bitcoin coins
16
Nov

Bitcoin Price Moving towards $300 Once Again

Last Thursday the Bitcoin value was shortly under $300, but it managed to escape over that mark and trade for around $330 per coin. However, this Monday we can notice that the worth of a single Bitcoin has been continuously falling over the past few days and its trading price is slowly moving towards the $300 threshold once again.

During last week’s business days there’ve been some positive news related to Bitcoin, which can’t be said for the weekend as well. Therefore, the fact that there was only a slight change in the cryptocurrency’s value in the past three days it’s not that of a surprise.

Unless there’s something extremely good or extremely bad that can strongly affect the Bitcoin, traders shouldn’t expect some dramatic fluctuations into positive or negative directions. Therefore, all we can do now is focus on the price chart and the technical indicators.

Volatility Finally Fell Under 17%

After a period in which we witnessed sharp price jump, but almost no volatility movement, we can finally see that the volatility has fallen under the 17% mark. In the past few weeks the volatility was pretty stable between 17% and 18%. This is not a good sign since we need to see the volatility grow, not fall.

Moving ahead to other important numbers featured on our Bitcoin price chart, we can spot the current trading price of $317.34, which is lower than last week’s $329.97. The day’s price range has fallen as well; thus, the daily low is $314.02, while the daily high is $333.51.

Naturally, these decreasing numbers have affected the year to date change, which today is set at only 1.13%. If this trend continues, the year to date change might soon be back in the negative. Not surprisingly, the market cap dropped too and today its value is $4.46 B.

Intraday Support Level Set at $300

With the latest happenings and price drops, the intraday support level has been set at $300. On the other hand, the intraday resistance level is at pretty low $340. As the price is slowly but steadily falling, the bulls are losing their powers and bears are controlling the situation. However, that might change at the point when the intraday support will be reached.

Whatever happens, the current technical indicators and moving averages are signalling that traders should sell. If we have a closer look at the technical indicators we’ll see that six out of 11 suggest sell, while only one signals to buy. Several indicators that are pro-sell are the 14-day RSI (34.407), the MACD (-1.990) and the ROC (-0.170). It’s interesting to notice that some of the indicators such as the Williams %R (-47.346) is neutral and thus leaves hopes that the price might move in a positive direction after all.

Unlike last week’s results, when there was at least one moving average which was signalling traders to buy, now all of them are pro-sell. We can see that 200-day SMA and EMA, 100-day SMA and EMA and all the others have better values than the current trading price. For example, the 200-day SMA and EMA are set at $338.11 and $333.50.

It’s pretty hard to give advice at this particular moment to traders since it can’t be said for sure whether the price will continue with its fall. Nevertheless, if we take into consideration the indicators alongside the expectation of higher interest rates in the USA, the chances to witness new price drops are pretty high. Therefore, traders might want to sell or at least wait for better times to buy.

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