The NYSE Bitcoin Index (.NYXBT) value will rise again

The NYSE Bitcoin Index (.NYXBT) value will rise again

The NYSE Bitcoin Index (.NYXBT) value will rise again

Bitcoin lost a huge amount of ground on Wednesday, dropping 8.72 percent on the day to trade at $6,494.73.

Bitcoin price is at $6,474.17 at 20:00 (BST) on Thursday, according to CoinDesk. It saw its highest value before Christmas when it reached the monumental price of just under $20,000.

Despite bitcoin criticism, hedge fund CEO Dan Morehead said the bitcoin price will rise but warned that cryptocurrency mining does not have any fixed support like other markets such as copper so cryptocurrency companies risk running losses for months.

Overall, the bias in prices is: Downwards.

Note: this chart shows extraordinary price action to the downside.

The projected upper bound is: 7,284.56.

The projected lower bound is: 5,580.89.

The projected closing price is: 6,432.72.

Candlesticks

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 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 29 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 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 5.1818. This is an oversold reading. However, a signal is not generated until the Oscillator crosses above 20 The last signal was a sell 7 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 36.52. 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 9 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 -154.This is an oversold reading. However, a signal isn’t generated until the indicator crosses above -100. The last signal was a sell 9 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 5 period(s) ago.

Rex Takasugi – TD Profile

NYSE BitcoinIndx closed down -24.085 at 6,454.626. Volume was -0% below average (neutral) and Bollinger Bands were 4% wider than normal.

Open High Low Close Volume___
6,454.6266,454.6266,454.6266,454.626 0

Technical Outlook
Short Term: Oversold
Intermediate Term: Bullish
Long Term: Bearish

Moving Averages: 10-period 50-period 200-period
Close: 7,362.01 6,957.31 9,317.14
Volatility: 63 79 124
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.

Summary

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 30.7% below its 200-period moving average and is in an upward trend. Volatility is extremely high when compared to the average volatility over the last 10 periods. There is a good possibility that volatility will decrease and prices will stabilize in the near term. 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 24 periods.

The following two tabs change content below.
HEFFX has become one of Asia’s leading financial services companies with interests in Publishing, Private Equity, Capital Markets, Mining, Retail, Transport and Agriculture that span every continent of the world. Our clearing partners have unprecedented experience in Equities, Options, Forex and Commodities brokering, banking, physical metals dealing, floor brokering and trading.

You must be logged in to post comments :  
CONNECT WITH