Bitcoin Still Dancing Back and Forth

It’s simply incredible what the Bitcoin has been doing to traders these past weeks. It’s been constantly moving up and down for several points, at times reaching stability and then losing it again. The story continues today as well; two days ago the cryptocurrency noted a fall and traded under $410 just to see it yesterday jumping over $415. It successfully manages to maintain that value for the time being, but it’s probably just a matter of time when it will fall again.

Considering the fact that yesterday’s hot topic were the terrorist attacks in Brussels, the world didn’t reserve too much time on talking about the Bitcoin. Therefore, news wise, there isn’t much to share with traders. One possibly interesting piece of information comes from Russia, where the company M-Group tried to patent the term “Bitcoin.” Obviously, the attempt failed.

Chart Overview

Unlike on Monday, today we get to share some positive numbers related to the Bitcoin. The cryptocurrency noted a sharp jump yesterday and from under $410 it went at $415. Today, there were further growths in value that even placed the currency at $417 for a short period of time.

So, let’s analyse the situation on the price chart and see what has changed. First of all, the current trading price of the Bitcoin is $416.65, which is much better than the one recorded on Monday. Second, the value day’s range is improved as well; the lowest point reached in the past 24 hours was $414.77, whereas the day’s high is $417.19; both segments have grown in contrast to Monday’s $408 and $412 low and high.

The volume is 43.64% and it barely moves these weeks; the same can be said for the volume, but in terms of the past few days. On Monday it was settled at $50,062,000 and today it jumped for about $7,000,000. The market cap has improved too; its today’s value is $6.41 billion. The overall change in the past 24 hours has been 0.07%.

Indicators Send a Strong Sell Signal despite Price Jump

Well, as our readers may have noticed already, the indicators these days tend to send signals that not always turn out to be reliable. On Monday we saw a strong sell signal that predicted price drops, but we witnessed the opposite scenario instead. Therefore, you can’t really take them for granted until we advise you differently.

Nonetheless, let’s check what they recommend today. The indicators are definitely for the selling option. A total of seven of them believe the price will fall; RSI, STOCH and Williams %R are some of the pro-sell indicators. Two, however, are neutral and additional two are pro-buy. At least their signal today is not as black and white as it was two days ago.

The moving averages are also almost neutral; seven of them are signalling traders to sell and five are sending a buy signal. Therefore, they’re pretty undecided on whether the price will fall or grow. This situation combined with the slight improvement of the volume may mean that there won’t be any significant changes in the days to follow. Even if there are further jumps or drops, they shouldn’t be higher than five points.

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