Miraculously, writing about the growing price of Bitcoin is no longer an uncommon thing. Even though the cryptocurrency faced some serious value drops several months ago and the situation was pretty bad, it managed to rise and now it’s constantly reaching new highs. Couple of weeks ago we first noticed that the price per Bitcoin was slowly improving and currently we’re witnessing a trading price of incredible $323.32.
Naturally, this positive trend has been largely affected by various wins digital currencies have scored across Europe and USA. The latest event of interest is the success of Digital Currency Group, which managed to get undisclosed investments by payment giants like MasterCard, New York Live and Bain Capital Ventures; Digital Currency Group is a Bitcoin company.
Additionally, according to Financial Review, investors are increasingly turning towards Bitcoin rather than other assets such as gold. The reason provided by the agency is the unpredictable financial markets. For example, price of gold has fallen since the news of possible pike of interest rates was announced by the US Federal Reserve. Thus, investors tend to stick to the Bitcoin, which has been noting a constant growth over the past months.
Bitcoin Price Chart Daily Overview
Aside from good news related to Bitcoin and other virtual currencies, we are always interested in the daily price chart. So, let’s see what the end of the week has brought us. First, we already mentioned that the Bictoin trading price currently is set at pretty high $323.32. Can you imagine that only several days ago we were wondering whether the currency would go over $300 line at all?
Impressive numbers can be seen in the daily price range as well. We are witnessing a time when the daily low is fantastic $301.37. The daily high is equally impressive $329.43, a number that shows the $305 threshold has been briefly breached as well.
The year to date change has been falling for quite some time now and currently we can see it settled in the positive area; today’s year to date change is 3.03%. The market cap is still increasing over time; today it reached $4.54 B. The volatility is 17.2%, whereas the volume jumped over the 10,000 mark and has a value of 139,106.
Now is the Right Time to Buy Bitcoins
When the intraday support level is set at $300 and the intraday resistance level is $350, you know that things are going good for the Bitcoin. This is confirmed by the indicators as well, since all of them suggest that now’s the right time for buying.
First, we have the 14-day RSI with its extremely high value of 69.145. Even though this may signal overbuying trends, it still is a good indicator to hit the buy button. The MACD is deep in the positive with a value of 4.480, similarly to the ROC of 4.259. Another technical indicator that’s all about buying is the bull/bear power with value of 7.6700.
A look at the SMA and EMA also hints that traders should buy. Except for the 5-day SMA whose value is $318.18, all other averages signal traders to buy. For example, the 100-day SMA and EMA have respective values of $294.80 and $297.13, while the 200-day SMA and EMA are set at $284.49 and $287.52 respectively.
To sum up, bulls are still in control and there are some indicators that show overbought conditions. Thus, as always, you should protect your profit and limit your losses with stop/loss orders and carefully choose your next trades. Nevertheless, in general the situation is positive and the Bitcoin will probably continue to grow.