Ever since last week the possible identity of Satoshi Nakamoto was revealed, the world can’t seem to get enough of the story about Craig Steven Wright. This affected the Bitcoin price very positively since it’s been constantly growing and today it’s trading for $444. This number is obviously yet another high the cryptocurrency has reached in the past several weeks.
Technical indicators and moving averages have been going crazy, signalling strong buy all the time. The volatility jumped over 17% again and the market cap has grown as well. Everything seems to be doing just fine for the Bitcoin for now and it would be really nice to see it break the $500 mark before 2015 ends.
Before we go on to take a closer look at the chart and the indicators, we must tell you the latest news about Craig S Wright. Business Insider wrote that the Australian had tried to spend $85 million on gold. What’s more interesting about this information is the fact that Wright wanted to pay with Bitcoin. Reportedly, he tried to seal a deal with businessman Mark Ferrier in order to build a new business. Even though the deal failed, it’s pretty suspicious how a random person can hold at least $100 million worth of Bitcoin in his digital wallet.
The drama surrounding Satoshi Nakamoto’s identity caused searches for the term “Bitcoin” to grow for 157%, show Google Trends numbers.
$440 Breached, $450 New Milestone
On our chart you can see that the current trading price of the Bitcoin is $444.08. This is a great number taken into account that several months ago the Bitcoin was under $200. Nevertheless, those days are behind us and today we set our hopes high i.e. we hope to see the $450 milestone reached this week.
As we already mentioned in the intro, a positive change can be spotted everywhere. The day’s low, for example, is amazing $420.2, whereas its opposite (day’s high) is $442.28. The year to date change has noticeably grown and went over 40%; currently, it’s set at 40.28%.
Naturally, the high price per Bitcoin affected the market cap, whose daily value is $6.19 B. The volatility went up as well and has a value of 17.36%. If you remember, not long ago the volatility was under 15%. The only number that hasn’t dramatically increased is the volume; it’s set slightly under 45,000.
Now is the Time to Buy?
Well, it seems that these days the technical indicators and the moving averages don’t change at all; or, at least, their signal doesn’t change. Once again, both send a strong sell signal to traders, thus suggesting that this might be the right time to buy and wait for another price jump.
Nine out of 11 indicators are pro buy, whereas only two signal that the Bitcoin is being overbought. In comparison, all 12 moving averages signal traders to buy. Just to illustrate the situation, we will point out that the 200-day and 100-day SMAs have respective values of $410.44 and $425.40.
With these numbers in mind, we can actually expect to see the $450 line breached very soon. Naturally, the best possible scenario would be for the Bitcoin to go over $500 before 2016 enters the door. Nevertheless, in case there’s a drop in price, you should place stop loss orders to protect your money.