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Bitcoin
Ticker: BTC=
Price: $36,765.37
Bitcoin Outlook
Bitcoin smashed through $37,700 to hit a new record high on Thursday helping to lift the total value of the entire cryptocurrency market above $1 trillion for the first time.
The digital coin hit an all time high of $37,739.08 at around 1:44 p.m. Singapore time, just a few hours after blowing past $36,000, according to data from Coindesk.
The Easy Way to Make Money from Crypto
The cryptocurrency is up about 29% since the start of 2021 and in the past 12 months has surged over 380%.
Meanwhile, the value of the entire cryptocurrency market, which is made up of bitcoin and other digital coins like ether and tether, surpassed $1 trillion for the first time early on Thursday, according to data from Coinmarketcap.
Many bitcoin bulls say the cryptocurrency is akin to “digital gold,” a potential safe haven asset and a hedge against inflation. In a recent research note, JPMorgan said bitcoin could hit $146,000 in the long term as it competes with gold as an “alternative” currency. The investment bank’s strategists noted that bitcoin would have to become substantially less volatile to reach this price, however. Bitcoin is known for wild price swings.
The idea of bitcoin as a hedge against inflation has continued to gain steam as governments around the world embark on large-scale fiscal stimulus programs. Analysts argue this could cause a spike in inflation.
Technical Indicators
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 25,609.09.
The projected upper bound is: 40,229.86.
The projected lower bound is: 34,173.23.
The projected closing price is: 37,201.55.
Candlesticks
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 31 white candles and 19 black candles for a net of 12 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 91.5864. This is an overbought reading. However, a signal is not generated until the Oscillator crosses below 80 The last signal was a sell 4 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 84.22. 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 42 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 22 period(s) ago.
Rex Takasugi – TD Profile
FOREX BTC= closed up 890.320 at 36,820.922. Volume was 1% above average (neutral) and Bollinger Bands were 228% wider than normal.
Open High Low Close Volume
35,942.148 37,865.059 35,660.430 36,820.922 770,584
Technical Outlook
Short Term: Overbought
Intermediate Term: Bullish
Long Term: Bullish
Moving Averages: 10-period 50-period 200-period
Close: 31,260.57 22,481.80 14,161.85
Volatility: 91 80 58
Volume: 1,262,986 924,956 713,544
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 160.0% above its 200-period moving average and is in an upward trend. Volatility is high as compared to the average volatility over the last 10 periods.
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 22 periods. Our momentum oscillator is currently indicating that BTC= 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.
