Bitcoin

Bitcoin Traps?

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The latest price of Btcusd is at $96394.06, with a loss of $143.02 (0.15%) from the previous trading day. The daily price movement has a performance ranking of 66/100 among all US stocks. Trading volume is at 25.86B, having a strength of 0.39 relative to its last 22-day average trading volume of 66.06B. The low trading volume as well as the dull price movement indicate the lack of enthusiasm from both buying and selling sides.

The 50-day up/down volume ratio is at 1.02, indicating an accumulation condition of the security for the daily timeframe. This ratio is at 0.97 on the previous day and at 1.22 one week ago.

For the short (daily) timeframe, the security is in a confirmed downtrend since Jan 21. The downtrend has been reconfirmed for once since.

The current price is at $96394.06, which sits between a support level at $94635.50 (94506.45 - 94764.56) and a resistance level at $97173.88. The support level is formed based on 3 pivot points with a total strength of 3.59 times of average daily volume. The resistance level is formed by the 5-day EMA. Other than the closest support, there is a major support level down below at $71211.86 (70801.18 - 71622.53). The major support level is formed based on 5 pivot points with a total strength of 4.89 times of average daily volume.

The 14-day RSI is at 42.11 and it is in a downtrend.

The 12-26-day MACD has a value of -784.44 and MACD signal (9-day EMA of MACD) has a value of 132.49. The MACD indicates a bearish condition but the condition is improving.

The 14-day ADX trend analysis has the DMI+ at 10.69 and DMI- at 23.43, indicating a bearish condition that was first started on January 26. The ADX has a value of 23.78, suggesting range-bound price movements or the lack of trend.

The Bollinger bands (20-day SMA with 2-sigma) has its upper, middle and lower band values at 107612.57, 101299.41, 94986.25 respectively. The %b is at 0.11, indicating the current price stays in the bottom part of the band. The band width has a value of 0.125. In comparison to the 125-day minimum and maximum band widths of 0.079 and 0.458, the bands is near the contraction (squeeze) region. This often signals the early stage in a new trend.

The 14-day ATR is currently at $4323.27. For a long position, consider putting a stop loss at $90183.18 which is at one time ATR below the low end of the support level at $94506.45. For a short position, consider putting a stop loss at $101497.15 which is at one time ATR above the resistance level $97173.88.

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