Dump And Then Huge Pump For Bitcoin: BTC/USD (BTC=X)

Dump And Then Huge Pump For Bitcoin: BTC/USD (BTC=X)

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Bitcoin
Ticker: BTC=
Price: $1045.75

Bitcoin News

The month of September has been a turbulent one for Bitcoin in the crypto markets. The month started off with BTC breaking the $12k ceiling only to drop below $10k on numerous occasions before levelling off at current levels above $10,200.

However, the constant volatility of Bitcoin has not swayed investors from owning more BTC. According to the team at Glassnode, the number of Bitcoin addresses holding at least 1 BTC has grown continuously over the years. Known as ‘wholecoiners’, their numbers recently hit a new all-time high value of 823,000. The team at Glassnode shared their observation via the following tweet.

Bitcoin is not just a scarce commodity, it’s the only known commodity in the universe that has a deterministic and fixed supply. As a result, bitcoin is not subject to any of the potential positive supply shocks that gold (or any commodity for that matter) may face in the future.

Bitcoin is the first commodity in the universe where supply does not follow demand. Demand for bitcoin does not, and cannot, expand its supply.

Beyond superior supply attributes, bitcoin possesses all of the other characteristics that make gold valuable and actually performs better on a side-by-side comparison.

Technical Indicators

Overall, the bias in prices is: Downwards.

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

The projected upper bound is: 11,250.85.

The projected lower bound is: 9,285.46.

The projected closing price is: 10,268.15.

Candlesticks

A black body occurred (because prices closed lower than they opened).
During the past 10 bars, there have been 3 white candles and 7 black candles for a net of 4 black candles. During the past 50 bars, there have been 31 white candles and 19 black candles for a net of 12 white candles.

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 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 61.2715. This is not an overbought or oversold reading. The last signal was a buy 2 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 38.65. 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 35 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 -53. This is not a topping or bottoming area. The last signal was a buy 2 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 sell 33 period(s) ago.

Rex Takasugi – TD Profile

FOREX BTC= closed down -46.261 at 10,254.970. Volume was 60% below average (consolidating) and Bollinger Bands were 89% wider than normal.

Open        High        Low         Close        Volume
10,301.230  10,394.000  10,200.080  10,254.970   280,919
Technical Outlook
Short Term:        Neutral
Intermediate Term: Bearish
Long Term:         Bullish
Moving Averages: 10-period     50-period       200-period
Close:           10,407.78     11,228.24       9,102.13
Volatility:      51            56              84
Volume:          1,031,164     841,320         575,799

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 12.7% above 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 17 periods.

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