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Bitcoin: USD/BTC (BTC=X) Next move could reach $ 10 thousand

: USD/BTC (BTC=X) Next move could reach $ 10 thousand

BTC / USD pair is under a bearish correction, the price of reached its maximum in the $ 8500, so it started a correction to $ 8100; however we see how the EMA / MA trend lines are close to making a bullish cross about 78.60 from Fibonacci.

The biggest contributor to the rebound in the market has been the performance of crypto giant Bitcoin (BTC).

It broke through the US$8,000 level today and has not looked back. At the time of writing the world’s largest cryptocurrency is fetching US$8,315.70, up almost 6% since this time yesterday.

Overall, the bias in prices is: Upwards.

Note: this shows extraordinary price action to the upside.

By the way, prices are vulnerable to a correction towards 7,360.80.

The projected upper bound is: 8,935.08.

The projected lower bound is: 7,492.22.

The projected closing price is: 8,213.65.


A white body occurred (because prices closed higher than they opened).
During the past 10 bars, there have been 8 white candles and 2 black candles for a net of 6 white candles. During the past 50 bars, there have been 27 white candles and 23 black candles for a net of 4 white candles.

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 80.0416. This is an overbought reading. However, a signal is not generated until the Oscillator crosses below 80 The last signal was a sell 5 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 76.30. 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 buy 26 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 117.This is an overbought reading. However, a signal isn’t generated until the indicator crosses below 100. The last signal was a sell 5 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 28.120 at 8,202.010. Volume was 71% below average (consolidating) and Bollinger Bands were 61% wider than normal.

Open High Low Close Volume___
8,180.0108,325.0008,081.4708,202.010 22,371

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

Moving Averages: 10-period 50-period 200-period
Close: 7,658.83 6,756.55 8,613.10
Volatility: 60 68 116
Volume: 96,061 88,436 66,615

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 4.8% 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 moderate flows of volume into BTC= (mildly bullish). Our trend forecasting oscillators are currently bullish on BTC= and have had this outlook for the last 19 periods. Our momentum oscillator is currently indicating that BTC= is currently in an overbought condition.