Every day is a crazy ride with countless possibilities for Bitcoin traders since the world’s most popular cryptocurrency started to move up and down, refusing to maintain a stable price level. We all remember how the Bitcoin first dropped under $200 and then jumped back to $246, only to fall again at $220. This instability brought worries to traders and some experts even predicted a complete breakdown of the currency.
However, these last days the Bitcoin found strength to rise again and breach the $235 line. This is certainly good news that can allow us to feel hopeful in the days to come. Plus, the news is just additional positive information Bitcoin fans received lately.
As you may remember, the cryptocurrency was defined as a commodity several days ago and the US Feds decided to postpone the dangerous interest rates hike. As if this fantastic news weren’t enough, Las Vegas and Mike Tyson made sure the Bitcoin makes a bit more headlines by presenting the first Mike Tyson themed Bitcoin ATMs.
Therefore, when you have Bitcoin ATMs covered with the face of one of the world’s most popular professional boxers, you know things are doing okay for the currency, right?
Today’s Bitcoin Price Chart and Price Movements
Before taking a look at the indicators and giving you several tips what to expect next, let’s take a look at the Bitcoin price chart and the latest price movements.
Two days ago we noticed that the Bitcoin value was slowly moving in upwards direction. Then the price noted on our chart was $229.14 and the day range was between $224.12 and $231.71. However, at this particular moment the Bitcoin price is up for several points and reaches $236.48. Even though there are small movements up and down, it has been around the $236 line for quite some time now. Thus, the minimum price for today is much higher $229.97, while the max price, for now, is $236.65.
The year to date change has reached -24.65%, a number also better than the one that could be seen on Wednesday (-26.99%). Even the market cap has gone up a bit and from $3.22 B two days ago it jumped to $3.32 B today. Only the volatility seems to remain relatively unchanged from the Wednesday’s 19.84%; currently its value is a bit lower 19.61%. The volume has also gone up reaching 50,898. This is a great number compared to Monday’s 22.315 and Wednesday’s 30,183.
Place Stop Losses and Cover Short Positions
Since the Bitcoin is trading over $235, we can as well hope that it may head towards the resistance level of $245. Both 23.5% Fibonacci retracement of $226.32 and 38.2% Fibonacci retracement of $343.84 are expected to play a role in the future movements of the price.
The histogram has finally moved into the positive alongside the momentum, whose value is now set at 3.300. The money flow index has reached 49.5824, while the relative strength index is still around the 49 line.
These numbers show that short positions should be covered because short-term sellers might have problems thanks to this newly-found positivity. A smart move would be to build long positions and place tight stop losses under the breached resistance line. Have in mind that the weekend might bring a steady price action on the exciting Bitcoin trading market.