Even though it was expected for 2015 to be a boring and even depressing year for the Bitcoin, all of these expectations proved wrong after the cryptocurrency gave us quite the show. Obviously, the Bitcoin decided to keep the best for the end and thus as we’re counting the days to the New Year the currency is hitting record highs.
Earlier today we witnessed it breaching the $460 line and with that the Bitcoin reached the highest value since September, 2014. That’s quite the achievement in a year when, at one point, the Bitcoin’s worth was under $200.
Taken into account that the constant price climb is currently a hot topic among traders, we’ll only briefly mention some interesting events and then focus on the chart. Something that caught our attention was Wired’s article how The Securities and Exchange Commission approved a plan to issue company stocks via the Internet. Even though this event is unrelated to Bitcoin, it certainly is praise for the blockchain technology used for Bitcoin transactions.
Furthermore, The Financial Times reported that charities could cut costs, and thus have higher gains, by accepting Bitcoin donations. If such a thing becomes reality, it would be revolutionary for both the cryptocurrency as well as for the charities accepting it. If nothing else, it would certainly improve the reputation of the currency often accused of being a money-laundering tool for illegal business, terrorists and drug cartels.
Current Trading Price Just Under $460
Even though the Bitcoin managed to breach the $460 mark and trade for $463.49 at one point of the day, its current trading value is $458.04. Nevertheless, this is a great number considering the weak performance the cryptocurrency showed during the first months of the year. Today’s high is actually the best value the currency noted in more than a year.
The day’s lowest value of the Bitcoin is pretty high $439.52. It’s great to see how the daily low is continually increasing over time. For example, only two weeks ago it was $347.12, which is more than $92 lower than the current value.
All parameters on out chart show the clear progress of Bitcoin’s worth. Therefore, the year to date change today is 45.96%, whereas the market cap soared at $6.44 B. The volatility also shows an amazing jump and it almost reached 18% with its value of 17.98%.
Technical Indicators and Moving Averages are Slowing Down
Well, one change that might be signalling a trouble is the one noticed at the technical indicators and the moving averages. If two days ago they were strongly suggesting traders to buy, today that signal is not as strong as it was. There are even some indicators that point selling as the better option for now.
A closer look at the technical indicators reveals that four of them are neutral and three are pro-sell. That leaves only four to signal buy. Similarly, three moving averages have values that claim sell is a smart move.
Even though this change doesn’t necessarily have to mean that there will be a price drop, traders should have it in mind and be careful when they open trades. Place your intraday support level no lower than $420 and the intraday resistance level at $480. What is the most likely to happen cannot be said, but we certainly can hope to see yet another record high like $470 or even $500 very soon.