When we wrote about the Bitcoin and its price last Friday, we mentioned that the indicators and the averages were sending a strong buy signal. Usually, this means that the price is going to grow and thus traders should buy coins whose worth is expected to jump. However, we also mentioned that the volume was down and there were overbought conditions; thus, we weren’t sure which signal to trust.
Turns out, both have been true since the price per coin first went up on Saturday and broke the $430 mark and then went under $425 on Sunday. Today, just like nothing has changed over the weekend, the Bitcoin is trading for $428, which is the price we saw three days ago.
In terms of interesting happenings, this weekend was pretty quiet. There haven’t been any crucial events worth mentioning and the only thing we could write about is the millions of stolen Naughty America porn accounts offered for $300 in Bictoin.
High Volatility over the Weekend; Volume Still Low
A lot of things have happened over the weekend on the Bitcoin price chart. When we left the cryptocurrency on Friday, it was trading for about $428.78 and its lowest price reached in the past 24 hours was $422.90. The Bitcoin went on growing and on Saturday managed to hit a high of $432.12.
Nonetheless, it quickly went down again and was trading for $430 for the rest of the day. That changed on Sunday when the currency started declining and even reached a low of $424.99. However, as you can see for yourself, this low is far better than the low noted on Friday.
The current trading price per coin is set at $428.36. If all these numbers are taken into account, it can be concluded that the price change in the past 24 hours has been -0.20%.
When it comes to volume, market cap and volatility, it can be said that the numbers aren’t bad. The market cap today is settled at $6.61 billion, which is better than the $6.57 billion seen on Friday. The volume three days ago was $41,262,500 and today is a bit higher $46,506,200. The volatility has a value of 17.85%.
Indicators and Averages Haven’t Changed Their Signal
Similarly as last week, both the technical indicators and the moving averages send a strong buy signal. As we already explained, this signal is often associated with price growth. However, today there are one indicator and a single average that are pro-sell too.
Nonetheless, the majority recommends traders to invest in the world’s most popular cryptocurrency i.e. six indicators and 11 averages. It should be noted though that four indicators are neutral and two of them (STOCHRSI and Williams %R) are warning that the Bitcoin is being overbought. This was the scenario last time as well, so if it continues it will certainly lead to a price drop.
However, with this situation on the chart and among the indicators, we can safely say that bright days are in front of the Bitcoin. What we can hope to see this week is for the currency to breach the $430 mark and this time to stay there.