Will Bitcoin: USD/BTC (BTC=X) become world’s reserve currency?
Apple’s co-founder Steve Wozniak spoke about Bitcoin at one of Bloomberg’s events on 26 February 2019. He also addressed topics ranging from AI and Machine Learning to Bitcoin, and how it will become the world’s reserve currency.
Steve Wozniak, aka The Wonderful Wizard of Woz, is an American inventor and electronics engineer who co-founded Apple with Steve Jobs. During his sit-down with Bloomberg’s Yousef Gamal El-Din, Wozniak said that he still stood by his prior comments about Bitcoin becoming the world’s reserve currency.
“I’m not sure that I can buy that we’ve seen massive value destruction but I think we’ve seen massive value creation… psychology will often drive markets… I never invested [in Bitcoin] as an investor, I only had Bitcoin to experiment with and find out how to buy and sell things around the world, and find restaurants that accept Bitcoin.”
The co-founder further said that he still had some Bitcoins which he experiments with on new devices and applications.
Wozniak first gave his insights on Bitcoin and Ethereum at the 2018 Crypto Summit. At the summit, he referred to blockchain as a new technology that is changing the face of financing. Steve further said that blockchain was still in the nascent space and “new things are exciting and what drive us and push us.”
Many prominent personalities from different industries around the world are getting into blockchain or cryptocurrencies, be it Bitcoin or Ethereum or any other coin. Twitter’s Jack Dorsey recently held the Lightning Torch, Nasdaq listed Brave New Coin’s Bitcoin and Ethereum Liquid Indices and Ripple is trying to get banks to use XRP via their payment solution, xRapid etc.
Overall, the bias in prices is: Downwards.
Note: this chart shows extraordinary price action to the upside.
By the way, prices are vulnerable to a correction towards 3,861.85.
The projected upper bound is: 4,120.36.
The projected lower bound is: 3,489.90.
The projected closing price is: 3,805.13.
A white body occurred (because prices closed higher than they opened).
During the past 10 bars, there have been 4 white candles and 6 black candles for a net of 2 black candles. During the past 50 bars, there have been 22 white candles and 28 black candles for a net of 6 black candles.
An engulfing bullish line occurred (where a white candle’s real body completely contains the previous black candle’s real body). The engulfing bullish pattern is bullish during a downtrend. It then signifies that the momentum may be shifting from the bears to the bulls.
If the engulfing bullish pattern occurs during an uptrend (which appears to be the case with FOREX BTC=), it may be a last engulfing top which indicates a top. The test to see if this is the case is if the next candle closes below the top of the current (white) candle’s real body.
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 18.4705. This is an oversold reading. However, a signal is not generated until the Oscillator crosses above 20 The last signal was a buy 12 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 53.90. 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 4 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 -13. This is not a topping or bottoming area. The last signal was a sell 4 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 sell 1 period(s) ago.
Rex Takasugi – TD Profile
FOREX BTC= closed up 60.030 at 3,808.940. Volume was 77% below average (consolidating) and Bollinger Bands were 30% 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: 3,885.37 3,617.34 5,060.02
Volatility: 53 54 64
Volume: 68,722 71,155 77,351
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 24.7% below its 200-period moving average and is in an upward trend. Volatility is relatively normal 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 bullish on BTC= and have had this outlook for the last 17 periods.
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