A New Era For Bitcoin: BTC/USD (BTC=X)


$BTC #Bitcoin #Crypto #Cryptocurrencies #FX #Trading #Markets

Bitcoin
Ticker: BTC=
Price: $11696.70

Bitcoin News

According to data from Grayscale, the famous investment firm has purchased at least $ 690 million worth of Bitcoin (BTC) since April.

The table shared by a Reddit user matches the data shared by Grayscale. As we can see from the table, Grayscale has purchased 78,354 BTC in the last 100 days.

When we examine the table in detail, there is a serious increase in the number of BTC Grayscale bought, especially after April.

Institutions, and especially large investors in the US, usually make such transactions through Grayscale when purchasing Bitcoin. Grayscale provides its investors with the necessary support to keep their assets and invest securely.

We can see that the increase in the bitcoin buying rate of Grayscale gained momentum after the historical collapse that took place on March 12 and passed to the markets as “Black Thursday”. Five months ago, after the $ one billion futures contracts were liquidated, BTC had dropped to the $ 3,600 level.

According to the data obtained, we can say that investors have been buying Bitcoin aggressively since March 12. The roughly 800 BTC Grayscale has bought every day for the past 100 days accounts for about 85% of all newly minted Bitcoin supply. Users who choose Grayscale do not have to deal with private keys or trading phases and authorize Grayscale to deal with them on their own.

Despite the uncertainty in the global economy, the increasing number of institutional investors can be said to be a proof that Bitcoin is seen as a potential asset against inflation. Especially, the increasing number of institutional Bitcoin investors in the USA is very important for the future of Bitcoin. If the increase in the number of institutional investors continues in this way, the leading cryptocurrency can reach an all-time high again.

Technical Indicators

Overall, the bias in prices is: Upwards.

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

The projected upper bound is: 12,589.72.

The projected lower bound is: 10,879.51.

The projected closing price is: 11,734.61.

Candlesticks

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 35 white candles and 15 black candles for a net of 20 white candles.

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.

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.

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 75.7456. This is not an overbought or oversold reading. The last signal was a buy 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 54.80. 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 sell 24 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 22. This is not a topping or bottoming area. The last signal was a buy 3 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 sell 22 period(s) ago.

Rex Takasugi – TD Profile

FOREX BTC= closed up 175.710 at 11,685.710. Volume was 78% below average (consolidating) and Bollinger Bands were 26% narrower than normal.

Open        High        Low         Close       Volume___
11,662.000  11,744.840  11,589.280  11,685.710  136,162
Technical Outlook
Short Term:        Neutral
Intermediate Term: Bearish
Long Term:         Bullish
Moving Averages: 10-period      50-period      200-period
Close:           11,528.17      10,944.04      9,060.68
Volatility:      35             49             83
Volume:          456,380        727,088        534,809

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= gapped up today (bullish) on light volume. Possibility of a Common Gap which usually coincides with a lack of interest in the security. Common Gaps are fairly irrelevent for forecasting purposes. Four types of price gaps exist – Common, Breakaway, Runaway, and Exhaustion. Gaps acts as support/resistance.

FOREX BTC= is currently 29.0% above its 200-period moving average and is in an downward 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 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 6 periods.

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This article was originally published on Live Trading News
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