Home Crypto Bitcoin Will Bitcoin: USD/BTC (BTC=X) keep rising?

Will Bitcoin: USD/BTC (BTC=X) keep rising?


Will Bitcoin: USD/BTC (BTC=X) keep rising?

BITCOIN (BTC) has today surged above $11,000 (£8,631), hitting its highest level since March last year. So what has triggered the bitcoin price boom?

Bitcoin prices have more than tripled since the start of the year, rising sharply amid strong sentiment and bullish momentum. The flagship cryptocurrency is currently valued at £8,515 (£10,850) at 10.40 BST on Monday, June 24, according to Coinbase.com data. And this significant sign of strength has led some to wonder what is the cause of crypto’s current price boom.

This coincided with social media giant Facebook’s high-profile cryptocurrencies project pushing crypto back into the spotlight.

Bitcoin investors seem to have shaken-off memories of 2018’s bitcoin bubble burst after it hit a record high of over $19,000 in December 2017.

The price of the cryptocurrency infamously plummeted over the course of last year and it fell to the low of $3,000 at the start of 2019.

What is causing the bitcoin price boom?

There is undoubtedly bullish sentiment surrounding bitcoin and the wider cryptocurrency market at the moment.

Joshua Frank, cofounder of digital analytics platform TheTIE.io, outlined the reasons for investors’ current optimism.

He said: ”We are currently experiencing the most prolonged period of positive long-term sentiment since mid-2017, which led up to Bitcoin hitting $20,000.

“Bitcoin’s 100 day average sentiment score turned positive on February 17 2019 when bitcoin’s price was at $3,673.11 and has remained positive for 120 consecutive days.

Overall, the bias in prices is: Upwards.

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

By the way, prices are vulnerable to a correction towards 8,629.05.

The projected upper bound is: 12,060.36.

The projected lower bound is: 10,169.31.

The projected closing price is: 11,114.83.


A white body occurred (because prices closed higher than they opened).
During the past 10 bars, there have been 9 white candles and 1 black candles for a net of 8 white candles. During the past 50 bars, there have been 35 white candles and 15 black candles for a net of 20 white candles.

Three white candles occurred in the last three days. Although these candles were not big enough to create three white soldiers, the steady upward pattern is bullish.

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 85.0666. This is an overbought reading. However, a signal is not generated until the Oscillator crosses below 80 The last signal was a sell 6 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 78.64. This is where it usually tops. The RSI usually forms tops and bottoms before the underlying security. A buy or sell signal is generated when the RSI moves out of an overbought/oversold area. The last signal was a sell 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 121.This is an overbought reading. However, a signal isn’t generated until the indicator crosses below 100. The last signal was a buy 18 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 10 period(s) ago.

Rex Takasugi – TD Profile

FOREX BTC= closed up 158.400 at 11,008.530. Volume was 88% below average (consolidating) and Bollinger Bands were 144% wider than normal.

Open High Low Close Volume___
10,857.00011,091.00010,816.63011,008.530 9,844

Technical Outlook
Short Term: Overbought
Intermediate Term: Bullish
Long Term: Bullish

Moving Averages: 10-period     50-period     200-period
Close: 9,970.42 8,246.18 5,132.22
Volatility: 51 75 67
Volume: 80,438 88,523 77,859

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 114.5% above 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 BTC= (bullish). Our trend forecasting oscillators are currently bullish on BTC= and have had this outlook for the last 6 periods. Our momentum oscillator is currently indicating that BTC= is currently in an overbought condition.

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