Traders Hint At Bitcoin: USD/BTC (BTC=X) Market Bottom
The prominent industry commentator claimed that BTC’s recent move allowed it to break out of its short-term falling wedge and bull flag, along with a longer-term “major bear pennant” — an evidently positive sign. Rand added that from volume readings should also spark some form of optimism, noting that this measure has entered and uptrend, indicating buying pressure and market popularity.
But, even if this bear market, infamously dubbed a “nuclear winter,” is finally ready to bite the dust, analysts have made it clear that Bitcoin’s rally won’t come easy.
Leading trader DonAlt recently claimed that he doesn’t expect for BTC to post continual moves higher until it convincingly breaks $6,000. Others have draw attention to the $5,000 price range. They explain that as the 200-day exponential moving average (EMA) and long-term declining trendline is situated around that level, moving above that price point with volume and positive community sentiment is essential to confirm a bullish reversal.
Overall, the bias in prices is: Downwards.
By the way, prices are vulnerable to a correction towards 3,865.02.
The projected upper bound is: 4,072.79.
The projected lower bound is: 3,440.88.
The projected closing price is: 3,756.83.
A black body occurred (because prices closed lower than they opened).
During the past 10 bars, there have been 5 white candles and 5 black candles. During the past 50 bars, there have been 21 white candles and 29 black candles for a net of 8 black candles.
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 31.9709. This is not an overbought or oversold reading. The last signal was a buy 9 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 51.99. 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 1 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 -1. This is not a topping or bottoming area. The last signal was a sell 1 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 20 period(s) ago.
Rex Takasugi – TD Profile
FOREX BTC= closed down -99.220 at 3,762.680. Volume was 39% below average (neutral) and Bollinger Bands were 21% narrower than normal.
Open High Low Close Volume___
Short Term: Neutral
Intermediate Term: Bullish
Long Term: Bearish
Moving Averages: 10-period 50-period 200-period
Close: 3,848.91 3,629.69 5,097.44
Volatility: 69 54 65
Volume: 73,634 72,527 77,650
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.
FOREX BTC= is currently 26.2% 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 volume flowing into and out of BTC= at a relatively equal pace (neutral). Our trend forecasting oscillators are currently bullish on BTC= and have had this outlook for the last 14 periods.
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