Bitcoin: USD/BTC (BTC=X) suggest a state of equilibrium between the buyers and the sellers
Bitcoin: USD/BTC (BTC=X) suggest a state of equilibrium between the buyers and the sellers
Bitcoin dipped below the moving averages on Oct. 19, but the bears could not capitalize on the fall, as the price climbed back up the next day. The 20-day EMA is flat while the 50-day SMA is gradually sloping down. The RSI is at the midpoint. All the indicators and the price action suggest a state of equilibrium between the buyers and the sellers.
Overall, the bias in prices is: Downwards.
By the way, prices are vulnerable to a correction towards 6,682.98.
The projected upper bound is: 6,841.87.
The projected lower bound is: 5,920.18.
The projected closing price is: 6,381.03.
Candlesticks
A black body occurred (because prices closed lower than they opened).
During the past 10 bars, there have been 7 white candles and 3 black candles for a net of 4 white candles. During the past 50 bars, there have been 25 white candles and 25 black candles.
An inverted hammer occurred. If this occurs during a downtrend (which appears to be the case with FOREX BTC=) it implies a reversal. Look for a confirmation of the reversal on the bar.
A long upper shadow occurred. This is typically a bearish signal (particularly when it occurs near a high price level, at resistance level, or when the security is overbought).
A shooting star occurred (a shooting star has a small real body near the bottom of the candle and a long upper shadow). During an uptrend the long upper shadow indicates that the bears are gaining control and a top may occur.
A spinning top occurred (a spinning top is a candle with a small real body). Spinning tops identify a session in which there is little price action (as defined by the difference between the open and the close). During a rally or near new highs, a spinning top can be a sign that prices are losing momentum and the bulls may be in trouble.
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 39.9745. This is not an overbought or oversold reading. The last signal was a sell 29 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 46.70. 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 75 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 44. This is not a topping or bottoming area. The last signal was a buy 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 buy 4 period(s) ago.
Rex Takasugi – TD Profile
FOREX BTC= closed down -14.420 at 6,399.000. Volume was 81% below average (consolidating) and Bollinger Bands were 66% narrower than normal.
Open High Low Close Volume___
6,407.9806,576.2006,383.9006,399.000 14,895
Technical Outlook
Short Term: Neutral
Intermediate Term: Bearish
Long Term: Bearish
Moving Averages: 10-period 50-period 200-period
Close: 6,430.05 6,497.50 7,183.80
Volatility: 25 45 73
Volume: 43,987 70,055 76,164
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
FOREX BTC= is currently 10.9% below its 200-period moving average and is in an downward 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 bearish on BTC= and have had this outlook for the last 5 periods.
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