The NYSE Bitcoin Index (.NYXBT) Surged by 10 per cent in Less than an Hour
The U.S. Patent and Trademark Office officially granted MasterCard a patent for a method of increasing the speed of cryptocurrency transactions.
The price of bitcoin surged by 10 per cent in less than an hour on Tuesday, pushing the cryptocurrency’s value above $7,000 for the first time since early June.
It is the second time this week that bitcoin has shot up in price, helping its value go up by around $1,200 over the last six days.
Overall, the bias in prices is: Sideways.
Note: this chart shows extraordinary price action to the upside.
The projected upper bound is: 8,239.53.
The projected lower bound is: 6,512.48.
The projected closing price is: 7,376.01.
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 1 white candles and 0 black candles for a net of 1 white candles. During the past 50 bars, there have been 2 white candles and 0 black candles for a net of 2 white candles.
A gravestone doji occurred. This often signifies a top (the longer the upper shadow, the more bearish the signal).
A rising window occurred (where the top of the previous shadow is below the bottom of the current shadow). This usually implies a continuation of a bullish trend. There have been 21 rising windows in the last 50 candles–this makes the current rising window even more bullish.
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 100.0000. This is an overbought reading. However, a signal is not generated until the Oscillator crosses below 80 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 62.51. 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 12 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 243.This is an overbought reading. However, a signal isn’t generated until the indicator crosses below 100. The last signal was a buy 12 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 12 period(s) ago.
Rex Takasugi – TD Profile
NYSE BitcoinIndx closed up 650.846 at 7,413.518. Volume was -0% below average (neutral) and Bollinger Bands were 49% narrower than normal.
Open High Low Close Volume___
Short Term: Overbought
Intermediate Term: Bullish
Long Term: Bearish
Moving Averages: 10-period 50-period 200-period
Close: 6,584.66 7,121.20 9,183.19
Volatility: 75 78 125
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 up today (bullish) 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 19.3% below 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 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 8 periods.