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No Dramatic Changes for Bitcoin Price

We’re in the middle of yet another week and there’s not much to be said about the Bitcoin price. The cryptocurrency has seemingly regained stability and now simply moves up and down between $300 and $400. Last time we wrote about Bitcoin value, the price per coin was $317.34 and today we can spot a slight jump for around $10.

Similarly to two days ago, there haven’t been any too important events that could significantly affect the bitcoin price. However, there are two happenings worth mentioning.

First, it was reported that the famed venture capital company Kleiner Perkins decided to make its first investment in a Bitcoin startup. This step shows that Bitcoin companies are now seen as prospective entities that could generate profit on the long run. Plus, having such a reputable company invest money in a Bitcoin startup might motivate similar power players to do the same.

Second, a research by City A.M. has revealed that currently more people are interested in Bitcoin than Japanese yen or Chinese yuan. Turns out that people have been massively using Google to search for the virtual currency and its price. However, the interest in the world’s most popular currencies – USD, EUR and GBP, still remains unmatched.

Bitcoin Price Noted a Slight Increase

In the middle of this week the Bitcoin has noted a slight increase of value and jumped from $317.34 to $331.58. Besides the growth noticed in the current trading price, traders can see that the day’s range has improved as well. Therefore, the day’s low is $328.77, while the day’s high is $339.11. In comparison to Monday’s numbers, we can see that the day’s low increased from $214.02, whereas the day’s high hasn’t improved much from $333.51.

The price growth has affected the year to date change, which also jumped to 5.67%. The market cap is still under $5 B, set at $4.66 B. The volatility now seems to be calmed below the 17% mark; its current value is 16.74%. These hours the volume is 51,992.53, much lower than the highs reached when the Bitcoin was skyrocketing towards $500.

Technical Indicators are Quite Neutral

When the Bitcoin price was constantly growing all indicators and moving averages signalled traders to buy. After the cryptocurrency started losing on value, both of them signalled traders to buy. However, today we can see that the technical indicators and the moving averages are, more or less, in the neutral.

As many as four technical indicators have neutral values and those are the RSI (49.178), the STOCH (46.573), the Williams %R (-53.632) and the ATR (2.0471). Four other such as the ROC and the CCI signal traders to sell, while three are all about buying.

A similar situation can be spotted at the moving averages, where five are pro-buy and seven are pro-sell. However, we can see that there’s been a dramatic change from two days ago when all of them signalled traders to sell. For example, the 200-day SMA is $328.54 and shows a lower value than the current trading price. On the other hand, the 200-day EMA has a value of $332.78 and suggests traders to buy.

The intraday support level for today is set at $330, while the intraday resistance level at $370. However, due to the mixed signals we can’t really guess which one of this is more likely to be breached in the hours and days to come. Plus, the main price fluctuations are expected to take place in December when the US Government will make a decision whether to hike interest rates or not.

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