04
Jan

Chinese Markets Crash; Bitcoin Remains around $430

Even though 2016 started very nice for the Bitcoin, it wasn’t as favourable towards Chinese markets that crashed during their opening session of 2016. This will be remembered as the worst start to a year for Chinese shares, an event that yet has to show its influence on the Bitcoin. For now, the cryptocurrency remains strong and has a good value of $430.

When it comes to the Bitcoin, it’s interesting to read the Tech Church article that explains why this cryptocurrency matters. It provides a nice insight on the main pros of the Bitcoin such as being unglobalised way of making fast international money transfers.

However, possibly the best thing this Monday is Independent’s research of the Bitcoin revolution that takes place on the Isle of Man. Obviously, the small island is a place where locals and tourists can use the Bitcoin on many places, coffee shops included.

The article reveals that making a Bitcoin payment is only several seconds longer than using any other conventional method such as cash or credit card. The place also has legislation for its cryptocurrency businesses and often you can hear people refer to it as Bitcoin Island.

Bitcoin Price Still Strong; Year to Date Change Goes in the Negative

This first 2016 Monday the Bitcoin shows a strong value of $430.94. Even though there hasn’t been a notable jump for several days now and the indicators are signalling that there should be one, it’s better to see the currency remain at the current level than fall. This value of $430 is the same value the Bitcoin had when 2016 started last Friday.

The day’s range is also pretty good going from $423.16 to $432.46. However, we can see that the year to date change has gone into the negative territory with a value of -0.37%. The market cap is still over $6 B and today is settled at $6.06 B.

One possibly worrying sign for traders should be the pretty low volume of 28,466.38. We have witnessed high volume of over 100k and thus this number is definitely not good. The volatility, on the other hand, is ever growing and reached 22.23%.

Indicators Predict a Price Improvement

Even though for several days now the indicators and the moving averages are signalling that traders should buy and thus predict a price jump, that still hasn’t happened. Today we have a similar situation where traders get a strong buy signal, which is, understandably, received with caution.

Eight out of 11 indicators are pro-buy and 11 out of 12 averages are pro-buy. This is definitely a good sign that reassures traders that, if there’s not a growth in value, there won’t be any value drops in the days to come. Some indicators with amusing values are the RSI (58.735), the MACD (0.110) and the ROC (0.820). There are no indicators that signal traders to sell and there are only three whose values are neutral.

When it comes to the moving averages, we can see that the only one that recommends traders to sell their coins is the 200-day EMA with its value of $429.53.

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