The Main Bullish Case For Bitcoin: BTC/USD (BTC=X)

The Main Bullish Case For Bitcoin: BTC/USD (BTC=X)

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Bitcoin
Ticker: BTC=
Price: $11321.10

Technical Indicators

Overall, the bias in prices is: Upwards.

The projected upper bound is: 12,276.41.

The projected lower bound is: 10,450.02.

The projected closing price is: 11,363.21.

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 34 white candles and 16 black candles for a net of 18 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 43.9427. This is not an overbought or oversold reading. The last signal was a sell 1 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 47.52. 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 27 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 -96. This is not a topping or bottoming area. The last signal was a sell 1 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 25 period(s) ago.

Rex Takasugi – TD Profile

FOREX BTC= closed down -51.500 at 11,321.000. Volume was 59% below average (consolidating) and Bollinger Bands were 17% narrower than normal.

Open        High        Low         Close      Volume
11,370.560  11,469.420  11,267.120  11,321.000 257,252
Technical Outlook
Short Term:        Neutral
Intermediate Term: Bearish
Long Term:         Bullish
Moving Averages: 10-period     50-period      200-period
Close:           11,498.01     11,083.73      9,084.23
Volatility:      51            52             84
Volume:          586,253       736,227        542,065

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 24.6% 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 9 periods. our momentum oscillator has set a new 14-period low while the security price has not. This is a bearish divergence.

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