The NYSE Bitcoin Index (.NYXBT) Advantages to a Cryptocurrency Market Pullback?
In spite of predictions that the cryptocurrency market is nothing more than a bubble waiting to burst, for the time being the space has refused to crash completely. Indeed, although the total market cap of the digital currency space is only a fraction of what it was just months ago, with major players like bitcoin falling by more than 50% in the past six months, it appears that there is still life in the cryptocurrency space nonetheless. The notoriously volatile market has seen its share of ups and downs, and the current pullback appears to be the largest to date. While there are obvious downsides to a pullback of this type, there may also be advantages for some investors, too.
Overall, the bias in prices is: Downwards.
Note: this chart shows extraordinary price action to the downside.
The projected upper bound is: 7,119.26.
The projected lower bound is: 5,493.92.
The projected closing price is: 6,306.59.
WARNING: These prices only contain closing prices. Thus, the candlestick analysis in this expert will be invalid (including the alerts, symbols, and this commentary). To detach this expert, right-click on the NYSE BitcoinIndx chart, choose Expert Advisor, and then choose Detach.
During the past 10 bars, there have been 0 white candles and 0 black candles. During the past 50 bars, there have been 1 white candles and 0 black candles for a net of 1 white candles.
A falling window occurred (where the bottom of the previous shadow is above the top of the current shadow). This usually implies a continuation of a bearish trend. There have been 28 falling windows in the last 50 candles–this makes the current falling window even more bearish.
A gravestone doji occurred. This often signifies a top (the longer the upper shadow, the more bearish the signal).
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 18.0532. This is an oversold reading. However, a signal is not generated until the Oscillator crosses above 20 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 42.10. 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 7 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 -3. This is not a topping or bottoming area. The last signal was a buy 7 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 7 period(s) ago.
Rex Takasugi – TD Profile
NYSE BitcoinIndx closed down -15.184 at 6,361.905. Volume was -0% below average (neutral) and Bollinger Bands were 63% narrower than normal.
Open High Low Close Volume___
Short Term: Oversold
Intermediate Term: Bullish
Long Term: Bearish
Moving Averages: 10-period 50-period 200-period
Close: 6,448.73 7,391.40 9,132.00
Volatility: 82 72 125
Volume: 0 0 0
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.
NYSE BitcoinIndx gapped down today (bearish) on normal volume. Possibility of a Runaway Gap which usually signifies a continuation of the trend. Four types of price gaps exist – Common, Breakaway, Runaway, and Exhaustion. Gaps acts as support/resistance.
NYSE BitcoinIndx is currently 30.3% below its 200-period moving average and is in an upward trend. Volatility is extremely low when compared to the average volatility over the last 10 periods. There is a good possibility that there will be an increase in volatility along with sharp price fluctuations in the near future. Our volume indicators reflect very strong flows of volume into .NYXBT (bullish). Our trend forecasting oscillators are currently bullish on .NYXBT and have had this outlook for the last 3 periods.
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