It’s a good start of the week for the Bitcoin, with its worth going over the $380 mark. The technical indicators and moving averages didn’t disappoint us once again and hence today we can see a much improved price of our favourite virtual currency.
However, despite the positive movement and price jump, there has been one event that might negatively affect the Bitcoin’s reputation. Namely, according to the website Greek Reporter, hackers threatened to commit DDoS attacks on several Greek banks and asked for ransom in Bitcoin. Today is the deadline for sending the coins to the group Armada Collective and it remains to be seen how Greek banks, including the country’s central bank, will respond to these threats.
Nevertheless, on the other side of the world, the columnist Will Deener in his Dallas News column wrote that despite the risks, Bitcoin popularity was continuously growing and we have no choice except to agree with him.
Day’s Low Over $350; Current Trading Price set at $375.56
By the end of the last week we talked how the Bitcoin price increased to almost $370 and the day’s high was impressive $367.92. Well, this week the situation is even better and the current trading price is $375.56, whereas the day’s high is $380.96. The lowest price the Bitcoin has noted in the last 24 hours is impressive $354.53.
It’s interesting to see how this increase of Bitcoin’s worth per coin has affected the year to date change, the market cap and the volatility. The first two have jumped, just like the price, and now the year to date change is set at 19.68%, whereas the market cap is $5.28 B. On the other hand, the volatility is getting closer and closer to the 16% mark and today reached 16.04%. That’s for 0.10% lower than the number measured last Friday.
The volume has calmed a bit and currently its value is 74,872.87. In case you don’t remember, last week the volume was high 136,794.11.
Buy Not So Strongly Recommended Anymore
Analysing the bitcoin chart brings us back to the technical indicators. Today, unlike last week, the indicators are pretty neutral and thus not much of a help to traders. Out of 11 indicators in total, three are neutral, four are pro-sell and four are pro-buy. For example, the 14-day RSI (57.725), the MACD (3.490) and the ROC (0.621) are signalling traders to buy. On the other hand, the Williams %R (-62.449) and the bull/bear power (-3.9640) signal that traders should sell.
The situation is a bit clearer at the moving averages where eight out of 12 advise traders to purchase some coins. The four pro-sell moving averages are 5-day SMA and EMA as well as the 10-day SMA and EMA. All of them have values over $370. The rest of the averages signal that traders should buy bitcoin with their values of under $370. For example, the 200-day SMA and the 100-day SMA have respective values of $337.50 and $353.80.
With these numbers in mind, we can say that our intraday support and resistance levels are set at $350 and $380. Plus, the thing that we hope to see this week is the bitcoin reaching $400 for the second time this year.
However, knowing that very soon the US government is expected to release info regarding employment rate in the country that could lead to jump of US dollar’s value, the Bitcoin might deal with stagnation or drop in value in the days to come.