The Bitcoin price is still under $360, even though earlier it jumped to $368 for a short period of time. The cryptocurrency two days ago was trading for $351.72 and thus we can say that it noted a slight growth in value in the meantime. This movement can make us hopeful that the period of dramatic price drops is over and that the currency will grow or, at least, stabilise.
The world of Bitcoin, similarly like the digital currency’s price, was more or less peaceful. There are no particularly interesting events that caught our attention or that can somehow affect the currency. However, we were intrigued by the information that the New York financial giant Goldman Sachs wants to make its version of the Bitcoin. According to the data published by the US Patent and Trademark Office, the company has already developed its own cryptocurrency, which is named SELTCoin.
Current Price Better than the One Noted Earlier This Week
Even though all indicators on Wednesday suggested there might be another price drop, today we can see that the Bitcoin price is a bit improved. In order to be able to compare how the situation changed these past two days, we first have to take a look at Wednesday’s numbers. The trading price was $351.72, the day’s range was $347.12-377.92 and the year to date change was 12.08%.
So, today the situation is as it follows; the current trading price is $356.71, which is for five points better than Wednesday’s trading price. The daily low is good $354.69, whereas the day’s high is $368.4. This high is good because it shows how the currency almost reached $370. The year to date change noted an increase as well; today it’s set at 13.68%.
Other numbers that can be seen on our chart today are the market cap, the volatility and the volume. The market cap has breached $5 B again and now its value is $5.01 B. The volatility, on the other hand, is still under 16% with a current value of 15.93%. The volume is very low 32,479 and several hours ago it was around the 50,000 line.
Intraday Support Level at $340
With the current numbers seen on the chart, we can set the intraday support level at $340 and the intraday resistance level at $380. There’s still time for the Feds to decide whether to hike the interest rates in the US and thus the Bitcoin is safe from any possible harm in that area. Therefore, even though slow, we might expect another progress in its value in the days to come.
A shift can be noticed in the technical indicators and moving averages signal; namely, most of them now signal traders to buy. Five out of 11 indicators suggest buying as the best option, whereas the situation is more extreme at the moving averages where nine out of 12 suggest the same.
The 14-day RSI today is in the neutral with a value of 50.863. At the averages, one of those three that signal traders to buy is the 100-day SMA and its value of $360.21.