The Bitcoin is still doing pretty well, just like it did the previous week. However, our price chart has noted a fall under the $235 line, which may seem alarming. Nevertheless, we believe that that’s more likely just a sign of the Bitcoin’s instability, than signal that things will get serious again. Plus, the average price structure is maintained, thus we can conclude that there hasn’t been any significant changes in the value of the cryptocurrency.
While the Internet is still filled with news how Wall Street is embracing the Bitcoin and banks plan to use the technology behind the cryptocurrency, traders are more interested in the price chart and indicators that can help them decide what to do next. Therefore, let’s immediately move on to the chart and see what it has in stock for us today.
Highest Price in the Last 24 Hours Reached $237
Currently the Bitcoin value is $235.70 per share. However, the cryptocurrency is not that stable and it’s constantly moving over and under the $325 borderline. Traders can notice that the day range price reveals drop of the price under $235 to slightly lower $349.94. The highest Bitcoin value, however, has noted a very hopeful number of $237.8. If these results are compared to those seen by the end of September, traders can clearly see a positive trend. Then, the minimum price was much lower $229.97, while the maximum price reached was $236.65.
Year to date change for the past 25-hour period is -24.91, while the market cap is currently settled at $3.31 B. The volatility and the volume are 19.19% and 29,578.42. These numbers show very little movement since they’re almost identical with the results noted last week. Only the volume has fallen from high 50,898 the previous week and 30.183 two weeks ago. Nevertheless, as long as the price range remains between such strong numbers, traders shouldn’t worry that the cryptocurrency will note a sharp drop in the days to come.
Expect Little Action Until $240 is Breached
As long as the Bitcoin doesn’t close under $230, expect for the higher-top and higher-bottom pattern to be maintained. Nevertheless, if the cryptocurrency closes under the $230 line and this positive structure is ruined, bears will get a good chance to step into action.
In order to have a clearer image of what’s happening and what could happen, let’s see what the indicators are showing. For example, the 12-day SMA of $233.366 is giving a pretty good support to the Bitcoin for now.
The MACD and the signal line are still in the negative, but the histogram remained in the positive. Their values currently are set at -0.0245, -1.3303 and 1.3058. While these three provide no real help at the moment, a shred of hope is coming from the increasing momentum value that went up to 10.7500. The money flow index and the relative strength index are also slowly settling down. Thus, the MFI value reached 59.8859, whereas the RSI 14-day value is 53.0989.
To sum up, our advice for traders is to see these indicators as an opportunity to go long in the Bitcoin since the momentum and the chart are in the positive. However, unless the Bitcoin jumps over $240 and even $245, the market will probably stay in the slow phase that doesn’t offer any huge returns.