Wednesday, June 22, 2016
THE VULCAN REPORT Review of # BITCOIN (# BITCOIN) as of Wednesday, June 22, 2016
THE VULCAN REPORT
Review of # BITCOIN (# BITCOIN)
as of Wednesday, June 22, 2016
Today's Price Action
Change -96.3000 (-12.60%) prices closed lower than they opened. with weak Bids going into the close.This is bearish, as prices closed significantly lower than they opened. If the candle appears when prices are "high," it may be the first sign of a top. If it occurs when prices are confronting an overhead resistance area the long black candle adds credibility to the resistance. Similarly, if the candle appears as prices break below a support area, the long black candle confirms the failure of the support area.
A big black candle occurred. This is bearish, as prices closed significantly lower than they opened. If the candle appears when prices are "high," it may be the first sign of a top. If it occurs when prices are confronting an overhead resistance area (e.g., a moving average, trendline, or price resistance level), the long black candle adds credibility to the resistance. Similarly, if the candle appears as prices break below a support area, the long black candle confirms the failure of the support area.
During the past 10 bars, there have been 6 white "UP" candles and 4 black "DOWN" candles for a net of 2 white (UP) candles.
During the past 50 bars, there have been 32 white "UP" candles and 18 black "DOWN" candles for a net of 14 white (UP) candles.
PulseScan Swing Vix
Swing Vix: 23.89
The Market Pulse is positive since it is trading above its zero signal line.The PulseScan crossed above the Swing Vix creating a UP Trend Channel as of 3 period(s) ago.
The Trend Channel is UP! (i.e. "Positive Swing Vix") This means that positive momentum is entering the market. Expect sideways to higher prices within the next 3-5 days
CRASH ALERT - (Short-term Market Top) Possible Selloff is likely do to weak market pulse projectionsThe Swing Vix is not currently in a topping (above 39) or bottoming (below -39) range.
A buy or sell signal is generated when the Swing Vix moves out of an overbought/oversold area.
*The last signal was a Over-Sold Buy 59 period(s) Ago.
The Swing Vix has just reached its highest value in the last 14 period(s). This is bullish.The Swing Vix has set a new 14-period high while the security price has not. This is a bullish divergence. Since the PulseScan leads the market 3-5 days out We will wait to see if an upside breakout occurs.
*Since the last Swing Vix signal, # BITCOIN's price has increased 16.31% , and has ranged from a high of 781.3100 to a low of 508.1200.
MARKET TREND - Currently the TREND is VERY-BULLISH - Heavy Accumulation.
INTRADAY PRICE PROJECTIONS
WEEKLY PULSE WAVE PRICE PROJECTIONS
PulseWave BreakOut RESISTANCE - 471.9040
PulseWave BreakOut SUPPORT - 431.9610
On 6/22/2016, # BITCOIN closed
below the upper band by 4.6%.
This combined with the steep uptrend suggests that the upward trend in prices has a good chance of continuing. However, a short-term pull-back inside the bands is likely.")
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