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The NYSE Bitcoin Index (.NYXBT) excellent means of storing value

The NYSE Index (.NYXBT) excellent means of storing value

The recent price decline and subsequent bear market put a severe dent in profit projections for hedge funds that invest in cryptoassets, but it has not prevented the sheer number of these cryptocurrency funds — and the size of their assets under management (AUM) — from swelling to record levels.

Bitcoin is a good investment despite the high volatility of prices. Scalability efforts and its growing adoption make it an exciting option for those with a long-term vision.

Overall, the bias in prices is: Upwards.

Note: this shows extraordinary price action to the upside.

The projected upper bound is: 9,031.49.

The projected lower bound is: 7,374.59.

The projected closing price is: 8,203.04.

Candlesticks

WARNING: These prices only contain closing prices. Thus, the candlestick analysis in this expert will be invalid (including the alerts, symbols, and this commentary). To detach this expert, right-click on the NYSE BitcoinIndx , choose Expert Advisor, and then choose Detach.

During the past 10 bars, there have been 0 white candles and 0 black candles. During the past 50 bars, there have been 2 white candles and 0 black candles for a net of 2 white candles.

A gravestone doji occurred. This often signifies a top (the longer the upper shadow, the more bearish the signal).

A rising window occurred (where the top of the previous shadow is below the bottom of the current shadow). This usually implies a continuation of a bullish trend. There have been 22 rising windows in the last 50 candles–this makes the current rising window even more 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 95.1882. This is an overbought reading. However, a signal is not generated until the Oscillator crosses below 80 The last signal was a buy 8 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 70.29. 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 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 110.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.

MACD

The Moving Average Convergence/Divergence indicator (MACD) gives signals when it crosses its 9 period signal line. The last signal was a buy 18 period(s) ago.

Rex Takasugi – TD Profile

NYSE BitcoinIndx closed up 134.057 at 8,205.082. Volume was -0% below average (neutral) and Bollinger Bands were 10% wider than normal.

Open High Low Close Volume___
8,205.0828,205.0828,205.0828,205.082 0

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

Moving Averages: 10-period 50-period 200-period
Close: 7,409.48 7,025.64 9,252.19
Volatility: 58 76 124
Volume: 0 0 0

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

NYSE BitcoinIndx gapped up today (bullish) on normal volume. Possibility of a Runaway Gap which usually signifies a continuation of the trend. Four types of price gaps exist – Common, Breakaway, Runaway, and Exhaustion. Gaps acts as support/resistance.
NYSE BitcoinIndx is currently 11.3% 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 very strong flows of volume into .NYXBT (bullish). Our trend forecasting oscillators are currently bullish on .NYXBT and have had this outlook for the last 14 periods. Our momentum oscillator is currently indicating that .NYXBT is currently in an overbought condition. The security price has set a new 14-period high while our momentum oscillator has not. This is a bearish divergence.