Bitcoin Value Remains Strong; $238 Line Is Breached


The moment when the Bitcoin price will go over the $240 line might be very close, since today the value of Bitcoin reached over $238 per coin. The cryptocurrency has been going strong for the past week and entered October in a pretty favourable position. Even though experts were afraid that this positive trend might end very soon, for now, Bitcoin traders can remain hopeful that the cryptocurrency won’t fall under $230 in the days to come.

Since there haven’t been any important happenings in the world of Bitcoin, this post will focus on analysing the price chart and checking the indicators only. Also, we would like to make a small comparison between the results seen on our 24-hour price chart today and the Bitcoin price chart noted in the beginning of September. That way, we would be able to see how the price has changed during the last month and whether the situation is moving into a positive or negative direction.

Bitcoin Price over $235 for the past Several Hours

The current price of the Bitcoin is definitely strong $236.84. The chart showed no movement for several hours and then some time ago the price jumped over the $235; just for the record, it’s still there. Small movements of one or two points up and down can be noticed, but the numbers are positive nonetheless. The average day range of the price is between $234.8 and $238.49. Therefore, it can be officially said that the cryptocurrency has come a point closer to the $240 milestone.

Naturally, we never fail to mention the year to date change, which currently is set at -24.47%. The market cap calmed at $3.33 B, while the volatility is 19.14%. The volume has been slowly growing for the past hours, just like the Bitcoin, and reached 35,976.77.

So, in a brief comparison with Bitcoin price one month ago, we can notice that the cryptocurrency is doing very well. During the first days of September the price was low $226.63 and the daily price range was going from $224.71 to $233.81. The market cap was also lower $3.19 B, while the volatility was 23.42%. Therefore, if this trend continues, we might see even a better Bitcoin price in November.

Indicators Remain Favourable for Buyers; Volatility Probably Won’t Grow In Near Future

You must be wondering what the indicators are showing today. Well, the 12-day SMA of $234.1150 is a good short-term support for the Bitcoin, plus the fears of a breakdown can put aside for now. The MACD has, at last, entered the positive area and reached 0.3147. The signal line is still somewhere close to the zero with a value of -0.9729. The histogram, just like yesterday, is still in the positive territory and has a value of 1.2876.

One unexpected turn is the drop of the momentum value in time of growth for the Bitcoin. Therefore, currently the momentum is set at 8.2400, lower than the 10.7500 one day ago. The money flow index and the relative strength index have the respective values of 60.0545 and 55.3598.

This brings us to the conclusion that the current trend is favourable for buyers, but increased volatility shouldn’t be expected nevertheless. Stop loss orders for long trades should be placed at $235, while in case the cryptocurrency reaches $245 over the weekend traders should consider booking profits. Also, light short positions can be taken into consideration as well.

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