No Dramatic Changes in Value; Bitcoin Trading for $428

Another April week is about to pass and there aren’t any dramatic changes when it comes to the value of our favourite cryptocurrency – Bitcoin. Last time we wrote about the currency, the predictions for its future were quite positive with the noted price improvement and the strong buy signal from the indicators. Today, the situation is very similar as well; there’s been a slight jump in worth, plus the majority of the indicators and the averages recommend traders so buy.

However, what’s different by this week’s end in comparison to the mid-week’s happenings is the lack of interesting events related to the Bitcoin. While two days ago the main news was that Airbnb has shown interest in the Bitcoin and the technology behind it, today we can see articles mostly focused on the blockchain, rather than the Bitcoin.

For example, Computer World reports that CTB-Locker ransomware uses Bitcoin blockchain to deliver encryption keys, whereas Forbes predicts that the technology is going to reshape finance. Additional mention-worthy events are the addition of two new Bitcoin ATMs in San Diego and the decision of the Bejing-based giant Bitmain to invest $1.6 million in a trading platform.

Price Further Improved; Day’s High Over $428

If you take a look at our price chart, you will notice that the Bitcoin has been, generally, moving into a positive direction for the past seven days.

Aside from several hours on 9th of April when the price fell under $415, most of the time the cryptocurrency has been trading around the $420 mark and more. At the moment of this writing the price per coin was $428.78, which is also the day’s high. Before that, the top value of the currency was $427.51. The lowest price noted in the past 24 hours, in contrast, was right below $423 i.e. $422.90. The overall price change in the past 24 hours is set at positive 0.54%.

Other crucial numbers related to the Bitcoin reveal a market cap of $6.57 billion and available supply of 15,434,900 BTC. Nonetheless, the segment that gives us the most important information regarding possible price movement is the volume; turns out, two days ago its value was high $64,999,400 and today it’s fallen at $41,262,500. This implies that the Bitcoin has lost its power and we may see it fall over the weekend or, at least, stay where it’s already is.

No Pro-Sell Indicators; Bitcoin Overbought

Unlike the situation noted on Wednesday, this Friday almost all technical indicators and moving averages are sending a strong buy signal. Only three indicators are neutral and some (STOCHRSI, Williams %R and ultimate oscillator) warn that the Bitcoin is being overbought.

Similarly, all 12 simple and moving averages are recommending traders to invest in Bitcoin with their values under $422. For the first time, however, this value of theirs is pretty lower than the actual trading price and that’s a good sign for Bitcoin’s future. Nonetheless, considering the overbought condition and the low volume, to see the cryptocurrency grow it’s a bit unlikely.

Share this

Share This