Is Bitcoin: BTC/USD (BTC=X) A Failure?

Is Bitcoin: BTC/USD (BTC=X) A Failure?

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Bitcoin
Ticker: BTC=
Price: $10584.20

Bitcoin Outlook

Bitcoin price failed to surpass the USD 10,800 resistance, resulting in a fresh bearish wave. BTC traded below the USD 10,650 support and it even tested the USD 10,550 support zone. The price is currently (08:30 UTC) consolidating losses above USD 10,550 and remains at a risk of more losses.

Similarly, most major altcoins retreated from important hurdles and started a fresh decline, including ethereum, XRP, litecoin, bitcoin cash, EOS, XLM, LINK, BNB, TRX, and ADA. ETH/USD declined sharply from the USD 355 resistance and it tested the USD 335 support. XRP/USD trimmed all its yesterday’s gains and settled below the USD 0.250 pivot level.

After another failed attempt near USD 10,800, bitcoin price started a fresh decline. The bears were able to push BTC below USD 10,650, but the bulls defended the USD 10,550 support. The price is currently consolidating losses, with an immediate resistance at USD 10,680. The key resistance is still near the USD 10,800 level.

If the price fails to recover higher, there are chances of more downsides below the USD 10,550 support. In this case, the bears might aim a test of the USD 10,250 support.

Technical Indicators

Overall, the bias in prices is: Sideways.

By the way, prices are vulnerable to a correction towards 10,580.16.

The projected upper bound is: 11,325.52.

The projected lower bound is: 9,920.80.

The projected closing price is: 10,623.16.

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 27 white candles and 23 black candles for a net of 4 white candles.

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 54.1393. This is not an overbought or oversold reading. The last signal was a sell 9 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 48.63. 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 62 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 18 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 1 period(s) ago.

Rex Takasugi – TD Profile

FOREX BTC= closed down -11.650 at 10,644.540. Volume was 94% below average (consolidating) and Bollinger Bands were 57% narrower than normal.

Open         High        Low         Close        Volume
10,671.000   10,689.000  10,629.470  10,644.540   39,434
Technical Outlook
Short Term:        Neutral
Intermediate Term: Bullish
Long Term:         Bullish
Moving Averages: 10-period      50-period      200-period
Close:           10,632.12      10,864.10      9,538.97
Volatility:      19             41             57
Volume:          347,848        608,075        580,634

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 11.6% above its 200-period moving average and is in an upward trend. Volatility is low 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 bullish on BTC= and have had this outlook for the last 11 periods.

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