The projected closing price is: 11,481.92.

Candlesticks

A white body occurred (because prices closed higher than they opened).
During the past 10 bars, there have been 8 white candles and 2 black candles for a net of 6 white candles. During the past 50 bars, there have been 30 white candles and 20 black candles for a net of 10 white candles.

A falling window occurred (where the bottom of the previous shadow is above the top of the current shadow). This usually implies a continuation of a bearish trend.

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 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 52.4977. This is not an overbought or oversold reading. The last signal was a sell 5 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 57.27. 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 46 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 29. This is not a topping or bottoming area. The last signal was a sell 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 11 period(s) ago.

Rex Takasugi – TD Profile

FOREX BTC= closed down -382.940 at 11,475.000. Volume was 92% below average (consolidating) and Bollinger Bands were 25% wider than normal.

Open     High      Low     Close     Volume___
11,378.25011,491.00011,258.20011,475.000 7,655
Technical Outlook 
Short Term: Overbought
Intermediate Term: Bullish
Long Term: Bullish
Moving Averages: 10-period     50-period     200-period
Close: 11,578.98 10,954.51 6,880.68
Volatility: 55 105 77
Volume: 82,171 93,032 80,495

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= gapped down today (bearish) on light volume. Possibility of a Common Gap which usually coincides with a lack of interest in the security. Common Gaps are fairly irrelevent for forecasting purposes. Four types of price gaps exist – Common, Breakaway, Runaway, and Exhaustion. Gaps acts as support/resistance.
FOREX BTC= is currently 66.8% above its 200-period moving average and is in an upward trend. Volatility is extremely low when compared to the average volatility over the last 10 periods. There is a good possibility that there will be an increase in volatility along with sharp price fluctuations in the near future. 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 7 periods.

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