Categories: Bitcoin Business

Bitcoin: USD/BTC (BTC=X) Down 26.6% in 7 Days

Click here to view original web page at www.livetradingnews.com

Bitcoin: USD/BTC (BTC=X) Down 26.6% in 7 Days

Since July 10, the price of Bitcoin (BTC) has fallen from $13,200 to $9,684, with major cryptocurrency exchanges, including Coinbase, recording a 26.6% drop within a period of seven days. The recent pullback of Bitcoin is widely believed to be a technical factor that was pushed by sellers who took control of the market once the dominant crypto asset went below key support levels at $11,000 and $10,700.

Alex Krüger, a global markets analyst, hinted that the criticism of Bitcoin by United States President Donald Trump and Treasury Secretary Steve Mnuchin could have contributed to the fall:

“When the U.S. government attacks bitcoin directly, saying it’s exploited to support billions of dollars of illicit activity, based on thin air, and how they are concerned about its speculative nature, and the crypto echo chamber roars ‘bullish,’ it probably is a good time to short. There is nothing bullish in antagonizing with the largest gorilla in the room. Most U.S. politicians unfortunately seem to be convinced crypto is the realm of money laundering and drug trafficking. This needs to change. I bet people use Paypal or Venmo more than bitcoin to pay for illicit activities. Also bet most criminals don’t even know what monero is, yet they all heard about the dollar. Unfortunately, perception trumps facts.”

The change in sentiment around the crypto market following the remarks of President Trump and Secretary Mnuchin, as well as bearish technical indicators, are considered to be the major factors behind Bitcoin’s most recent correction.

Overall, the bias in prices is: Downwards.

The projected upper bound is: 11,199.43.

The projected lower bound is: 7,565.18.

The projected closing price is: 9,382.30.

Candlesticks

A black body occurred (because prices closed lower than they opened).
During the past 10 bars, there have been 4 white candles and 6 black candles for a net of 2 black candles. During the past 50 bars, there have been 31 white candles and 19 black candles for a net of 12 white candles.

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 18.7590. This is an oversold reading. However, a signal is not generated until the Oscillator crosses above 20 The last signal was a buy 3 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 40.64. 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 20 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 -202.This is an oversold reading. However, a signal isn’t generated until the indicator crosses above -100. The last signal was a sell 6 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 16 period(s) ago.

Rex Takasugi – TD Profile

FOREX BTC= closed down -242.620 at 9,356.130. Volume was 64% below average (consolidating) and Bollinger Bands were 29% wider than normal.

Open High Low Close Volume___
9,594.7509,691.2309,180.1409,356.130 31,741

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

Moving Averages: 10-period     50-period     200-period
Close: 11,077.56 9,912.59 5,977.48
Volatility: 111 106 77
Volume: 91,601 91,516 78,569

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 56.5% 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 1 periods.

Since July 10, the price of Bitcoin (BTC) has fallen from $13,200 to $9,684, with major cryptocurrency exchanges, including Coinbase, recording […]

cinerama

Illuminati, Mason, Anonymous I'll never tell. I can tell you this, global power is shifting and those who have the new intelligence are working to acquire this new force. You matter naught except to yourself, therefore prepare for the least expected and make your place in the new world order.

Disqus Comments Loading...
Share
Published by
cinerama

Recent Posts

Should You Use MST Gift Cards at US Casinos?

US-facing online casinos don’t exactly feature a robust selection of deposit methods. Most gaming sites only offer a couple of… Read More

23 mins ago

Bitcoin {BTC} the reigning asset: Why Gold Barons and Value Investors constantly shun the king coin

Warren Buffett is a popular investor who was once one of the richest men in the world. He has claimed… Read More

23 mins ago

Bitcoin’s Bull Run Could Be Just Getting Started—Here’s Why

Bitcoin has soared so far this year, with the bitcoin price rising more than 200% since the beginning of the… Read More

23 mins ago

Late Hal Finney Predicted $10 Million Per BTC After Satoshi Release

Although some Bitcoin critics will spite anyone who believes that the cryptocurrency will be worth more than 1000× its current… Read More

6 hours ago

Bitcoin {BTC} adoption: Booking.com chief as well as U.K. Central Bank leader are optimistic about virtual currencies

Bitcoin is placed right at the top of the market, with the BTC dominance rate currently at 68.7%. The trading… Read More

6 hours ago

Top Pro Athletes Like Messi Would Make a Killing in Bitcoin Earnings

According to Messari research, Lionel Messi's take-home pay would be "12,700 $BTC" annually. Cristiano Ronaldo's would be 10,000 bitcoins. |… Read More

6 hours ago

This website uses cookies. We use these cookies to collect data about your interaction with our website for the purpose of continuously improving your experience with our site. For more information we encourage you to read our privacy policy.

Read More