Bitcoin has taken us on quite the ride this year. It fell under $200, then went over $500 only to stabilise under $350. However, the past weeks there’s been some slow positive movement and thus this week starts with a nice Bitcoin value of almost $400 per coin. As we’re waiting to see the $400 mark breached on our chart, we can say that the current value is the highest price the cryptocurrency has seen in the past four weeks.
Bitcoin Fund Responsible for November’s Price Growth?
Before we do our daily overview of the price chart and technical indicators, we would like to mention some interesting news related to the digital currency.
As you may remember, last month the Bitcoin value started to grow out of nowhere and almost reached $500 per coin. Well, according to an article in The Wall Street Journal, this growth might be related to a bitcoin fund called Bitcoin Investment Trust. Turns out, the fund provided additional liquidity and easier access to investors that created a more fluid market for the currency. All of this, naturally, resulted with the over 50% price jump between 21st of October and 4th of November.
Another event that caught our attention is the Bitcoin start-up Purse’s success in raising $1 million in seed funding. The San Francisco based company is still keeping its Bitcoin project a secret, but pointed out that it should bring “new value to consumers and partners.” Purse is probably best known for offering discounts to Amazon shoppers that make Bitcoin payments and exchanging gift cards for virtual currency.
Bitcoin Hitting $400 Is Now a Realistic Expectation
The current trading price of the Bitcoin is $393.8, which is much higher than Friday’s $356.71. The day’s range shows excellent numbers of day’s low over $380 and day’s high of almost $400; the respective values of these two are $382.17 and $399.44.
This positive movement resulted with a value jump of the year to date change, which is now over 25% with an exact value of 25.49%. The market cap reached $5.53 B, whereas the volatility got closer to 16% and settled at 15.97%. The past few hours the volume reached almost 100,000 and now has fallen at 55,617.13.
By the end of the last week most technical indicators and moving averages signalled traders to buy. Today, the situation has only slightly changed because some of those pro-buy indicators and averages have become neutral. Thus, today we can see a neutral 14-day RSI with a value just over 50.00 (52.029) and a neutral Ultimate Oscillator with a value of 49.208. There are however four indicators that suggest traders to buy and those are the STOCH, MACD, Williams %R and the bull/bear power.
The moving averages are now perfectly divided; six of them signal traders to buy and six signal traders to sell. The 50-day SMA and EMA, 100-day SMA and EMA and 200-day SMA and EMA are the ones whose values suggest that there might be yet another price improvement very soon; the rest are pro-sell.