It’s the end of yet another week that doesn’t bring much excitement when it comes to Bitcoin’s price. Over the past two days the cryptocurrency noted a small jump in value and reached $418 just so it could drop early today and get back at $414.
This makes us see that the expectations in our last post to see price increases were correct, but, unfortunately, the happiness didn’t last long. Instead, today the indicators are changing their tune and predict that the Bitcoin will either fall or stay where it is.
The monotony has spread over the news sections as well; hence, there aren’t any interesting happenings worth of our attention. However, there was a good article by TechCrunch that focuses on the Latin Americans’ increased involvement in the cryptocurrency. The text explains that the grim economic prospects of Latin American countries are pushing people towards the Bitcoin. As you may remember, this is something we’ve already witnessed during the economic crisis in Greece and China.
Volume Increases; Price Virtually Unchanged
Before we analyse the situation on the Bitcoin price chart this Friday, let’s first remind ourselves of Wednesday’s numbers. The day’s range was going from $413 to $416 and the average trading price for most of the day was set at $415. The volume was a bit under $65,000,000 and the market cap was $6.40 billion.
So, what changed in two days? Our chart reveals a current trading price of $414.72. The respective day’s low and high are $414.29 and $418.77. This shows that the value per coin indeed went up, but lost power and went right back down at the price we see it so often these past few weeks.
Other segments that noted changes are the market cap and the volume. The first one has dropped under $6.40 billion and stopped at $6.39 billion. The volume, on the other hand, increased quite notably and today has a value of $82,991,900. The volatility is 44.21%, which is almost the same with the one seen two days ago (44.11%).
In general, the price change in the past 24 hours has been -0.51% and we can’t really hope to see the cryptocurrency grow over the weekend unless something unexpected happens.
Indicators’ Signal Changes Once Again
Not surprisingly, the signal we receive from the technical indicators and moving averages changed once again. So far it’s been sell, buy, sell, buy and today its – you guessed it – sell. However, unlike previous times, this Friday the situation isn’t that black and white.
To illustrate, we have five pro-sell indicators (CI, ROC, MACD and two more) and three pro-buy ones (STOCH, Williams %R and ultimate oscillator). Moreover, three indicators (RSI, STOCHRSI and highs/lows) are neutral. Therefore, we can’t really say that the Bitcoin is going to drop or grow for sure, since the indicators’ signal is quite mixed.
Another interesting change can be spotted at the moving averages; until now they all had the same stance (positive or negative). However, today we can see that eight of them are sending a sell signal and four are recommending traders to buy. Thus, once again the likelihood of guessing the future Bitcoin price movement is extremely low. Even though, if everything is taken account, it’s probably more likely to see it fall than move upwards.