Well, after a very interesting period in which the Bitcoin has been the most commonly mentioned celebrity, we have come to calmer days. This weekend has been almost eventless as the cryptocurrency remained stuck at $400. Obviously, it’s been moving up and down for several points, but generally the price per Bitcoin most of the time was $400.
There is, however, one article we strongly recommend, which was published by Forbes. Its author, George Howard, attacks those that were cheering for the Bitcoin to fail stating that he would never understand “the mindset of a person who would actively root against a technology with such great potential.”
In the text he also mentions another analysis of his in which he focuses on the relation between the Bitcoin and the music industry; in that article he claims that the music industry will resist the transparency Bitcoin might bring. Therefore, in his latest published opinion he concludes that those hoping to see the Bitcoin dead would somehow benefit from such a scenario.
Price Hasn’t Changed; Volume Increased a Little
By the end of last week the price of the Bitcoin was $400 and we are entering this week in an identical situation. The day’s range reveals that the currency reached a low of $394.63 as well as it jumped at a certain point to $403. All these numbers show that the currency is probably regaining strength in order to start moving into the positive direction again.
Another thing that supports this thesis is the volume, which went over 8k and settled at 8,118. We know that when the volume grows, the chances of seeing the cryptocurrency follow are pretty high. The market cap remains strongly over $6 B and currently its value is $6,014,440,614.
The volatility is 63.70%, whereas the current price is someone in the middle of the Bitcoin price 52 week range. Namely, the lowest value the currency noted in the past 52 weeks was $365.923, whereas the highest price was $464.400.
Indicators and Averages Signal Changes
If most of the days since 2016 started the indicators and the moving averages were sending a strong sell signal, today we can see that the signal has changed. Even though the current signal is fluctuating over time and from strong buy in the morning it turned into neutral/buy, it promises positive days ahead.
The main change over the past few hours can be seen at the technical indicators. If most of them were suggesting traders to buy Bitcoin, now the signal turned into neutral one with three indicators sending such a message. The rest eight technical indicators are equally divided in groups of four; one group tells traders to buy and the other one tells them to sell.
The situation at the moving averages is a bit clearer since we have seven out of 12 moving averages rooting for the Bitcoin. Some of the values that signal the cryptocurrency might jump in the days to come are the ones seen at the 200-day SMA ($393.64), 100-day SMA ($397.47) and 50-day SMA ($395.64).
With the current setting it’s pretty hard to decide what this week has in stock for us. However, the increased volume and the hopeful signal received by the moving averages might be enough for us to get our hopes back. The worst period of attacking the cryptocurrency is over and if it managed to survive it, the Bitcoin would probably start growing any time soon.