Last time we checked on the Bitcoin, the currency was doing quite well; it had been growing for several weeks in a row and then reached the $275 mark. In our previous post we speculated that soon enough we would probably witness the Bitcoin breaching the $280 threshold and even expressed hopes for seeing its value per coin reaching $300 or more.
Well, turns out we’ve been right since over the weekend the Bitcoin price maintained its steady progress and not only went over $280, but it also hit the $290 mark as well. That jump over the $290 threshold has been the closets the Bitcoin came to the $300 line since it saw its value falling under $200 per coin.
After the European Court of Justice ruled in favour of the Bitcoin and all other digital currencies, announcing that they are exempt from VAT, it was expected to see a price boost. Nevertheless, jumping for around 15 points came as a surprise even to the most optimistic fans of the cryptocurrency. Therefore, let’s take a look at the price chart and see what to expect in the days to come.
Daily Low Just Below $280
Looking at the current Bitcoin price chart and the one from a month ago it’s amazing. The currency managed to jump from an extremely low value of approximately $200-220 to almost $300. This is a proof that traders should never lose faith in the Bitcoin and turn their back to it.
Currently, we have a high trading price of $282.58 and a very impressive daily low of $279.88. This means that as soon as tomorrow the daily low can be over the $280 mark and that’s fantastic. The daily high the Bitcoin has managed to reach in the past 24 hours is $293.4. This number raises our hopes that soon enough the value will reach $300 as well.
This significant price jump has had an amazing effect on the year to date change that fell under -10% and is currently set at -9.95%. Getting the year to date change into the positive is yet another milestone waiting to be reached. The market cap is steadily going towards $4 B with its current value of $3.97 B. The volatility is calmed at 17.4%, while the volume is still growing and at the time of this writing was set at 67,706.34.
Technical Indicators Show That Uptrend Likely To Continue
All technical indicators are showing mainly positive values that predict additional price improvements. The intraday support level is set at $275, while the resistance level is $300. Another thing that the indicators are telling us is that this is a good time to sell.
For example, the RSI has a value of 14.273 that signals hitting the sale button. The MCAD is still in the negative -0.240, while the ROC is -1.159. The Bull/Bear power is -3.3220 and all of these suggest strong sell.
On the other hand, both the simple and the exponential 100-day and 200-day SMA are suggesting that buy is a good option at this time. Their respective exponential values are set at $275.31 and $269.68.
Whatever you decide to do, our advice is to use stop loss orders in case there’s an unexpected dramatic fall of the Bitcoin price. However, at this moment the most likely scenario is to see the Bitcoin either maintain its current value or grow some more.