Bitcoin: USD/BTC (BTC=X) A break of the initial $7700 resistance should open the way for more gains

By January 2, 2020 Bitcoin Business
Click here to view original web page at www.livetradingnews.com
Bitcoin: USD/BTC (BTC=X) A break of the initial $7700 resistance should open the way for more gains

Bitcoin: USD/BTC (BTC=X) A break of the initial $7700 resistance should open the way for more gains

The cryptocurrency market gained an impressive 85% in 2019 after a subdue 2018. The yearly high was set in June when the market peaked at more than $389 billion.

At the beginning of 2020, we are presented with countless opportunities to invest in. In this article, we pick three of the best cryptocurrencies that may outperform the rest of the cryptocurrency market in January.

Bitcoin

Bitcoin is the safest pick when it comes to crypto. You shouldn’t see this as a surprise as Bitcoin currently commands nearly 70% of the total crypto market. As such, Bitcoin usually leads the rest of the market in gains and losses.

In 2019, Bitcoin increased in value by almost 94%, significantly higher than the entire cryptocurrency market. As the expectations are that the crypto market will continue to recover from the difficult 2018 year, Bitcoin is expected to grow at a higher rate than the rest of the market.

A break of the initial $7700 resistance should open the way for more gains. The level of $9000 is seen as the next target for the bulls in January.

The world’s largest coin should be monitored closely in the first week of January. Based on the historical performance, Bitcoin has rallied every first week of the new year in the previous three years. For instance, Bitcoin gained 11.8% during the first week of 2019.

Technical Indicators

Overall, the bias in prices is: Downwards.

The projected upper bound is: 7,606.71.

The projected lower bound is: 6,535.75.

The projected closing price is: 7,071.23.

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 21 white candles and 29 black candles for a net of 8 black 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 31.8740. This is not an overbought or oversold reading. The last signal was a sell 10 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 43.82. 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 buy 15 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 -101.This is an oversold reading. However, a signal isn’t generated until the indicator crosses above -100. The last signal was a sell 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 buy 14 period(s) ago.

Rex Takasugi – TD Profile

FOREX BTC= closed down -153.480 at 7,104.520. Volume was 75% below average (consolidating) and Bollinger Bands were 58% narrower than normal.

Open     High      Low     Close     Volume___
7,216.2507,258.2006,996.4507,104.520 20,504
Technical Outlook 
Short Term: Neutral
Intermediate Term: Bullish
Long Term: Bearish
Moving Averages: 10-period     50-period     200-period
Close: 7,230.78 7,423.50 9,255.79
Volatility: 23 46 73
Volume: 75,307 84,370 85,543

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 23.2% 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 volume flowing into and out of BTC= at a relatively equal pace (neutral). Our trend forecasting oscillators are currently bullish on BTC= and have had this outlook for the last 13 periods.

The cryptocurrency market gained an impressive 85% in 2019 after a subdue […]

Leave a Reply