After a short period of tranquility, the Bitcoin is back with an impressive price jump of approximately 12%. We already discussed how the technical indicators and moving averages on Wednesday signalled strong buy. Therefore, it’s not such a big surprise to see the Bitcoin price move up this Friday.
The current trading price has noted a growth of around $40 when it breached the $360 mark earlier today. Even though the Bitcoin soon fell under that line, it still has strong chances to move upwards again.
Since there weren’t any particular events that should be analysed, today we’ll focus on the bitcoin price chart as well as on the indicators.
$367.92 is the Highest Bitcoin Value for Today
It’s always a pleasant feeling to look at the Bitcoin price chart after such a meaningful growth has been witnessed. First, it’s great to notice the current trading price of $359.82, when that same number was much lower $322.31 only two days ago.
A positive change can be seen in the day’s price range as well. As you may remember, this Wednesday the lowest Bitcoin price was $315.99, while the highest value the cryptocurrency reached was $325.8. However, today the situation is dramatically changed and the day’s low is higher than Wednesday’s high; the lowest price the Bitcoin noted in the past 24 hours is $328.33, while the day’s high is $367.92.
There’s been an improvement in the year to date change as well as in the market cap. The year to date change jumped at 14.66%, while the market cap went over $5 B and settled at $5.06 B. The volatility is still below 17% at 16.14%. The price growth resulted with a growth in volume as well; thus, currently the volume is high 136,794.11.
Indicators Still Signal Strong Buy; New Price Jump on the Way?
Even though the situation on the price chart is very different from what we saw two days ago, the technical indicators haven’t changed at all. Therefore, both the indicators and the averages signal traders to buy and possibly predict another price jump in the days to come.
So, let’s see the values of the indicators first. The 14-day RSI is high 58.646, while the MACD is in the positive 4.160. Other pro-sell indicators, there are nine in total, are the Ultimate Oscillator (53.055), the ROC (2.283) and the bull/bear power (5.2900). The Williams %R today is in the negative -45.753 and it is neutral.
If on Wednesday only the 200-day SMA and EMA signalled traders to sell, today that can be noticed in the 5-day SMA and EMA. All other moving averages, however, are advising traders to buy. The 200-day SMA and EMA this Friday are set at $324.77 and $327.93. The 100-day SMA is $327.89, whereas the 50-day SMA has a value of $336.96.
Even though it’s always smart to be careful and avoid opening trades in the spur of the moment, you might want to consider listening to the indicators’ signal this time. Usually, when bulls start their rally is lasts for several days at least. Thus, over the weekend we may witness more growth and even breaching of the $400 mark.