Two days after we left the Bitcoin around the $420 threshold, we come back to find the situation virtually unchanged. The trading price of a single coin is still moving over and below that mark, whereas the only notable shift can be seen among the indicators; today, the majority of them send a strong buy signal, guessing that the price will grow over the weekend.
We find this stagnation to be a good thing because, just like we explained last time, the Bitcoin always needs a period during which it recollects power for further jumps. If it manages to maintain the current price until that next value increase happens, we’ll possibly see the $425 mark hit. However, if it falls, then its movement will continue to be simply dancing back and forth.
In terms of Bitcoin related events and articles worth mentioning, we selected two separate pieces of information. The first one was published by the Wall Street Journal and claims that Bitcoin’s blockchain has successfully passed its Wall Street test. According to the paper, J.P. Morgan Chase & Co. and Citigroup Inc. have been testing the record-keeping technology and found it could be used for their needs.
The second analysis can be found on The Atlantic and focuses around the question whether Bitcoin could be used for good. The text points out how from a way of staying anonymous this digital currency has become a powerful tool humanitarians and development enthusiasts use to make good deeds worldwide. The author calls such people Bitcoin do-gooders and thoroughly explains their potential to change the world. Even though pretty long, the article is a really good read for everyone interested in learning the pros of the cryptocurrency.
Trading at $422.68; Not Enough Power to Go Over $425
On our Bitcoin price chart traders will notice that the current trading price per coin is $422.68; nonetheless, this number is constantly moving for several points up and down, thus we can see it over or under the $422 mark pretty soon. It should be noted that the current trading price is also the highest price noted this Friday and the second highest value was seen several hours ago when the Bitcoin hit $421.80. The lowest price reached in the past 24 hours was $418.79.
The market cap is still stuck at $6.5 billion, whereas the volume noted in the past 24 hours has been set at $58,695,300. In comparison to two days ago, the volume has dropped only a little bit, therefore we probably won’t see any drastic changes in value in the days to come.
A Strong Buy Signal by Indicators and Moving Averages
Today we have a very unusual situation in which both the technical indicators and the moving averages are sending a strong buy signal. We haven’t seen this setting for quite some time now and therefore we can safely guess that, if the price moves at all, it would move upwards.
A total of six indicators are pro-buy, whereas four of them are neutral; only one suggests sell as the better option. Traders should be careful though because the STOCHRSI shows that the Bitcoin is being overbought. Ten of the moving averages are also recommending traders to purchase coins, while only two of them are against this action.