The Largest Financial Firms in the World Are Ready for The Next Bitcoin: USD/BTC (BTC=X) Bull Run

The Largest Financial Firms in the World Are Ready for The Next Bitcoin: USD/BTC (BTC=X) Bull Run

The Largest Financial Firms in the World Are Ready for The Next Bitcoin: USD/BTC (BTC=X) Bull Run

The last crypto hype bubble was highly publicized and showed the world just a glimpse of what potential Bitcoin and the rest of the cryptocurrency industry means for the future of money and finance.

The emerging financial technology garnered the attention and support of most major businesses, who are just now starting to either develop or roll out their crypto-based products and services to clients, or investing in building platforms for future use cases.

Those building & investing in crypto:

– Fidelity
– Nasdaq
– NYSE
– Yale
– Harvard
– Fairfax County Pension
– Founders Fund
– Union Square
– Amazon
– JPMorgan
– Starbucks
– a16z
– IBM
– Facebook

The list is ever-growing, but even just the sampling provided by Morgan Creek Digital co-founder Anthony Pompliano shows the mix of tech and retail giants, financial firms, think tanks, and so many more.

As Bitcoin has found its bear market bottom and has made a golden cross on its price charts, signaling to investors that a bull market may be ahead, the industry has paused to reflect on the past bull run and imagine what the next one will bring. The one major difference from this cycle from the last? The support from these aforementioned well-established financial businesses.

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 6,197.05.

The projected upper bound is: 8,561.24.

The projected lower bound is: 7,143.30.

The projected closing price is: 7,852.27.

Candlesticks

A black body occurred (because prices closed lower than they opened).
During the past 10 bars, there have been 6 white candles and 4 black candles for a net of 2 white candles. During the past 50 bars, there have been 33 white candles and 17 black candles for a net of 16 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 54.8046. This is not an overbought or oversold reading. The last signal was a sell 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 65.18. 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 2 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 46. This is not a topping or bottoming area. The last signal was a sell 7 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 1 period(s) ago.

Rex Takasugi – TD Profile

FOREX BTC= closed down -81.040 at 7,794.280. Volume was 57% below average (consolidating) and Bollinger Bands were 183% wider than normal.

Open High Low Close Volume___
7,874.7507,980.4107,789.3207,794.280 31,557

Technical Outlook
Short Term: Neutral
Intermediate Term: Bullish
Long Term: Bullish

Moving Averages: 10-period 50-period 200-period
Close: 7,776.81 6,012.20 4,501.97
Volatility: 92 66 75
Volume: 96,845 80,305 77,736

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 73.1% above its 200-period moving average and is in an upward trend. Volatility is high as compared to the average volatility over the last 10 periods. Our volume indicators reflect moderate flows of volume into BTC= (mildly bullish). Our trend forecasting oscillators are currently bullish on BTC= and have had this outlook for the last 21 periods.

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