Coronavirus can’t destroy Bitcoin: USD/BTC (BTC=X)
Bullish on the distributive and decentralizing power of blockchain, the tech that powers Bitcoin and other leading crypto digital assets, he is now reassuring the trembling masses following today’s rapid fall of Bitcoin and crypto prices.
Bitcoin dipped 9% pushing month-to-date losses to 29%.
At the time of press, Bitcoin is trading at $6,200, down from its weekly highs of around $6,700.
However, there are solid reasons to be bullish on crypto and specifically Bitcoin.
First off, over the last few weeks, the number of Bitcoin addresses has increased.
Reports reveal that based on the 3-day moving average of new addresses over the last two weeks following the cataclysmic fall of Mar 12, dubbed Black Thursday, users are up 12%.
A decent figure, this could hint of market confidence just 5 weeks to a decisive halving that could push prices higher.
But there is more. The number of users holding over 1 BTC in their wallets is at their all-time high according to stats from GlassNode.
At 797,073 wallets and counting, retail traders are stacking up in an accumulation that could build buy pressure and drive prices higher in coming days.
Overall, the bias in prices is: Downwards.
Note: this chart shows extraordinary price action to the downside.
The projected upper bound is: 7,229.43.
The projected lower bound is: 4,519.42.
The projected closing price is: 5,874.42.
A black body occurred (because prices closed lower 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 18 white candles and 32 black candles for a net of 14 black candles.
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 38.6141. This is not an overbought or oversold reading. The last signal was a buy 16 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 39.98. 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 10 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 -16. This is not a topping or bottoming area. The last signal was a sell 2 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 8 period(s) ago.
Rex Takasugi – TD Profile
FOREX BTC= closed down -292.250 at 5,953.700. Volume was 2% below average (neutral) and Bollinger Bands were 32% wider 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: 6,374.05 8,098.57 8,272.53
Volatility: 89 130 82
Volume: 485,939 400,853 169,943
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 28.0% 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 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 37 periods.